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TigerLogic Corporation Announces Fiscal 2010 Third Quarter Results

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)
                                                 =====          =======

SOURCE TigerLogic Corporation

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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