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TigerLogic Corporation Announces Fiscal 2009 Second Quarter Results
IRVINE, Calif., Nov. 12 /PRNewswire-FirstCall/ -- TigerLogic Corporation (NASDAQ: TIGR) today announced financial results for the second quarter of fiscal year 2009. Net revenue for the second quarter ended September 30, 2008 was $4.2 million as compared to $4.9 million for the same period in the prior fiscal year. Net loss for the second quarter ended September 30, 2008 was $1.5 million as compared to net income of $0.1 million for the same period in the prior fiscal year. Loss per share for the second quarter ended September 30, 2008 was $0.06 as compared to breakeven in the same period in the prior fiscal year. Cash balance was $12.2 million at September 30, 2008 as compared to $12.2 million at September 30, 2007. Earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the second quarter ended September 30, 2008 was negative $0.5 million, or (11%) of net revenue, as compared to $0.5 million, or 10% of net revenue, for the same period in the prior fiscal year. The decrease in EBITDA was a result of lower revenue and increased operating expenses relating to the introduction of the TigerLogic ChunkIt! product. 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(R) ChunkIt!, an internet browser-based application that enhances the search experience of any popular search engine or Web page; 2) TigerLogic(R) 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(R) Universal Data Model (Pick UDM) based database management systems and components, including D3(R), mvEnterprise(R) and mvBase(R) that are the choice of more than a thousand application developers worldwide; and 4) Omnis Studio(R), 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 ChunkIt! can be found at http://www.getchunkit.com. Except for the historical statements contained herein, the foregoing release may contain forward-looking statements. These 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-KSB and Form 10-Q/QSB 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, 2008 are not necessarily indicative of the Company's operating results for any future periods.
TigerLogic, ChunkIt!, 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,
2008 2008
(In thousands)
ASSETS
Current assets
Cash and cash equivalents $12,233 $14,065
Trade accounts receivable, less
allowance for doubtful accounts of
$129 and $271, respectively 1,369 1,845
Other current assets 525 439
Total current assets 14,127 16,349
Property, furniture and equipment-net 1,113 1,053
Goodwill 26,388 26,388
Deferred tax assets 448 460
Other assets 162 142
Total assets $42,238 $44,392
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $288 $424
Accrued liabilities 2,059 2,659
Deferred revenue 4,836 5,257
Total current liabilities 7,183 8,340
Long-term debt-net of discount - 977
Total liabilities 7,183 9,317
Commitments and contingencies
Stockholders' equity
Preferred stock - -
Common stock 2,669 2,625
Additional paid-in-capital 129,031 126,610
Accumulated other comprehensive
income 1,842 1,367
Accumulated deficit (98,487) (95,527)
Total stockholders' equity 35,055 35,075
Total liabilities and
stockholders' equity $42,238 $44,392
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,
2008 2007 2008 2007
Net revenues
Licenses $1,331 $1,959 $2,967 $3,961
Services 2,819 2,987 5,738 5,958
Total net revenues 4,150 4,946 8,705 9,919
Operating expenses
Cost of license revenues 8 12 12 21
Cost of service revenues 436 454 884 939
Selling and marketing 1,497 1,373 3,324 2,677
Research and development 1,943 1,922 4,175 3,919
General and administrative 1,244 1,048 2,787 2,371
Total operating expenses 5,128 4,809 11,182 9,927
Operating income (loss) (978) 137 (2,477) (8)
Other income (expense)
Interest income (expense)-net 55 (204) 106 (406)
Other income (expense)-net (604) 205 (610) 383
Total other income (expense) (549) 1 (504) (23)
Income (loss) before income taxes (1,527) 138 (2,981) (31)
Income tax provision (benefit) (32) 58 (21) 77
Net income (loss) $(1,495) $80 $(2,960) $(108)
Basic net income (loss) per share $(0.06) $0.00 $(0.11) $(0.01)
Diluted net income (loss) per share $(0.06) $0.00 $(0.11) $(0.01)
Shares used in computing basic
net income (loss) per share 26,536 21,241 26,494 21,214
Shares used in computing diluted
net income (loss) per share 26,536 22,073 26,494 21,214
TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
2008 2007
(In thousands)
Cash flows from operating activities:
Net loss $(2,960) $(108)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Depreciation and amortization
of long-lived assets 217 132
Provision for bad debt (34) 74
Note discount amortization - 42
Stock-based compensation expense 847 556
Income tax (benefit) expense (21) 77
Foreign currency exchange
(gain) loss 613 (334)
Change in assets and liabilities:
Trade accounts receivable 416 (64)
Other current and non-current assets (97) (3)
Accounts payable (97) 53
Accrued liabilities (379) 60
Deferred revenue (298) (231)
Net cash provided by (used in)
operating activities (1,793) 254
Cash flows used in investing
activities-purchase of property,
furniture and equipment (531) (33)
Cash flows from financing activities:
Proceeds from exercise of stock
options 555 204
Proceeds from issuance of common
stock 86 52
Net cash provided by financing
activities 641 256
Effect of exchange rate changes
on cash (149) 103
Net increase (decrease) in cash
and cash equivalents (1,832) 580
Cash and cash equivalents at
beginning of period 14,065 11,654
Cash and cash equivalents at end
of period $12,233 $12,234
Non-cash financing activities:
Accrued interest added to
debt $- $611
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 income (loss). The table below reconciles EBITDA to the Company's GAAP disclosure of net income (loss):
TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET INCOME (LOSS)
(In thousands)
For the Three Months For the Six Months
Ended September 30, Ended September 30,
2008 2007 2008 2007
Reported net income (loss) $(1,495) $80 $(2,960) $(108)
Depreciation and amortization 111 67 217 132
Stock-based compensation 397 301 847 556
Interest (income) expense-net (55) 204 (106) 406
Other (income) expense-net 604 (205) 610 (383)
Income tax provision (benefit) (32) 58 (21) 77
EBITDA $(470) $505 $(1,413) $680
The Company's EBITDA financial information can also be reconciled to net cash provided by (used in) operating activities as follows:
TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES
(In thousands)
For the Six Months Ended September 30,
2008 2007
Net cash provided by (used in)
operating activities $(1,793) $254
Interest (income) expense-net (106) 406
Other (income) expense-net 610 (383)
Change in trade accounts
receivable (416) 64
Change in other current and non-
current assets 97 3
Change in accounts payable 97 (53)
Change in accrued liabilities 379 (60)
Change in deferred revenue 298 231
Foreign currency exchange gain
(loss) (613) 334
Note payable discount amortization - (42)
Provision for bad debt 34 (74)
EBITDA $(1,413) $680
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