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TigerLogic Corporation Announces Results For The Third Quarter Ended December 31, 2013

IRVINE, Calif., Feb. 14, 2014 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the third quarter ended December 31, 2013.  As previously announced, the Company closed the sale of its business dedicated to the multidimensional database management system and related connectivity products (the "MDMS Business") to Rocket Software, Inc., effective November 15, 2013.  The Company accounted for the sale as a discontinued operation. Accordingly, the unaudited condensed consolidated financial statements have been revised for all periods presented to reflect the MDMS Business as discontinued operations. Please refer to the Company's Form 10-Q filed with the SEC earlier today for a more detailed description of the sale of the MDMS Business and the related accounting treatment and disclosures. Unless noted otherwise, the unaudited condensed consolidated financial statements included in this press release reflect continuing operations. 

Net revenue from continuing operations increased $0.5 million to $1.4 million for the third quarter ended December 31, 2013, as compared to prior fiscal year third quarter net revenue of $0.9 million, primarily due to higher revenue from Postano subscriptions and Storycode professional services.  Net loss from continuing operations was $0.8 million and $1.6 million for the third quarters ended December 31, 2013 and December 31, 2012, respectively.  Net loss per share from continuing operations was $0.03 and $0.05 for the quarters ended December 31, 2013 and December 31, 2012, respectively.  Cash balance was $21.7 million at December 31, 2013 as compared to $7.9 million at December 31, 2012.

Adjusted earnings before interest, taxes, depreciation, amortization, other income (expense)-net, and non-cash stock-based compensation expense ("Adjusted EBITDA") presented below includes results from both continuing and discontinued operations.  Adjusted EBITDA for the quarter ended December 31, 2013 was negative $1.5 million or negative 105% of net revenue, as compared to negative $0.4 million or negative 45% of net revenue for the same period in the prior fiscal year. The decrease in Adjusted EBITDA for the three months ended December 31, 2013 when compared to the same period in the prior year was primarily a result of higher operating and personnel expenses as a result of our acquisition of Storycode completed on January 17, 2013, and higher professional services expenses relating to the sale of the MDMS Business. 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 loss.

Earnings Call

On Tuesday, February 18, 2014 at 5:00 p.m. Eastern Time, TigerLogic's management will host a conference call to discuss the company's financial results for the third quarter of fiscal year 2014 and provide a general business update.

The call can be accessed by dialing 1-877-481-4996 (Domestic) or 1-518-444-5106 (International), and by providing the operator the conference ID number 47198223.

A taped rebroadcast of the call will be available approximately two hours after the call through February 20, 2014. To access the taped rebroadcast, dial 1-855-859-2056/1-800-585-8367 (Domestic) or 1-404-537-3406 (International), and enter security code 081213 and conference ID number 47198223.

The earnings call will also be archived for one year in the Earnings Releases section of TigerLogic's website at: http://www.tigerlogic.com/tigerlogic/company/press/earnings/index.jsp.

About TigerLogic Corporation

TigerLogic Corporation (Nasdaq: TIGR) is a global provider of application development solutions for enterprises that need to launch easy and cost-effective e-business initiatives. TigerLogic's offerings include cross-platform and mobile solutions for rapid application development, social media content aggregation, as well as search enhancement. More information about TigerLogic and its products can be found at http://www.tigerlogic.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, 2013 are not necessarily indicative of the Company's operating results for any future periods.

TigerLogic, Postano, yolink, Raining Data, mvDesigner, Omnis, Omnis Studio, and Storycode 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

(In thousands)










December 31,


March 31,




2013


2013





ASSETS




Current assets:




     Cash


$          21,653


$     6,465

     Trade accounts receivable, less allowance for doubtful




        accounts of $204 and $24, respectively

937


575

     Receivable from sale of MDMS business

2,200


-

     Other current assets

630


561

     Current assets of discontinued operations

-


411

          Total current assets

25,420


8,012







Property, furniture and equipment, net

539


459

Goodwill


18,183


18,183

Intangible assets, net

530


593

Deferred tax assets

229


228

Other assets


64


111

Noncurrent assets of discontinued operations

-


13,565

          Total assets

$          44,965


$   41,151













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




     Accounts payable

$               231


$        388

     Accrued liabilities

3,127


1,240

     Deferred revenue

1,253


948

     Current liabilities of discontinued operations

-


3,448

          Total current liabilities

4,611


6,024







     Other long-term liabilities

111


103

     Other long-term liabilities of discontinued operations

-


34

          Total liabilities

4,722


6,161







Commitments and contingencies










Stockholders' equity:




     Preferred stock

-


-

     Common stock

3,008


2,993

     Additional paid-in-capital

142,659


141,478

     Accumulated other comprehensive income

2,333


2,257

     Accumulated deficit

(107,757)


(111,738)

          Total stockholders' equity

40,243


34,990

          Total liabilities and stockholders' equity 

$          44,965


$   41,151

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share data)
















Three Months Ended


Nine Months Ended





December 31,


December 31,





2013


2012


2013


2012

Net revenues:











Licenses



$      912


$     542


$  2,762


$   1,656


Services



530


356


1,564


1,074


Total net revenues



1,442


898


4,326


2,730












Operating expenses:











Cost of license revenues


62


1


144


3


Cost of revenue-amortization of intangible assets


19


-


57


-


Cost of service revenues


103


56


309


153


Selling and marketing



1,615


942


4,459


2,795


Research and development


1,234


916


3,381


2,695


General and administrative


903


1,073


3,199


2,913


Acquisition related costs


-


-


209


-


Total operating expenses


3,936


2,988


11,758


8,559

Operating loss from continuing operations


(2,494)


(2,090)


(7,432)


(5,829)












Other income (expense):











Interest expense-net



(1)


(1)


(3)


(4)


Other income (expense)-net


(23)


14


(44)


(14)


Total other income (expense)


(24)


13


(47)


(18)












Loss before income taxes from continuing operations


(2,518)


(2,077)


(7,479)


(5,847)

Income tax benefit



(1,720)


(525)


(2,678)


(1,576)

Net loss from continuing operations


(798)


(1,552)


(4,801)


(4,271)

Discontinued operations:











Income from discontinued operations, net of tax


1,082


870


2,669


2,584


Gain on sale of discontinued operations, net of tax


6,113


-


6,113


-


Income from discontinued operations


7,195


870


8,782


2,584












Net income (loss)



$    6,397


$    (682)


$  3,981


$ (1,687)

Other comprehensive income (loss):










Foreign currency translation adjustments


27


(10)


76


17

Total comprehensive income (loss)


$    6,424


$    (692)


$  4,057


$ (1,670)












Basic and diluted net income (loss) per share:









Loss from continuing operations


$    (0.03)


$   (0.05)


$   (0.16)


$    (0.15)

Income from discontinued operations


$      0.24


$     0.03


$     0.29


$      0.09

Net income (loss)



$      0.21


$   (0.02)


$     0.13


$    (0.06)












Shares used in computing net loss from continuing operations per share, income from discontinued operations per share, and net income (loss) per share 30,176

30,176















28,218


30,116


28,206

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)






Nine Months Ended December 31,






2013


2012









Cash flows from operating activities:





Net income (loss)


$   3,981


$ (1,687)

Gain on sale of discontinued operations

(9,926)


-


Adjustments to reconcile net income (loss) to net cash






used in operating activities:







Depreciation and amortization of long-lived assets

143


97



Provision for (recovery from) bad debt

94


(7)



Stock-based compensation expense

1,129


744



Foreign currency exchange (gain) loss

(111)


13



Change in operating assets and liabilities, net of






discontinued operations:








Trade accounts receivable


(968)


10




Other current assets


75


(17)




Accounts payable


(233)


53




Accrued liabilities


590


103




Deferred revenue


634


(203)


Net cash used in operating activities


(4,592)


(894)









Cash flows from investing activities:






Acquisition bridge loan


-


(100)


Purchases of property, plant and equipment

(102)


(34)


Proceeds from sale of discontinued operations

19,800


-


Net cash provided by (used in) investing activities

19,698


(134)

















Cash flows from financing activities:






Proceeds from exercise of stock options

43


24


Proceeds from issuance of common stock

24


23


Net cash provided by financing activities

67


47










Effect of exchange rate changes on cash

15


(10)










Net increase (decrease) in cash


15,188


(991)


Cash at beginning of the period


6,465


8,918


Cash at end of the period


$ 21,653


$  7,927


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 do not represent funds available for management's discretionary use and are 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 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.  Adjusted EBITDA presented below include results from both continuing and discontinued operations.

The Company's Adjusted EBITDA financial information is comparable to net income (loss). The table below reconciles Adjusted EBITDA to the Company's GAAP reported net income (loss):

TIGERLOGIC CORPORATION AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)




For the Three Months 


For the Nine Months 



Ended December 31,


Ended December 31,



2013


2012


2013


2012

Reported net income (loss)


$         6,397


$          (682)


$         3,981


$       (1,687)

Depreciation and amortization 


48


31


143


97

Stock-based compensation


367


244


1,129


744

Interest expense-net


1


1


3


5

Other (income) expense-net


23


(19)


44


8

Income tax provision


1,579


25


1,697


47

Gain on sale of discontinued operations


(9,926)


-


(9,926)


-

Adjusted EBITDA


$       (1,511)


$          (400)


$       (2,929)


$          (786)

 

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, 



2013


2012






Net cash used in operating activities


$ (4,592)


$ (894)

Interest expense-net


3


5

Other expense-net


44


8

Income tax provision


1,697


47

Change in trade accounts receivable


968


(10)

Change in other current assets


(75)


17

Change in accounts payable


233


(53)

Change in accrued liabilities


(590)


(103)

Change in deferred revenue


(634)


203

Foreign currency exchange gain (loss)


111


(13)

Recovery from (provision for) bad debt


(94)


7

Adjusted EBITDA


$ (2,929)


$ (786)

SOURCE TigerLogic Corporation

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