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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.

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