TigerLogic Corporation Announces Results For The Second Quarter Ended September 30, 2014 November 14, 2014: 04:25 PM ET

IRVINE, Calif., Nov. 14, 2014 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the second quarter ended September 30, 2014. Net revenue increased 21% quarter-over-quarter to $1.8 million for the second quarter ended September 30, 2014, as compared to prior fiscal year second quarter net revenue of $1.5 million, primarily due to higher subscription and services revenue from our Postano platform. Net loss from continuing operations for the second quarter ended September 30, 2014 was $2.6 million as compared to a net loss of $2.0 million for the same period in the prior fiscal year. The higher net loss from continuing operations was due mainly to an income tax benefit in the prior year of approximately $0.4 million, offset by higher personnel expenses from 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 $0.09 and $0.07 for the quarters ended September 30, 2014 and September 30, 2013, respectively. Cash balance was $12.6 million at September 30, 2014 as compared to $15.4 million at June 30, 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.  Our Adjusted EBITDA was negative $2.4 million or negative 131% of total net revenue for the three month period ended September 30, 2014, and negative $5.6 million or negative 154% of total net revenue for the six month period ended September 30, 2014. Our Adjusted EBITDA was negative $0.7 million or negative 44% of total net revenue for the three month period ended September 30, 2013, and negative $1.4 million or negative 49% of total net revenue for the six month period ended September 30, 2013. The decrease in Adjusted EBITDA for the three and six month periods ended September 30, 2014 was a result of higher operating expenses in the current periods due mainly to higher personnel and marketing expenses as we expanded our sales and marketing efforts for Postano, and higher legal and financial advisory services expense relating to the evaluation of any proposed sale of our common stock by our largest stockholder, as well as the evaluation of other strategic alternatives available to the Company. 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 5:00 p.m. Eastern Time on  Monday, November 17, 2014, TigerLogic's management will host a conference call to discuss the company's financial results for the second quarter ended September 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 32138487.

A taped rebroadcast of the call will be available approximately two hours after the call through November 24, 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 32138487.

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 September 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


September 30,


March 31,



2014


2014

Current assets:





Cash


$          12,582


$    18,602

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





    and $43, respectively


967


934

Receivable from sale of MDMS busines


2,200


2,200

Other current assets


484


553

Total current assets


16,233


22,289






Property, furniture and equipment,net


748


575

Goodwill


18,183


18,183

Intangible assets, net


468


510

Deferred tax assets


108


109

Other assets


70


73

Total assets


$          35,810


$    41,739






LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities:





Accounts payable


$               683


$         349

Accrued liabilities


1,364


1,892

Deferred revenue


1,601


1,599

Total current liabilities


3,648


3,840






Other long-term liabilities


112


122

Total liabilities


3,760


3,962






Commitments and contingencies 










Stockholders' equity: 





Preferred stock



Common stock


3,015


3,012

Additional paid-in-capital


143,228


142,848

Accumulated other comprehensive income


2,311


2,360

Accumulated deficit


(116,504)


(110,443)

Total stockholders' equity


32,050


37,777






Total liabilities and stockholders' equity


$          35,810


$    41,739






 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data)




















Three Months Ended September 30,


Six Months Ended September 30,



2014


2013



2014


2013










Net revenues:









Licenses

$                         592


$                      615



$      1,337


$                 1,263

Services

1,236


902



2,260


1,620

Total net revenues

1,828


1,517



3,597


2,883

Operating expenses:









Cost of license revenue-amortization of technology intangible asset 

19


19



38


38

Cost of service revenues

357


201



610


344

Selling and marketing

1,504


1,366



3,419


2,846

Research and development

1,143


1,090



2,229


2,089

General and administrative

1,452


1,219



3,339


2,504

Total operating expenses

4,475


3,895



9,635


7,821

Operating loss

(2,647)


(2,378)



(6,038)


(4,938)

Other income (expense):









Interest expense-net

(1)


(1)



(2)


(2)

Other income (expense)-net

41


(29)



9


(21)

Total other income (expense)-net

40


(30)



7


(23)

Loss before income taxes from continuing operations

(2,607)


(2,408)



(6,031)


(4,961)

Income tax provision (benefit)

18


(442)



30


(959)

Net loss from continuing operations

$                     (2,625)


$                  (1,966)



$     (6,061)


$                (4,002)

Discontinued operations:









Net income from discontinued operations, net of tax


788




1,586

Net loss

$                     (2,625)


$                  (1,178)



$     (6,061)


$                (2,416)

Other comprehensive loss:









    Foreign currency translation adjustments

(87)


57



(49)


49

Total comprehensive loss

$                     (2,712)


$                  (1,121)



$     (6,110)


$                (2,367)










Basic and diluted net income (loss) per share:









     Loss from continuing operations

$                       (0.09)


$                    (0.07)



$       (0.20)


$                  (0.13)

     Income from discontinued operations

$                            —


$                     0.03



$            —


$                   0.05

     Net loss

$                       (0.09)


$                    (0.04)



$       (0.20)


$                  (0.08)










Shares used in computing net loss from continuing operations per share, income from discontinued operations per share, and net loss per share









30,747


30,042



30,449


29,997

 

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(In thousands)








Six Months Ended September 30,





2014


2013






Cash flows from operating activities:





Net loss

$          (6,061)


$           (2,416)


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






Depreciation and amortization of long-lived assets

123


94



Recovery from bad debt

(58)




Stock-based compensation expense

361


763



Foreign currency exchange (gain) loss

(10)


28



Change in assets and liabilities:







Trade accounts receivable

(2)


(645)




Other current and non-current assets

56


148




Accounts payable

334


(38)




Accrued liabilities

(507)


333




Deferred revenue

43


88


Net cash used in operating activities

(5,721)


(1,645)








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

(258)


(33)








Cash from financing activities





Proceeds from exercise of stock options

23


32


Proceeds from issuance of common stock


24


Net cash provided by financing activities

23


56









Effect of exchange rate changes on cash

(64)


38









Net decrease in cash  

(6,020)


(1,584)


Cash at beginning of the period

18,602


6,465


Cash at end of the period

$          12,582


$             4,881

 

 

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:

 

 

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)












For the Three Months Ended
September 30,


For the Six Months Ended
September 30,



2014


2013


2014


2013










Reported net loss


$        (2,625)


$        (1,178)


$          (6,061)


$        (2,416)

Depreciation and amortization


65


45


123


94

Stock-based compensation


188


364


361


763

Interest expense-net


1


1


2


2

Other (income) expense-net


(41)


29


(9)


21

Income tax provision 


18


66


30


118

Adjusted EBITDA


$        (2,394)


$           (673)


$          (5,554)


$        (1,418)

 

 

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 Six Months Ended September 30,



2014


2013






Net cash used in operating activities 


$       (5,721)


$         (1,645)

Interest expense-net 


2


2

Other (income) expense-net 


(9)


21

Income tax provision


30


118

Change in trade accounts receivable 


2


645

Change in other current and non-current assets 


(56)


(148)

Change in accounts payable 


(334)


38

Change in accrued liabilities 


507


(333)

Change in deferred revenue 


(43)


(88)

Foreign currency exchange gain (loss)


10


(28)

Recovery from bad debt


58


Adjusted  EBITDA 


$           (5,554)


$         (1,418)

 

 

SOURCE TigerLogic Corporation

 



NEW YORK, Nov. 13, 2014 (GLOBE NEWSWIRE) -- AlixPartners, the global business-advisory firm, today announced that Yogesh Bahl has joined as a managing director in the firms Financial Advisory Services group. Bahl, who is based in New York, has more than 20 years of experience leading global investigations, strategy projects and operational-risk initiatives, particularly in the life-sciences industry. He also has served as an arbitrator and expert in breach-of-contract, intellectual-property and antitrust disputes.  In addition, Bahl is able to leverage his experience in a number of other industries to help life-sciences companies take better advantage of broader leading practices.

Said Fred Crawford, CEO of AlixPartners: Life sciences and healthcare have been revolutionized in recent years, meaning that clients are more in need of assistance than ever on several fronts, including in litigation and other financial-advisory support.  Weve very pleased to have someone of Yogeshs experience and expertise on our team, to help us grow our business in this important space.
 
Prior to joining AlixPartners, Bahl served as a partner in the financial advisory business at Deloitte, for which he led the US life-sciences practice for three years and worked with companies of all sizes.  His areas of expertise include global fraud and corruption investigations, third- and fourth-party due diligence, compliance programs, supply-chain risk management and gross-to-net revenue optimization.  He has also helped companies manage issues associated with product diversion, counterfeiting and contract compliance.

Bahls past work has included:

  • Testifying on damages, antitrust and parallel trade issues in a breach-of-contract action involving the distribution medical devices in the European Union
  • Serving as arbitrator involving a breach of contract dispute between two global companies
  • Investigating companies in Europe, Asia and Central America in connection with third-party licensing and distribution agreements
  • Investigating a joint-development business partner with respect to inaccurate reporting of research-and-development expenses and other suspected breaches of compliance
  • Creating a pilot analytics program for investigator-initiated trials and speaker programs for a life sciences company
  • Making recommendations with respect to gross-to-net revenue and related processes, organizational design, systems/data management, etc. for a pharmaceutical company
  • Identifying the use of incorrect rates involving wholesale acquisition costs, chargebacks, rebates and related accounting accruals with respect to a profit-sharing agreement

Said Bahl: Im excited to be part of the global AlixPartners team, in part because the firm has a wealth of talent across the life-sciences-industry value chain. Im excited about leveraging AlixPartners distinctive senior-teams approach to help clients solve their most challenging business issues by providing sustainable, bottom-line solutions.

Bahl holds an MBA in finance and statistics and a bachelors degree in accounting and international business from New York Universitys Stern School of Business.  He is a certified public accountant in the state of New York.
 
About AlixPartners

AlixPartners is a leading global business-advisory firm of results-oriented professionals who specialize in creating value and restoring performance at every stage of the business lifecycle. We thrive on our ability to make a difference in high-impact situations and deliver sustainable, bottom-line results. The firms expertise covers a wide range of businesses and industries whether they are healthy, challenged or distressed. Since 1981, we have taken a unique, small-team, action-oriented approach to helping corporate boards and management, law firms, investment banks and investors respond to critical business issues. For more information, visit www.alixpartners.com.

CONTACT: Tim Yost +1.248.204.8689 This email address is being protected from spambots. You need JavaScript enabled to view it.

(C) Copyright 2014 GlobeNewswire, Inc. All rights reserved.



Pioneer Investments, a global investment advisory firm, turns to a more sophisticated, multilayered defense-in-depth approach to boost security and compliance.

Operating an international financial advisory firm requires a sharp focus on security and compliance. In many cases, standard cyber-security measures arent adequate. Theres a need for a more sophisticated and multilayered defense-in-depth approach that spans IT systems.

At Pioneer Investmentswhich operates in 28 countries and relies on 350 investment professionals and 2,000-plus employees to address customer investment needsmonitoring and managing IT systems is a demanding task.

We have a very complex network infrastructure that must support the needs of the business at smaller and larger locations, explains Ken Pfeil, chief information security officer. In the past, we had best-of-breed disconnected tools. There was a need to consolidate and implement policies across the organization.

Mesa, Arizona (PRWEB) October 28, 2014

Veebo is the premier mobile marketing solution for local business. Veebo operates at the intersection of the mobile application and local media advertising industries in a sector commonly referred to as mobile marketing. Launched in 2011, founders Tom Vitale, Valerie Bertinelli and Edward Loew set out to give small businesses the same opportunity that big businesses have in using technology to market to new and existing customers. Leveraging the booming technology available in the mobile phone market, they created the industrys most targeted marketing program to help retailers stay connected with their customers.

By offering promotions through Veebos mobile app, a business can entice customers to return to that business while monitoring that customers engagement. Businesses will know who visited their location and also how often. They will come to know their repeat customers and gain an understanding as to how to get those same customers back in the door, increasing revenue and brand awareness.

Veebo believes that measuring customer behavior and encouraging loyalty is the fastest route for a business to increase profitability. Since 80% of a typical businesss revenue comes from 20% of its customers, Veebo provides business owners powerful tools to identify and engage those customers.

In addition to being a founder, Valerie Bertinelli endorses and actively promotes Veebo. Valerie is a two-time Golden Globe winner known for her many movie and TV roles including One Day at a Time, Touched By An Angel, and currently, Hot in Cleveland. After Valeries remarkable success with the Jenny Craig weight loss program she wrote two books; the NY Times #1 bestseller Losing It and its sequel, Finding It. Valerie also released a fitness DVD entitled Losing It, and a cookbook, One Dish at a Time: Delicious Recipes and Stories from My Italian-American Childhood and Beyond.

Based in Ft. Lauderdale, Florida, Newbridge Financial is a highly respected, boutique financial advisory firm that specializes in emerging growth companies and dynamic industries. We are excited to engage a company like Newbridge to help advise the company moving forward, said Veebos Chief Executive Officer, Edward Loew. Im very enthusiastic about becoming a household name within this industry and believe this relationship will help us pave the way to our goals, said Valerie Bertinelli. Its a pleasure to work with enthusiastic people that have a real vision and ability to execute their business plan, said Guy Amico, Chairman of Newbridge Financial, Inc. Valerie is a bigger than life personality with a passion to make Veebo a tremendous success - Her and her team have built a wonderful product, said Amico.

About Newbridge Financial, Inc.
Newbridge Financial, Inc., established since 2000, is the parent company of Newbridge Securities Corporation, a full service broker/dealer and investment banker (http://www.newbridgefinancial.com). Newbridge Financial is also the parent of a core group of companies that offer a broad spectrum of financial services and products to individuals and corporate clients.

About Veebo, Inc.
Founded by Valerie Bertinelli, Veebo provides local retail merchants and franchises with the premier mobile marketing solution. In the US, over 23MM small business owners, who account for 54% of all US sales, struggle to connect and engage with their customers. Many try and fail, spending billions of dollars in the process. According to BIA/Kelsey, in 2012 advertisers spent nearly $133B on local media advertising targeting new and existing customers. By 2017, this spend is expected to grow to approximately $149B. This does not include the mobile coupon market which accounted for an additional $5B of advertiser spends in 2012 and is expected to grow to $43B by 2017. At the local level, according to a recent Yelp study, small business owners spend on average $4,200 per year on local marketing and advertising, which assuming a 17.4% online/digital spend allocation equates to a $4B market opportunity for a quality digital marketing solution.

Safe Harbor Statement
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Companys Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as may, should, expect, anticipate, believe, estimate, intend, plan and other similar expressions. Our actual results, such as the Companys ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Veebo, Inc., Contact:
Edward Loew, CEO
602-903-0095
eloew(at)veebo(dot)com

Valerie Bertinelli Contact:
Heidi Schaeffer, PMK*BNC
310-358-1737
Heidi.Schaeffer(at)PMKBNC(dot)com

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