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Tigerlogic Corporation Announces Second Fiscal Quarter Financial Results

The following excerpt is from the company's SEC filing.

PORTLAND, OR. November 6, 2015

TigerLogic Corporation (OTCQX: TIGR) today announced financial results for the second fiscal quarter ended September 30, 2015. Highlights are as follows:

Revenues:

Total revenues were $1.6 million for the second fiscal quarter ended September 30, 2015, flat from the prior quarter and a decrease of $0.2 million, or 13%, from the second quarter of the prior year. Year-to-date revenues were $3.2 million compared to $3.6 million in the prior year, a decrease of 11%. Subscription revenue from our Postano business for the second quarter increased 4% sequentially and 55% from the same quarter in the prior year. Year-to-date subscription revenues were $1.5 million compared to $0.9 million in the prior year, an increase of 75%. License revenues associated with our Omnis business decreased 4% from the prior quarter and decreased $0.2 million, or 35%, from the same quarter in the prior year. Year-to-date license revenues were $0.8 million compared to $1.3 million in the prior year, a decrease of 42%. Services revenues decreased slightly sequentially and decreased $0.3 million, or 42%, from the second quarter of the prior year. Year-to-date service revenues were $0.9 million compared to $1.4 million in the prior year, a decrease of 37%.

Operating Expenses:

Operating expenses for the second quarter ended September 30, 2015 were $2.9 million compared to $3.2 million in the prior quarter and $4.5 million for the same quarter in the prior year. Year-to-date operating expenses were $6.1 million compared to $9.6 million in the prior year. The decrease in operating expenses reflects the results of concerted efforts to control costs, including reductions in infrastructure costs and personnel expense achieved through the consolidation of our headquarters to Portland, Oregon. During September 2015, we vacated our office space in Irvine, California and signed a sublease with a subtenant for the remainder of our lease term. The Company recorded a lease loss of $0.1 million during the quarter reflecting the difference between lease costs and expected sublease income over the term of the lease. In addition, the Company recorded accelerated depreciation expense of $0.1 million related to property and equipment at the Irvine location that is no longer in service.

Net Loss:

Net loss for the second fiscal quarter ended September 30, 2015 was $1.3 million, or $0.04 per share, compared to net loss of $1.6 million, or $0.05 per share, in the prior quarter and $2.6 million, or $0.09 per share, for the second quarter of the prior year. Year-to-date net loss was $2.9 million, or $0.09 per share, compared to $6.1 million, or $0.20 per share, in the prior year.

Adjusted EBITDA:

Adjusted EBITDA was negative $0.9 million for the second fiscal quarter ended September 30, 2015 compared to negative $1.4 million in the prior quarter and negative $2.4 for the second fiscal quarter of the prior year. Year-to-date Adjusted EBITDA was negative $2.3 million compared to negative $5.6 million in the prior year. The improvement is primarily a result of our cost control initiatives.

Cash was $7.7 million as of September 30, 2015, down $1.8 million from June 30, 2015.

We have made considerable progress reducing our overall cost structure resulting in expenses declining 9% sequentially and 36% year over year, said Roger...


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