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PRESS
RELEASE
Contact
Information
TigerLogic Corporation
25A Technology Drive
Irvine, CA 92618
Thomas G. Lim, Chief Financial Officer
Phone: (949) 442-4400
Fax: (949) 250-8187
thomas.lim@tigerlogic.com
TIGERLOGIC CORPORATION ANNOUNCES
FOURTH QUARTER AND FISCAL YEAR END
MARCH 31, 2009 RESULTS
IRVINE, CA. –June 24, 2009
TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the fourth quarter and full fiscal year ended March 31, 2009. Net revenue for the fourth quarter was $3.4 million and for the full fiscal year was $16.3 million, as compared to $4.9 million and $19.8 million for the same respective periods in the prior fiscal year. Net loss for the fourth quarter ended March 31, 2009 was $0.7 as compared to breakeven for the same period in the prior fiscal year. Net loss for the fiscal year ended March 31, 2009 was $5.1 million as compared to a net loss of $0.3 million in the prior fiscal year. Earnings per share for the quarter ended March 31, 2009 was a loss per share of $0.03 as compared to breakeven in the same period in the prior fiscal year. Earnings per share for the fiscal year ended March 31, 2009 was a loss per share of $0.19 as compared to a loss per share of $0.01 in the prior fiscal year. Cash balance was $12.3 million at March 31, 2009 as compared to $14.1 million at March 31, 2008.
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the quarter and fiscal year ended March 31, 2009 was negative $0.3 million and negative $1.7 million, or (8%) and (10%) of net revenue, respectively, as compared to breakeven and $1.0 million, or breakeven and 5% of net revenue, respectively, for the same periods in the prior fiscal year. The decrease in EBITDA in fiscal 2009 as compared to fiscal 2008 was the result of decreased revenue caused primarily by the global economic crisis, and costs related to the TigerLogic Yolink (formerly, ChunkIt!) search enhancement tool product that was launched in fiscal 2009. 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, 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® Yolink, an internet browser-based application that enhances the search experience of any popular search engine or Web page; 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. Product details about Yolink can be found at http://www.yolink.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, 2009 are not necessarily indicative of the Company’s operating results for any future periods.
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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.
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