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TigerLogic Corporation Announces Results For The Third Quarter Ended December 31, 2012
Submitted by admin on 2/12/2013 @ 1:24 PM
Companies mentioned in this article:
TigerLogic Corporation
IRVINE, Calif., Feb. 12, 2013 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the third quarter ended December 31, 2012. Net revenue was $3.2 million for the third quarter ended December 31, 2012, as compared to $3.4 million for the third quarter ended December 31, 2011. Net loss was $0.7 million and $0.8 million for the third quarters ended December 31, 2012 and December 31, 2011, respectively. Net loss per share was $0.02 for the third quarter ended December 31, 2012, as compared to a net loss per share of $0.03 for the quarter ended December 31, 2011. Cash balance was $7.9 million at December 31, 2012 as compared to $9.0 million at December 31, 2011.
Adjusted EBITDA, as defined below, for the quarter ended December 31, 2012, was negative $0.4 million or negative 12.5% of total net revenue, as compared to negative $0.3 million or negative 10.3% of total net revenue for the same period in the prior fiscal year. The decrease in Adjusted EBITDA for the third quarter ended December 31, 2012, as compared to the same period in the prior fiscal year, was mainly due to lower revenue, and higher general and administrative expenses relating to the acquisition of Storycode. 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
At 5:30 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 2013 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 96597791.
A taped rebroadcast of the call will be available approximately two hours after the call through February 19, 2013. 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 021213 and conference ID number 96597791.
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 data management and application development solutions for enterprises that need to launch easy and cost-effective e-business initiatives. TigerLogic's installed customer base includes more than 500,000 active users representing more than 20,000 customer sites worldwide, who rely on TigerLogic's offerings for multidimensional database management, rapid application development, search enhancement, as well as content aggregation, syndication and a mobile publishing platform, which platform includes such customers as The University of Oregon Athletic Department, Nine West, Owens Illinois, Tommy Hilfiger, Entrepreneur Media, The Independent, Mindjet, CBS, NBC, and Thomson Reuters. Built on proven technology, TigerLogic helps control data and content and transform them into business intelligence and engagement. 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 Company's ability to successfully integrate the Storycode technology and employees and to realize the anticipated synergies, the success of the combined companies research and development efforts to develop new products and to penetrate new markets, the market acceptance of the 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, 2012 are not necessarily indicative of the Company's operating results for any future periods.
TigerLogic, Postano, yolink, Raining Data, Pick, mvDesigner, D3, mvEnterprise, mvBase, Omnis, and Omnis Studio are trademarks of TigerLogic Corporation. Storycode is a trademark of Storycode, Inc. 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,
2012 2012
---- ----
ASSETS
Current assets
Cash $7,927 $8,918
Trade accounts receivable,
less allowance for doubtful
accounts of $11 and $19,
respectively 890 891
Other current assets 747 632
--- ---
Total current assets 9,564 10,441
Property, furniture and
equipment-net 556 615
Goodwill 26,388 26,388
Deferred tax assets 257 257
Other assets 112 113
Total assets $36,877 $37,814
======= =======
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Accounts payable $322 $272
Accrued liabilities 1,566 1,467
Deferred revenue 4,103 4,311
----- -----
Total current liabilities 5,991 6,050
Commitments and contingencies
Stockholders' equity
Preferred stock - -
Common stock 2,822 2,818
Additional paid-in-capital 136,226 135,438
Accumulated other
comprehensive income 2,321 2,304
Accumulated deficit (110,483) (108,796)
-------- --------
Total stockholders' equity 30,886 31,764
Total liabilities and
stockholders' equity $36,877 $37,814
======= =======
TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands, except per share data)
Three Months Ended Nine Months Ended
December 31, December 31,
------------ ------------
2012 2011 2012 2011
---- ---- ---- ----
Net revenues
Licenses $962 $1,027 $2,867 $3,003
Services 2,246 2,331 6,781 7,058
Total net revenues 3,208 3,358 9,648 10,061
Operating expenses
Cost of license
revenues 2 3 6 9
Cost of service
revenues 405 435 1,229 1,394
Selling and marketing 1,062 1,290 3,175 3,850
Research and
development 1,284 1,485 3,783 4,353
General and
administrative 1,130 890 3,082 2,863
Total operating
expenses 3,883 4,103 11,275 12,469
Operating loss (675) (745) (1,627) (2,408)
Other income (expense)
Interest expense-net (1) (2) (5) -
Other income
(expense)-net 19 (40) (8) (69)
Total other
income
(expense) 18 (42) (13) (69)
Loss before income taxes (657) (787) (1,640) (2,477)
Income tax provision (benefit) 25 (33) 47 144
--- --- --- ---
Net loss $(682) $(754) $(1,687) $(2,621)
===== ===== ======= =======
Basic and diluted net loss per share $(0.02) $(0.03) $(0.06) $(0.09)
====== ====== ====== ======
Shares used in computing basic
and diluted net loss per share 28,218 28,163 28,206 28,138
Other comprehensive loss:
Net loss $(682) $(754) $(1,687) $(2,621)
Foreign currency translation adjustments (10) (12) 17 (35)
--- --- --- ---
Total comprehensive loss $(692) $(766) $(1,670) $(2,656)
===== ===== ======= =======
TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Nine Months Ended
December 31,
------------------
2012 2011
---- ----
Cash flows from operating activities:
Net loss $(1,687) $(2,621)
Adjustments to
reconcile net loss
to net cash
used in
operating
activities:
Depreciation and
amortization of
long-lived
assets 97 119
Provision for
(recovery from)
bad debt (7) 4
Stock-based
compensation
expense 744 990
Foreign currency
exchange loss 13 75
Change in assets
and
liabilities:
Trade
accounts
receivable 10 (333)
Other current
and non-
current
assets (17) (330)
Accounts payable 53 -
Accrued liabilities 103 (99)
Deferred revenue (203) (122)
---- ----
Net cash used in
operating
activities (894) (2,317)
-----
Cash flows from investing activities:
Acquisition
bridge loan (100) -
Purchases of
property, plant
and equipment (34) (61)
----
Net cash used for
investing
activities (134) (61)
-----
Cash flows from financing activities:
Proceeds from
exercise of stock
options 24 87
Proceeds from
issuance of common
stock 23 48
Net cash provided
by financing
activities 47 135
---
Effect of exchange
rate changes on
cash (10) (117)
----
Net decrease in
cash (991) (2,360)
Cash at
beginning of
period 8,918 11,354
Cash at end of
period $7,927 $8,994
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.
The Company's Adjusted EBITDA financial information is comparable to net loss. The table below reconciles Adjusted EBITDA to the Company's GAAP reported 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,
------------------ ------------------
2012 2011 2012 2011
---- ---- ---- ----
Reported net loss $(682) $(754) $(1,687) $(2,621)
Depreciation and amortization 31 37 97 119
Stock-based compensation 244 361 744 990
Interest expense-net 1 2 5 -
Other (income) expense-net (19) 40 8 69
Income tax provision (benefit) 25 (33) 47 144
Adjusted EBITDA $(400) $(347) $(786) $(1,299)
===== ===== ===== =======
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,
------------
2012 2011
---- ----
Net cash
used in
operating
activities $(894) $(2,317)
Interest
expense-
net 5 -
Other expense-net 8 69
Income
tax
provision 47 144
Change
in
trade
accounts
receivable (10) 333
Change
in
other
current
and
non-
current
assets 17 330
Change
in
accounts
payable (53) -
Change
in
accrued
liabilities (103) 99
Change
in
deferred
revenue 203 122
Foreign
currency
exchange
loss (13) (75)
Provision
for
(recovery
from)
bad
debt 7 (4)
Adjusted EBITDA $(786) $(1,299)
===== =======
SOURCE TigerLogic Corporation