TigerLogic Corporation Announces First Fiscal Quarter Financial Results

Aug 13, 2015, 16:05 ET from TigerLogic Corporation

PORTLAND, Ore., Aug. 13, 2015 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the first fiscal quarter ended June 30, 2015. Highlights are as follows:

  • Revenues: Total revenues were $1.6 million for the first fiscal quarter ended June 30, 2015, an increase of $0.1 million, or 8%, from the prior quarter and a decrease of $0.2 million, or 10%, from the first quarter of the prior year. Subscription revenue from our Postano business increased $0.1 million sequentially, or 10%, and increased $0.4 million, or 101%, from the same quarter in the prior year. License revenues associated with our Omnis business decreased 6% from the prior quarter and decreased $0.3 million, or 47%, from the same quarter in the prior year. Services revenues increased $0.1 million, or 19%, sequentially and decreased $0.2 million, or 31%, from the first quarter of the prior year.
  • Operating Expenses: Operating expenses for the first quarter ended June 30, 2015 were $3.2 million compared to $3.7 million in the prior quarter and $5.2 million for the same quarter in the prior year. The decrease in operating expenses reflects the results of concerted efforts to control costs and the consolidation of our headquarters to Portland, Oregon during the quarter.
  • Net Loss: Net loss for the first fiscal quarter ended June 30, 2015 was $1.6 million, or $0.05 per share, compared to net loss of $2.2 million, or $0.07 per share, in the prior quarter and $3.4 million, or $0.11 per share, for the first quarter of the prior year.
  • Adjusted EBITDA: Adjusted EBITDA was negative $1.4 million for the first fiscal quarter ended June 30, 2015 as compared to negative $2.1 million in the prior quarter and negative $3.2 for the first fiscal quarter of the prior year. The improvement was primarily a result of the benefit of our cost control initiatives.
  • Cash: Cash was $9.5 million as of June 30, 2015, down $0.8 million from March 31, 2015. 

"We grew our revenues 8% sequentially and reduced our operating expenses 15% from the prior quarter which improved our Adjusted EBITDA by 34% during the quarter," said Roger Rowe, CEO/CFO of TigerLogic. "We have more work to do to become cash flow positive, but I am pleased with the progress we are making to improve our operating results," continued Rowe.

For information regarding the non-GAAP financial measures discussed in this release, please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" below.

Earnings Call       As previously announced, the Company has suspended indefinitely the practice of holding quarterly conference calls. Please refer to the reports and documents filed by the Company with the U.S. Securities and Exchange Commission, including our periodic reports on Form 10-K and Form 10-Q, and our current reports on Form 8-K.  These reports are available at www.sec.gov and on our corporate website at www.tigerlogic.com.

About TigerLogic Corporation

TigerLogic Corporation (Nasdaq: TIGR) is a global provider in engagement solutions, including the Omnis mobile development platform and Postano, a social media aggregation and display platform. More information about TigerLogic and its products can be found at http://www.tigerlogic.com.

Except for the historical statements contained herein, the foregoing release may contain forward-looking information, including statements about TigerLogic's future operating results, cost reduction initiatives and revenue growth opportunities.  Any forward-looking statements are subject to risks and uncertainties, and actual results could differ materially due to several factors, including but not limited to the success of TigerLogic's efforts to develop new products, product features and updates, and to penetrate new markets, the market acceptance of TigerLogic's new products and updates, technical risks related to such products and updates, TigerLogic's ability to maintain market share for its existing products, the availability of adequate liquidity and other risks and uncertainties.  Please consult the various reports and documents filed by TigerLogic with the U.S. Securities and Exchange Commission, including but not limited to TigerLogic's most recent reports on Form 10-K and Form 10-Q for factors potentially affecting its future financial results. All forward-looking statements are made as of the date hereof and TigerLogic disclaims any responsibility to update or revise any forward-looking statement provided in this news release. TigerLogic's results for the quarter ended June 30, 2015 are not necessarily indicative of its operating results for any future periods.

TigerLogic, Postano, Omnis, and Omnis Studio are trademarks of TigerLogic Corporation.  All other trademarks and registered trademarks are properties of their respective owners.

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

ASSETS

June 30,

March 31,

2015

2015

Current assets:

Cash

$         9,456

$    10,251

Trade accounts receivable, less allowance for doubtful accounts of $2 and $0, respectively

758

1,291

Other current assets

438

460

Total current assets

10,652

12,002

Property, furniture and equipment, net

834

869

Intangible assets, net

344

363

Deferred tax assets

95

94

Other assets

54

54

Total assets

$       11,979

$    13,382

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$            652

$         295

Accrued liabilities

1,301

1,525

Deferred revenue

1,817

1,905

Total current liabilities

3,770

3,725

Other long-term liabilities

103

101

Total liabilities

3,873

3,826

Commitments and contingencies

Stockholders' equity:

Preferred stock

Common stock

3,096

3,096

Additional paid-in-capital

143,488

143,389

Accumulated other comprehensive income

2,251

2,174

Accumulated deficit

(140,729)

(139,103)

Total stockholders' equity

8,106

9,556

Total liabilities and stockholders' equity

$       11,979

$    13,382

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands except per share data)

For the Three Months Ended June 30,

2015

2014

Net revenues:

Licenses

$                           398

$                       745

Subscription

757

377

Services

445

647

Total net revenues

1,600

1,769

Operating expenses:

Cost of subscription revenues

134

152

Cost of service revenues

139

120

Selling and marketing

951

1,915

Research and development

595

1,086

General and administrative

1,352

1,887

Total operating expenses

3,171

5,160

Operating loss

(1,571)

(3,391)

Other expense:

Interest expense-net

(1)

(1)

Other expense-net

(54)

(32)

Total other expense-net

(55)

(33)

Loss before income taxes

(1,626)

(3,424)

Income tax provision

12

Net loss

(1,626)

(3,436)

Other comprehensive income:

        Foreign currency translation adjustments

77

38

Total comprehensive loss

$                      (1,549)

$                  (3,398)

   Basic and diluted net loss per share

$                        (0.05)

$                    (0.11)

   Shares used in computing basic and diluted net loss per share

30,956

30,130

 

 TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

For the Three Months Ended June 30,

2015

2014

Cash flows from operating activities:

Net loss

$          (1,626)

$              (3,436)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization of long-lived assets

71

58

Provision for (recovery of) bad debt

2

(9)

Stock-based compensation expense

99

173

Foreign currency exchange (gain) loss

(53)

32

Change in operating assets and liabilities:

Trade accounts receivable

544

53

Other current assets

28

12

Accounts payable

307

253

Accrued liabilities

(138)

(318)

Deferred revenue

(103)

149

Net cash used in operating activities

(869)

(3,033)

Cash flows from investing activities:

Purchases of property, furniture and equipment

(51)

(222)

Net cash used in investing activities

(51)

(222)

Cash flows from financing activities:

Proceeds from exercise of stock options

12

Net cash provided by financing activities

12

Effect of exchange rate changes on cash

125

(2)

Net decrease in cash

(795)

(3,245)

Cash at beginning of the period

10,251

18,602

Cash at end of the period

$            9,456

$              15,357

Supplemental disclosures:

Cash paid for income taxes

$                 17

$                   —

 

Non-GAAP Financial Measures

Adjusted EBITDA (as defined below) should not be construed as a substitute for net income (loss) determined in accordance with U.S. GAAP. Adjusted EBITDA excludes components that are significant in understanding and assessing TigerLogic's results of operations. Adjusted EBITDA does not represent funds available for management's discretionary use and are not intended to represent cash flow from operations. In addition, EBITDA and Adjusted EBITDA are not terms defined by GAAP and as a result might not be comparable to similarly titled measures used by other companies.

However, Adjusted EBITDA is used by management to evaluate, assess and benchmark TigerLogic's operational results and the company believes that Adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties in the industry. Accordingly, TigerLogic is disclosing this information to permit a more comprehensive analysis of its operating performance, and to provide an additional measure of performance.

Adjusted EBITDA used by TigerLogic is defined as net income (loss) with adjustments for depreciation and amortization, interest income (expense)-net, and income tax provision (benefit) plus adjustments for other income (expense)-net, non-cash stock-based compensation expense, and other non-recurring items that may be incurred from time to time.

Adjusted EBITDA financial information is comparable to net income (loss). The table below reconciles TigerLogic's GAAP reported net loss to Adjusted EBITDA:

Reconciliation of GAAP to Non-GAAP Financial Measures

TIGERLOGIC CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA 

(In thousands)

For the Three Months Ended June 30,

2015

2014

Reported net loss

$           (1,626)

$           (3,436)

Depreciation and amortization

71

58

Stock-based compensation

99

173

Interest expense-net

1

1

Other expense-net

54

32

Income tax provision 

12

Adjusted EBITDA

$           (1,401)

$           (3,160)

 

SOURCE TigerLogic Corporation



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http://www.tigerlogic.com