IRVINE, Calif., June 22 /PRNewswire-FirstCall/ -- TigerLogic Corporation today announced financial results for the fourth quarter and full fiscal year ended March 31, 2010. Net revenue for the fourth quarter was $3.5 million and for the full fiscal year was $13.9 million, as compared to $3.4 million and $16.3 million for the same respective periods in the prior fiscal year. Net loss for the fourth quarter ended March 31, 2010 was $0.6 million as compared to a net loss of $0.7 million for the same period in the prior fiscal year. Net loss for the fiscal year ended March 31, 2010 was $1.6 million, an improvement of $3.5 million from prior fiscal year's net loss of $5.1 million. Net loss per share was $0.02 and $0.03 for the quarters ended March 31, 2010 and March 31, 2009, respectively. Earnings per share for the fiscal year ended March 31, 2010 was a loss per share of $0.06 as compared to a loss per share of $0.19 for the prior fiscal year. Cash balance was $12.5 million at March 31, 2010 as compared to $12.3 million at March 31, 2009.
Adjusted earnings before interest, taxes, depreciation, amortization, other income (expense)-net, and non-cash stock-based compensation expense ("Adjusted EBITDA") for the quarter and fiscal year ended March 31, 2010 was negative $0.2 million and negative $1.0 million, or (6.5%) and (7.1%) of net revenue, respectively, as compared to negative $0.3 million and negative $1.7 million, or (8.4%) and (10.3%) of net revenue, respectively, for the same periods in the prior fiscal year. The improvement in Adjusted EBITDA in fiscal 2010 as compared to fiscal 2009 was a result of lower expenses in the current year, offset by lower revenue. 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.
About TigerLogic Corporation
TigerLogic Corporation 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, a next-generation search enhancement technology; 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/.
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 and year ended March 31, 2010 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 CONDENSED CONSOLIDATED BALANCE SHEETS March 31, March 31, 2010 2009 ---- ---- (In thousands) ASSETS Current assets Cash $12,492 $12,282 Trade accounts receivable, less allowance for doubtful accounts of $26 in 2010 and $90 in 2009 954 881 Other current assets 412 389 --- --- Total current assets 13,858 13,552 Property, furniture and equipment-net 766 849 Goodwill 26,388 26,388 Deferred tax assets 379 383 Other assets 113 161 Total assets $41,504 $41,333 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $192 $161 Accrued liabilities 1,686 2,090 Deferred revenue 4,314 4,531 ----- ----- Total current liabilities 6,192 6,782 Commitments and contingencies Stockholders' equity Preferred stock - - Common stock 2,793 2,673 Additional paid-in-capital 132,543 129,684 Accumulated other comprehensive income 2,246 2,861 Accumulated deficit (102,270) (100,667) -------- -------- Total stockholders' equity 35,312 34,551 Total liabilities and stockholders' equity $41,504 $41,333 ======= ======= TIGERLOGIC CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended Twelve Months Ended March 31, March 31, --------- --------- 2010 2009 2010 2009 ---- ---- ---- ---- Net revenues Licenses $1,101 $850 $4,223 $5,336 Services 2,376 2,519 9,714 10,916 ----- ----- ----- ------ Total net revenues 3,477 3,369 13,937 16,252 Operating expenses Cost of license revenues (15) 9 13 29 Cost of service revenues 455 385 1,700 1,652 Selling and marketing 1,141 849 4,337 5,425 Research and development 1,442 1,557 6,140 7,561 General and administrative 1,022 1,224 4,129 5,097 Total operating expenses 4,045 4,024 16,319 19,764 ----- ----- ------ ------ Operating loss (568) (655) (2,382) (3,512) Other income (expense) Interest income (expense)-net - 9 (1) 147 Other income (expense)-net (48) (120) 778 (1,796) --- ---- --- ------ Total other income (expense) (48) (111) 777 (1,649) --- ---- --- ------ Loss before income taxes (616) (766) (1,605) (5,161) Income tax provision (benefit) 24 (36) (2) (21) --- --- --- --- Net loss $(640) $(730) $(1,603) $(5,140) ===== ===== ======= ======= Basic and diluted net loss per share $(0.02) $(0.03) $(0.06) $(0.19) ====== ====== ====== ====== Shares used in computing basic and diluted net loss per share 27,917 26,714 27,305 26,600 TIGERLOGIC CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended March 31, ----------------------------- 2010 2009 ---- ---- (In thousands) Cash flows from operating activities: Net loss $(1,603) $(5,140) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization of long- lived assets 374 416 Provision for bad debt (62) (51) Stock-based compensation expense 1,053 1,415 Income tax benefit (2) (21) Foreign currency exchange (gain) loss (648) 1,801 Change in assets and liabilities: Trade accounts receivable 12 790 Other current and non-current assets 39 27 Accounts payable 30 (215) Accrued liabilities (424) (264) Deferred revenue (258) (443) ---- ---- Net cash used in operating activities (1,489) (1,685) ------ ------ Cash flows used in investing activities-purchase of property, furniture and equipment (264) (573) ---- ---- Cash flows from financing activities: Proceeds from exercise of stock options 1,851 586 Proceeds from issuance of common stock 75 144 --- --- Net cash provided by financing activities 1,926 730 Effect of exchange rate changes on cash 37 (255) --- ---- Net increase (decrease) in cash and cash equivalents 210 (1,783) Cash and cash equivalents at beginning of period 12,282 14,065 ------ ------ Cash and cash equivalents at end of period $12,492 $12,282 ======= ======= 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.
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 Twelve Months Ended March 31, Ended March 31, --------------- --------------- 2010 2009 2010 2009 ---- ---- ---- ---- Reported net loss $(640) $(730) $(1,603) $(5,140) Depreciation and amortization 80 95 374 416 Stock-based compensation 261 277 1,053 1,415 Interest expense (income)-net - (9) 1 (147) Other expense (income)-net 48 120 (778) 1,796 Income tax provision (benefit) 24 (36) (2) (21) Adjusted EBITDA $(227) $(283) $(955) $(1,681) ===== ===== ===== =======
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 Years Ended March 31, -------------------------- 2010 2009 ---- ---- Net cash used in operating activities $(1,489) $(1,685) Interest expense (income)-net 1 (147) Other expense (income)-net (778) 1,796 Change in trade accounts receivable (12) (790) Change in other current and non- current assets (39) (27) Change in accounts payable (30) 215 Change in accrued liabilities 424 264 Change in deferred revenue 258 443 Foreign currency exchange gain (loss) 648 (1,801) Provision for bad debt 62 51 Adjusted EBITDA $(955) $(1,681) ===== =======
TigerLogic Corporation
CONTACT: Thomas Lim, Chief Financial Officer of TigerLogic Corporation,
+1-949-442-4400, fax, +1-949-250-8187, thomas.lim@tigerlogic.com
Web Site: http://www.tigerlogic.com/
