TigerLogic Corporation Announces Results For The First Quarter Ended June 30, 2014 - WRCBtv.com | Chattanooga News, Weather & Sports

TigerLogic Corporation Announces Results For The First Quarter Ended June 30, 2014

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE TigerLogic Corporation

IRVINE, Calif., Aug. 14, 2014 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the first quarter ended June 30, 2014. Net revenue increased 29% quarter-over-quarter to $1.8 million for the first quarter ended June 30, 2014, as compared to prior fiscal year first quarter net revenue of $1.4 million, primarily due to higher services revenue from our Postano platform. Sequentially, when compared to the fourth quarter of the fiscal year ended March 31, 2014, revenue increased from $1.2 million to $1.8 million during the quarter ended June 30, 2014, primarily due to the increase in services revenue from the Postano platform since the launch of Postano version 2.0 in November 2013. Net loss from continuing operations for the first quarter ended June 30, 2014 was $3.4 million as compared to a net loss of $2.0 million for the same period in the prior fiscal year, due mainly to additional new hires, and higher legal and financial advisory services expense related to the evaluation of any proposed sale of TigerLogic's common stock by  its largest stockholder that may be presented to the company, as well as the evaluation of other strategic alternatives available to the company. Net loss per share from continuing operations was $0.11 and $0.07 for the quarters ended June 30, 2014 and June 30, 2013, respectively. Cash balance was $15.4 million at June 30, 2014 as compared to $18.6 million at March 31, 2014.

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 first quarter ended June 30, 2014 was negative $3.2 million or (179%) of net revenue, as compared to negative $0.7 million or (54%) of net revenue for the same period in the prior fiscal year. The decrease in Adjusted EBITDA on a year-over-year basis was mainly due to the before-mentioned higher personnel and professional services expenses, offset by an increase in revenue. TigerLogic 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 income (loss).

Earnings Call

At 5:30 p.m. Eastern Time on Thursday, August 14, 2014, TigerLogic's management will host a conference call to discuss the company's financial results for the first quarter ended June 30, 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 85354726.

A taped rebroadcast of the call will be available approximately two hours after the call through August 21, 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 85354726.

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 and visualization platform, Internet search enhancement tools, and the design and development of mobile applications and digital publications. 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 TigerLogic's research and development efforts to develop new products and to penetrate new markets, the market acceptance of TigerLogic's new products and updates, technical risks related to such products and updates, TigerLogic'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 TigerLogic with the U.S. Securities and Exchange Commission, including but not limited to TigerLogic's most recent reports on Form 10-K and Form 10-Q for factors potentially affecting its future financial results. All forward-looking statements are made as of the date hereof and TigerLogic disclaims any responsibility to update or revise any forward-looking statement provided in this news release. TigerLogic's results for the quarter ended June 30, 2014 are not necessarily indicative of its 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)




ASSETS


June 30,


March 31,



2014


2014

Current assets:





Cash


$     15,357


$    18,602

Trade accounts receivable, less allowance for doubtful accounts of $36





    and $43, respectively


889


934

Receivable from sale of MDMS business


2,200


2,200

Other current assets 


480


553

Total current assets 


18,926


22,289






Property, furniture and equipment, net 


790


575

Goodwill 


18,183


18,183

Intangible assets, net 


489


510

Deferred tax assets 


109


109

Other assets 


73


73

Total assets 


$     38,570


$    41,739






LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities:





Accounts payable 


$          626


$         349

Accrued liabilities 


1,514


1,892

Deferred revenue 


1,746


1,599

Total current liabilities 


3,886


3,840






Other long-term liabilities 


121


122

Total liabilities 


4,007


3,962






Commitments and contingencies 










Stockholders' equity: 





Preferred stock


-


-

Common stock


3,013


3,012

Additional paid-in-capital 


143,031


142,848

Accumulated other comprehensive income 


2,398


2,360

Accumulated deficit 


(113,879)


(110,443)

Total stockholders' equity 


34,563


37,777






Total liabilities and stockholders' equity 


$     38,570


$    41,739

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data)




Three Months Ended June 30,



2014


2013






Net revenues:





     Licenses


$           745


$          649

     Services


1,024


718

     Total net revenues


1,769


1,367

Operating expenses





     Cost of license revenue-amortization of technology





     intangible asset


19


19

     Cost of service revenues


253


143

     Selling and marketing


1,915


1,480

     Research and development


1,086


999

     General and administrative


1,887


1,286

     Total operating expenses


5,160


3,927

Operating loss


(3,391)


(2,560)

Other income (expense):





     Interest expense-net


(1)


(1)

     Other income (expense)-net


(32)


8

          Total other income (expense)-net


(33)


7

Loss before income taxes from continuing operations


(3,424)


(2,553)

Income tax provision (benefit)


12


(517)

Net loss from continuing operations


$        (3,436)


$     (2,036)

Discontinued operations:





     Net income from discontinued operations, net of tax


-


798

Net loss


$        (3,436)


$     (1,238)

Other comprehensive loss:





     Foreign currency translation adjustments


38


(8)

Total comprehensive loss


$        (3,398)


$     (1,246)






Basic and diluted net income (loss) per share:





     Loss from continuing operations


$          (0.11)


$       (0.07)

     Income from discontinued operations


$                 -


$         0.03

     Net loss


$          (0.11)


$       (0.04)






     Shares used in computing net loss from continuing





     operations per share, income from discontinued





     operations per share, and net loss per share


30,130


29,933

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS












Three Months Ended June 30,





2014


2013






Cash flows from operating activities:





Net loss

$      (3,436)


$       (1,238)


Adjustments to reconcile net loss to net cash used in operating activities:






Depreciation and amortization of long-lived assets

58


49



Recovery from bad debt

(9)


-



Stock-based compensation expense

173


399



Foreign currency exchange (gain) loss

32


(8)



Change in assets and liabilities:







Trade accounts receivable

53


(362)




Other current and non-current assets

12


117




Accounts payable

253


(105)




Accrued liabilities

(318)


203




Deferred revenue

149


304


Net cash used in operating activities

(3,033)


(641)








Cash used in investing activities-purchase of property, furniture and equipment

(222)


(17)








Cash from financing activities-proceeds from exercise of stock options

12


12









Effect of exchange rate changes on cash

(2)


6









Net decrease in cash  

(3,245)


(640)


Cash at beginning of the period

18,602


6,465


Cash at end of the period

$      15,357


$        5,825

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 TigerLogic's 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, TigerLogic 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 its 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 TigerLogic is defined as EBITDA plus adjustments for 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 financial information is comparable to net income (loss). The table below reconciles Adjusted EBITDA to TigerLogic's GAAP reported net loss:

TIGERLOGIC CORPORATION AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)













For the Three Months Ended June 30,






2014


2013










Reported net loss




$        (3,436)


$        (1,238)


Depreciation and amortization




58


49


Stock-based compensation




173


399


Interest expense-net




1


1


Other (income) expense-net




32


(8)


Income tax provision




12


52


Adjusted EBITDA




$        (3,160)


$           (745)


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 Three Months Ended June 30,



2014


2013






Net cash used in operating activities 


$    (3,033)


$    (641)

Interest expense-net 


1


1

Other (income) expense-net 


32


(8)

Income tax provision


12


52

Change in trade accounts receivable 


(53)


362

Change in other current and non-current assets 


(12)


(117)

Change in accounts payable 


(253)


105

Change in accrued liabilities 


318


(203)

Change in deferred revenue 


(149)


(304)

Foreign currency exchange gain (loss)


(32)


8

Recovery from bad debt


9


-

Adjusted  EBITDA 


$        (3,160)


$    (745)

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow
Can't find what you're looking for?

WRCB-TV
900 Whitehall Road
Chattanooga, TN 37405
(423) 267-5412

WRCB Jobs EEO | FCC Public Files

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WRCB. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.