TigerLogic Corporation Announces Fourth Quarter and Fiscal Year End March 31, 2009...

TigerLogic Corporation Announces Fourth Quarter and Fiscal Year End March 31,
2009 Results

IRVINE, Calif., June 24 /PRNewswire-FirstCall/ -- 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(R) Yolink, 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 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.

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
CONSOLIDATED BALANCE SHEETS

March 31, March 31,
2009 2008
(In thousands, except per share data)
ASSETS

Current assets
Cash and cash equivalents $12,282 $14,065
Trade accounts receivable, less allowance For
doubtful accounts of $90 in 2009 and $271
in 2008 881 1,845
Other current assets 389 439
Total current assets 13,552 16,349

Property, furniture and equipment-net 849 1,053
Goodwill 26,388 26,388
Deferred tax assets 383 460
Other assets 161 142
Total assets $41,333 $44,392

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Accounts payable $161 $424
Accrued liabilities 2,090 2,659
Deferred revenue 4,531 5,257
Total current liabilities 6,782 8,340

Long-term debt-net of discount - 977
Total liabilities 6,782 9,317

Commitments and contingencies

Stockholders' equity
Series A convertible preferred stock: $1.00
par value; 5,000,000 shares authorized; none
issued or outstanding at March 31, 2009 and
2008 - -
Common stock: $0.10 par value; 100,000,000
shares authorized; 26,730,230 and 26,252,319
issued and outstanding as of March 31, 2009
and 2008, respectively 2,673 2,625
Additional paid-in-capital 129,684 126,610
Accumulated other comprehensive income 2,861 1,367
Accumulated deficit (100,667) (95,527)
Total stockholders' equity 34,551 35,075
Total liabilities and stockholders' equity $41,333 $44,392

TIGERLOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

For the Three Months For the Years
Ended March 31, Ended March 31,
2009 2008 2009 2008
Net revenues
Licenses $850 $2,021 $5,336 $7,974
Services 2,519 2,927 10,916 11,798
Total net revenues 3,369 4,948 16,252 19,772

Operating expenses
Cost of license revenues 9 (1) 29 28
Cost of service revenues 385 441 1,652 1,824
Selling and marketing 849 1,494 5,425 5,772
Research and development 1,557 2,040 7,561 7,820
General and administrative 1,224 1,365 5,097 4,851
Total operating expenses 4,024 5,339 19,764 20,295

Operating loss (655) (391) (3,512) (523)

Other income (expense)
Interest income
(expense)-net 9 77 147 (205)
Other income (expense)-net (120) 75 (1,796) 350
Total other income (expense) (111) 152 (1,649) 145

Loss before income taxes (766) (239) (5,161) (378)

Income tax benefit (36) (233) (21) (47)

Net loss $(730) $(6) $(5,140) $(331)

Basic and diluted net loss per
share $(0.03) $(0.00) $(0.19) $(0.01)

Shares used in computing basic
and diluted net loss per
share 26,714 26,221 26,600 23,647

TIGERLOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended March 31, 2009 and 2008

2009 2008
(In thousands)

Cash flows from operating activities:
Net loss $(5,140) $(331)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization of long-lived assets 416 282
Provision for (recovery from) bad debt (51) 90
Note discount amortization - 98
Stock-based compensation expense 1,415 1,219
Income tax benefit (21) (47)
Foreign currency exchange (gain) loss 1,801 (299)
Change in assets and liabilities:
Trade accounts receivable 790 (179)
Other current and non-current assets 27 (21)
Accounts payable (215) 251
Accrued liabilities (264) 488
Deferred revenue (443) 300
Net cash provided by (used in) operating activities (1,685) 1,851

Cash flows used in investing activities - purchase of
property, furniture and equipment (573) (171)

Cash flows from financing activities:
Proceeds from exercise of stock options and warrants 586 537
Proceeds from issuance of common stock 144 118
Repayment of debt - (1)
Net cash provided by financing activities 730 654

Effect of exchange rate changes on cash (255) 77

Net increase in cash and cash equivalents (1,783) 2,411

Cash and cash equivalents at beginning of period 14,065 11,654
Cash and cash equivalents at end of period $12,282 $14,065

Non-cash financing activities:
Accrued interest added to debt $- $588
Conversion of debt to common stock $977 $23,858

TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET LOSS
(In thousands)

For the Three Months For the Years Ended
Ended March 31, March 31,
2009 2008 2009 2008

Reported net loss $(730) $(6) $(5,140) $(331)
Depreciation and amortization 95 79 416 282
Stock-based compensation 277 331 1,415 1,219
Interest (income) expense-net (9) (77) (147) 205
Other income (expense)-net 120 (75) 1,796 (350)
Income tax benefit (36) (233) (21) (47)
EBITDA $(283) $19 $(1,681) $978

EBITDA does not represent funds available for management's discretionary use
and is not intended to represent cash flow from operations. 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. 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.

Our EBITDA financial information is also comparable to net cash provided by
(used in) operating activities. The table below reconciles EBITDA to the GAAP
disclosure of net cash provided by (used in) operating activities:

TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES
(In thousands)
For the Years
Ended March 31,
2009 2008

Net cash provided by (used in) operating activities $(1,685) $1,851
Interest (income) expense-net (147) 205
Other (income) expense-net 1,796 (350)
Change in trade accounts receivable (790) 179
Change in other current and non-current assets (27) 21
Change in accounts payable 215 (251)
Change in accrued liabilities 264 (488)
Change in deferred revenue 443 (300)
Foreign currency exchange gain (loss) (1,801) 299
Note payable discount amortization - (98)
(Provision for) recovery from bad debt 51 (90)
EBITDA $(1,681) $978

SOURCE TigerLogic Corporation

Thomas Lim, Chief Financial Officer of TigerLogic Corporation,
+1-949-442-4400, fax, +1-949-250-8187, thomas.lim@tigerlogic.com