TigerLogic Corporation Announces Fiscal 2010 Third Quarter Results
IRVINE, Calif., Feb. 11 /PRNewswire-FirstCall/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the third quarter ended December 31, 2009. Net revenue for the third quarter was $3.5 million as compared to $4.2 million for the same period in the prior fiscal year. Net loss for the third quarter ended December 31, 2009 was $0.7 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 third quarter ended December 31, 2009 was $0.03 as compared to a loss per share of $0.05 in the same period in the prior fiscal year. Cash balance was $12.7 million at December 31, 2009 as compared to $12.1 million at December 31, 2008.
Adjusted earnings before interest, taxes, depreciation, amortization, other income (expense)-net, and non-cash stock-based compensation expense ("Adjusted EBITDA") for the quarter ended December 31, 2009 was negative $0.5 million or negative 12.9% of net revenue, as compared to breakeven for the same period in the prior fiscal year. The decrease in Adjusted EBITDA was a result of lower revenues in the current year. The Company computes Adjusted 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 December 31, 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
December 31, March 31,
2009 2009
---- ----
(In thousands)
ASSETS
Current assets
Cash $12,701 $12,282
Trade accounts receivable, less
allowance for doubtful
accounts of $47 and $90,
respectively 1,187 881
Other current assets 383 389
--- ---
Total current assets 14,271 13,552
Property, furniture and equipment-net 725 849
Goodwill 26,388 26,388
Deferred tax assets 433 383
Other assets 173 161
----- -----
Total assets $41,990 $41,333
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $239 $161
Accrued liabilities 1,607 2,090
Deferred revenue 4,464 4,531
----- -----
Total current liabilities 6,310 6,782
Commitments and contingencies
Stockholders' equity
Preferred stock - -
Common stock 2,791 2,673
Additional paid-in-capital 132,246 129,684
Accumulated other comprehensive
income 2,273 2,861
Accumulated deficit (101,630) (100,667)
-------- --------
Total stockholders' equity 35,680 34,551
------ ------
Total liabilities and
stockholders' equity $41,990 $41,333
======= =======
TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Nine Months Ended
December 31, December 31,
------------ ------------
2009 2008 2009 2008
---- ---- ---- ----
Net revenues
Licenses $1,118 $1,519 $3,122 $4,486
Services 2,393 2,659 7,338 8,397
----- ----- ----- -----
Total net revenues 3,511 4,178 10,460 12,883
Operating expenses
Cost of license
revenues 4 8 28 20
Cost of service
revenues 445 383 1,245 1,267
Selling and
marketing 1,332 1,252 3,196 4,576
Research and
development 1,581 1,829 4,698 6,004
General and
administrative 1,048 1,086 3,107 3,873
----- ----- ----- -----
Total operating
expenses 4,410 4,558 12,274 15,740
----- ----- ------ ------
Operating loss (899) (380) (1,814) (2,857)
Other income (expense)
Interest income
(expense)-net (1) 32 (1) 138
Other income
(expense)-net 153 (1,066) 826 (1,676)
--- ------ --- ------
Total other income
(expense) 152 (1,034) 825 (1,538)
--- ------ --- ------
Loss before income
taxes (747) (1,414) (989) (4,395)
Income tax provision
(benefit) (44) 36 (26) 15
--- --- --- ---
Net loss $(703) $(1,450) $(963) $(4,410)
===== ======= ===== =======
Basic and diluted net
loss per share $(0.03) $(0.05) $(0.04) $(0.17)
====== ====== ====== ======
Shares used in
computing basic
and diluted net
loss per share 27,707 26,697 27,105 26,562
TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
------------------------------
2009 2008
---- ----
(In thousands)
Cash flows from operating activities:
Net loss $(963) $(4,410)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization of
long-lived assets 294 321
Provision for bad debt 12 8
Stock-based compensation expense 792 1,138
Income tax provision (benefit) (26) 15
Foreign currency exchange
(gain) loss (695) 1,681
Change in assets and liabilities:
Trade accounts receivable (259) 417
Other current and non-current
assets 14 16
Accounts payable 72 (141)
Accrued liabilities (536) (444)
Deferred revenue (172) (454)
---- ----
Net cash used in operating activities (1,467) (1,853)
------ ------
Cash flows used in investing activities-
purchase of property, furniture and
equipment (111) (570)
---- ----
Cash flows from financing activities:
Proceeds from exercise of stock
options 1,849 585
Proceeds from issuance of common
stock 38 86
--- ---
Net cash provided by financing
activities 1,887 671
Effect of exchange rate
changes on cash 110 (185)
--- ----
Net increase (decrease)
in cash and cash
equivalents 419 (1,937)
Cash and cash equivalents at
beginning of period 12,282 14,065
------ ------
Cash and cash equivalents at end
of period $12,701 $12,128
======= =======
Non-cash financing activities:
Conversion of debt to common stock $- $977
Non-GAAP Financial Information
EBITDA or Adjusted EBITDA (each as defined below) should not be construed as a substitute for net income (loss) or as a better measure of liquidity than cash flow from operating activities determined in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude components that are significant in understanding and assessing our results of operations and cash flows. EBITDA or Adjusted EBITDA does not represent funds available for management's discretionary use and is not intended to represent cash flow from operations. In addition, EBITDA and Adjusted EBITDA are not terms defined by GAAP and as a result our measure of EBITDA and Adjusted EBITDA might not be comparable to similarly titled measures used by other companies.
However, EBITDA and Adjusted EBITDA are used by management to evaluate, assess and benchmark our operational results and the Company believes that EBITDA and Adjusted EBITDA are relevant and useful information 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.
EBITDA is defined as net income (loss) with adjustments for depreciation and amortization, interest income (expense)-net, and income tax provision (benefit). Adjusted EBITDA used by the Company is defined as EBITDA plus adjustments for other income (expense)-net, and non-cash stock-based compensation expense.
The Company's Adjusted EBITDA financial information is comparable to net loss. The table below reconciles Adjusted EBITDA to the Company's GAAP disclosure of net loss:
TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
For the Three Months For the Nine Months
Ended December 31, Ended December 31,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Reported net loss $(703) $(1,450) $(963) $(4,410)
Depreciation and
amortization 109 104 294 321
Stock-based
compensation 339 291 792 1,138
Interest expense
(income)-net 1 (32) 1 (138)
Other expense
(income)-net (153) 1,066 (826) 1,676
Income tax provision
(benefit) (44) 36 (26) 15
--- --- --- ---
Adjusted EBITDA $(451) $15 $(728) $(1,398)
===== === ===== =======
Our Adjusted EBITDA financial information can also be reconciled to net cash used in operating activities as follows:
TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET CASH USED IN OPERATING ACTIVITIES
(In thousands)
For the Nine Months Ended December 31,
--------------------------------------
2009 2008
---- ----
Net cash used in operating
activities $(1,467) $(1,853)
Interest expense (income)-net 1 (138)
Other expense (income)-net (826) 1,676
Change in trade accounts receivable 259 (417)
Change in other current and non-
current assets (14) (16)
Change in accounts payable (72) 141
Change in accrued liabilities 536 444
Change in deferred revenue 172 454
Foreign currency exchange gain (loss) 695 (1,681)
Provision for bad debt (12) (8)
--- ---
Adjusted EBITDA $(728) $(1,398)
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SOURCE TigerLogic Corporation
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