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)
===== ======= DATASOURCE: TigerLogic Corporation CONTACT: Thomas
Lim, Chief Financial Officer of TigerLogic Corporation,
+1-949-442-4400, fax, +1-949-250-8187, Web Site:
http://www.tigerlogic.com/
Copyright