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TigerLogic Corporation Announces Second Quarter Fiscal Year 2010 Results
IRVINE, Calif., Nov. 12 /PRNewswire-FirstCall/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the second quarter ended September 30, 2009. Net revenue for the second quarter was $3.4 million as compared to $4.2 million for the same period in the prior fiscal year. Net loss for the second quarter ended September 30, 2009 was $0.6 million as compared to a net loss of $1.5 million for the same period in the prior fiscal year. Loss per share for the quarter ended September 30, 2009 was $0.02 as compared to a loss per share of $0.06 in the same period in the prior fiscal year. Cash balance was $11.4 million at September 30, 2009 as compared to $12.2 million at September 30, 2008.
Earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the quarter ended September 30, 2009 was negative $0.1 million or negative 3% of net revenue, as compared to negative $0.5 million or negative 11% of net revenue for the same period in the prior fiscal year. The improvement in EBITDA for the three month period ended September 30, 2009, compared to the same period in the prior year, was a result of lower operating expenses due to less headcount and lower legal and marketing expense, partially offset by lower revenues. The Company computes EBITDA, as reflected in the table appearing at the end of this press release, by adding depreciation, amortization, non-cash stock-based compensation expense, interest (income) expense, other (income) expense, and income tax provision (benefit) to its GAAP reported net income (loss).
About TigerLogic Corporation
TigerLogic Corporation (Nasdaq: TIGR), has been providing reliable data management and rapid application deployment solutions for ISVs and developers of database applications for more than three decades. TigerLogic's product offerings include: 1) TigerLogic® yolink, an internet browser-based application that enhances the search experience of any popular search engine or Web page; 2) TigerLogic® XML Data Management Server (XDMS) provides flexible, scalable and extensible XML data storage as well as query and retrieval of critical business data across a variety of structured and unstructured information sources; 3) Pick® Universal Data Model (Pick UDM) based database management systems and components, including D3®, mvEnterprise® and mvBase® that are the choice of more than a thousand application developers worldwide; and 4) Omnis Studio®, a cross-platform, object-oriented RAD tool for developing sophisticated thick-client, Web-client or ultra thin-client database applications. TigerLogic's installed customer base includes more than 500,000 active users representing more than 20,000 customer sites worldwide, with a significant base of diverse vertical applications. With employees and contractors worldwide, TigerLogic offers 24x7 customer support services and maintains an international presence. More information about TigerLogic and its products can be found at http://www.tigerlogic.com. Product details about yolink can be found at http://www.yolink.com.
Except for the historical statements contained herein, the foregoing release may contain forward-looking information. 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 the Company's research and development efforts to develop new products and to penetrate new markets, the market acceptance of the Company's new products and updates, technical risks related to such products and updates, the Company'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 the Company with the U.S. Securities and Exchange Commission, including but not limited to the Company's most recent reports on Form 10-K and Form 10-Q for factors potentially affecting the Company's future financial results. All forward-looking statements are made as of the date hereof and the Company disclaims any responsibility to update or revise any forward-looking statement provided in this news release. The Company's results for the quarter ended September 30, 2009 are not necessarily indicative of the Company's operating results for any future periods.
TigerLogic, yolink, Raining Data, Pick, mvDesigner, D3, mvEnterprise, mvBase, 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
September 30, March 31,
2009 2009
---- ----
(In thousands)
ASSETS
Current assets
Cash $11,439 $12,282
Trade accounts receivable, less
allowance for doubtful
accounts of $47 and $271,
respectively 867 881
Other current assets 442 389
--- ---
Total current assets 12,748 13,552
Property, furniture and equipment-net 821 849
Goodwill 26,388 26,388
Deferred tax assets 428 383
Other assets 173 161
--- ---
Total assets $40,558 $41,333
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $219 $161
Accrued liabilities 1,545 2,090
Deferred revenue 4,204 4,531
----- -----
Total current liabilities 5,968 6,782
Commitments and contingencies
Stockholders' equity
Preferred stock - -
Common stock 2,692 2,673
Additional paid-in-capital 130,392 129,684
Accumulated other comprehensive income 2,433 2,861
Accumulated deficit (100,927) (100,667)
------- -------
Total stockholders' equity 34,590 34,551
------ ------
Total liabilities and
stockholders' equity $40,558 $41,333
======= =======
TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Six Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Net revenues
Licenses $912 $1,331 $2,004 $2,967
Services 2,450 2,819 4,945 5,738
----- ----- ----- -----
Total net revenues 3,362 4,150 6,949 8,705
Operating expenses
Cost of license
revenues 3 8 24 12
Cost of service
revenues 402 436 800 884
Selling and
marketing 938 1,497 1,864 3,324
Research and
development 1,539 1,943 3,117 4,175
General and
administrative 903 1,244 2,059 2,787
--- ----- ----- -----
Total operating
expenses 3,785 5,128 7,864 11,182
----- ----- ----- ------
Operating loss (423) (978) (915) (2,477)
Other income (expense)
Interest
income-net 1 55 - 106
Other income
(expense)-net (120) (604) 673 (610)
---- ---- --- ----
Total other income
(expense) (119) (549) 673 (504)
---- ---- --- ----
Loss before income
taxes (542) (1,527) (242) (2,981)
Income tax provision
(benefit) 15 (32) 18 (21)
--- --- --- ---
Net loss $(557) $(1,495) $(260) $(2,960)
===== ======= ===== =======
Basic and diluted
net loss per share $(0.02) $(0.06) $(0.01) $(0.11)
====== ====== ====== ======
Shares used in
computing basic
and diluted net
loss per share 26,862 26,536 26,803 26,494
TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
------------------------------
2009 2008
---- ----
(In thousands)
Cash flows from operating activities:
Net loss $(260) $(2,960)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization of
long-lived assets 185 217
Provision for bad debt 12 (34)
Stock-based compensation expense 453 847
Income tax provision (benefit) 18 (21)
Foreign currency exchange (gain) loss (551) 613
Change in assets and liabilities:
Trade accounts receivable 62 416
Other current and non-current assets (44) (97)
Accounts payable 51 (97)
Accrued liabilities (620) (379)
Deferred revenue (443) (298)
--- ---
Net cash used in operating activities (1,137) (1,793)
----- -----
Cash flows used in investing
activities-purchase of
property, furniture and equipment (106) (531)
--- ---
Cash flows from financing
activities:
Proceeds from exercise of stock
options 235 555
Proceeds from issuance of common
stock 38 86
--- ---
Net cash provided by financing
activities 273 641
Effect of exchange rate changes on cash 127 (149)
--- ---
Net decrease in cash and cash
equivalents (843) (1,832)
Cash and cash equivalents at
beginning of period 12,282 14,065
------ ------
Cash and cash equivalents at end of
period $11,439 $12,233
======= =======
Non-cash financing activities:
Conversion of debt to common stock $- $977
Non-GAAP Financial Information
EBITDA should not be construed as a substitute for net income (loss) or as a better measure of liquidity than cash flow from operating activities, which is determined in accordance with United States generally accepted accounting principles ("GAAP"). EBITDA excludes components that are significant in understanding and assessing our results of operations and cash flows. EBITDA does not represent funds available for management's discretionary use and is not intended to represent cash flow from operations. In addition, EBITDA is not a term defined by GAAP and as a result our measure of EBITDA might not be comparable to similarly titled measures used by other companies.
However, EBITDA is used by management to evaluate, assess and benchmark the Company's operational results and the Company believes that EBITDA is relevant and useful information, which is often reported and widely used by analysts, investors and other interested parties in our industry. Accordingly, the Company is disclosing this information to permit a more comprehensive analysis of its operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to the Company's ability to meet future debt service, capital expenditure and working capital requirements.
The Company's EBITDA financial information is comparable to net loss. The table below reconciles EBITDA to the Company's GAAP disclosure of net loss:
TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET LOSS
(In thousands)
For the Three Months For the Six Months
Ended September 30, Ended September 30,
------------------- -------------------
2009 2008 2009 2008
---- ---- ---- ----
Reported net loss $(557) $(1,495) $(260) $(2,960)
Depreciation and amortization 90 111 185 217
Stock-based compensation 240 397 453 847
Interest expense-net (1) (55) - (106)
Other (income) expense-net 120 604 (673) 610
Income tax provision (benefit) 15 (32) 18 (21)
--- --- --- ---
EBITDA $(93) $(470) $(277) $(1,413)
==== ===== ===== =======
Our EBITDA financial information can also be reconciled to net cash used in operating activities as follows:
TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET CASH USED IN OPERATING ACTIVITIES
(In thousands)
For the Six Months Ended September 30,
--------------------------------------
2009 2008
---- ----
Net cash used in operating activities $(1,137) $(1,793)
Interest expense-net - (106)
Other expense (income)-net (673) 610
Change in trade accounts receivable (62) (416)
Change in other current and
non-current assets 44 97
Change in accounts payable (51) 97
Change in accrued liabilities 620 379
Change in deferred revenue 443 298
Foreign currency exchange gain (loss) 551 (613)
Provision for bad debt (12) 34
--- ---
EBITDA $(277) $(1,413)
===== =======
SOURCE TigerLogic Corporation