TigerLogic Corp. (TIGR, Financial) filed Annual Report for the period ended 2012-03-31.
Tigerlogic Corp. has a market cap of $56.1 million; its shares were traded at around $2.19 with and P/S ratio of 4.1. Tigerlogic Corp. had an annual average earning growth of 45.3% over the past 5 years.
SELLING AND MARKETING. Selling and marketing expense consists primarily of salaries, benefits, advertising, trade shows, travel and overhead costs for our sales and marketing personnel. Selling and marketing expense for the fiscal year 2012 increased approximately $0.6 million or 12% when compared to the same period in the prior year. The increase was due to higher personnel cost of approximately $0.4 million from added headcount, and higher marketing expenses relating to the Postano product of approximately $0.1 million, and higher lease expense for our office in Portland of approximately $0.1 million due to a new lease which became effective at the beginning of the fiscal year 2012. Selling and marketing expense for the fiscal year 2011 increased approximately $0.3 million or 7% when compared to the same period in the prior year. The increase was primarily due to higher salary expense of $0.2 million from headcount additions, higher consulting expense of $0.1 million for yolink and Postano product lines, and higher stock-based compensation expense of $0.2 million due to new stock options granted during the year. This increase was partially offset by lower marketing design expense of $0.2 million.
PROVISION FOR INCOME TAXES. Our effective tax benefit (expense) rate was (2.8)% , (5.3%), and 0.1% for the fiscal years 2012, 2011, and 2010, respectively. The decrease in income tax provision for the fiscal year 2012 when compared to the fiscal year 2011 was due to lower earnings from our foreign subsidiaries, and the reduction to zero from $38,000 in the prior year in our uncertain tax position related to our German subsidiary. The increase in income tax provision for fiscal year 2011 when compared to fiscal year 2010 was due to higher earnings from our foreign subsidiaries, a $49,000 provision-to-return true up for our French subsidiary, and an increase in our uncertain tax position of $38,000 related to our German subsidiary.
Net cash used in operating activities was $2.4 million, $1.4 million, and $1.5 million for the fiscal years ended March 31, 2012, 2011, and 2010, respectively. The increase in net cash used in operating activities during the fiscal year 2012 as compared to the same period in the prior year was primarily due to lower revenue, coupled with higher selling and marketing expense, including additional headcount for our Postano product. The slight decrease in net cash used by operating activities during fiscal year 2011 when compared to the same period in prior year was primarily due to higher collection of account receivable balance, partially offset by lower revenue and higher selling and marketing expense. Net cash used in investing activities was $0.1 million, $0.3 million, and $0.3 million for the fiscal years ended March 31, 2012, 2011, and 2010, respectively, for expenditures related to furniture and equipment purchased. Net cash provided by financing activities was $0.2 million, $0.5 million, and $1.9 million for the fiscal years ended March 31, 2012, 2011, and 2010, respectively. Net cash
Our Adjusted EBITDA was negative $1.9 million or negative 15% , negative $1.5 million or negative 11%, and negative $1.0 million or negative 7% of total net revenue for the years ended March 31, 2012, 2011, and 2010, respectively. The decrease in the Adjusted EBITDA for the fiscal year 2012 as compared to the fiscal year 2011 was mainly due to lower revenue and higher personnel and sales and marketing expenses relating to our Postano product. The decrease in the fiscal year 2011 Adjusted EBITDA as compared to fiscal year 2010 was mainly due to lower revenue for support services and higher selling and marketing expense for our yolink and Postano product lines.
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Tigerlogic Corp. has a market cap of $56.1 million; its shares were traded at around $2.19 with and P/S ratio of 4.1. Tigerlogic Corp. had an annual average earning growth of 45.3% over the past 5 years.
Highlight of Business Operations:
We incurred net losses of approximately $3.5 million and $3.0 million for the fiscal years ended March 31, 2012 and 2011, respectively. We had an accumulated deficit of approximately $108.8 million as of March 31, 2012. We may continue to incur significant losses in the future for a number of reasons, including uncertainty as to the level of our future revenues and our efforts to monetize newer technologies we have developed including yolink and Postano. We plan to continue to pursue strategic opportunities and invest in new product development. Forecasting our revenues and profitability for these new business models is inherently uncertain and volatile. We will need to generate significant increases in our revenues to achieve and maintain profitability, particularly given the current small size of our business relative to the costs associated with being a public reporting company. If our revenue fails to grow or grows more slowly than we currently anticipate or our operating expenses exceed our expectations, our losses would significantly increase which could harm our business and operating results.SELLING AND MARKETING. Selling and marketing expense consists primarily of salaries, benefits, advertising, trade shows, travel and overhead costs for our sales and marketing personnel. Selling and marketing expense for the fiscal year 2012 increased approximately $0.6 million or 12% when compared to the same period in the prior year. The increase was due to higher personnel cost of approximately $0.4 million from added headcount, and higher marketing expenses relating to the Postano product of approximately $0.1 million, and higher lease expense for our office in Portland of approximately $0.1 million due to a new lease which became effective at the beginning of the fiscal year 2012. Selling and marketing expense for the fiscal year 2011 increased approximately $0.3 million or 7% when compared to the same period in the prior year. The increase was primarily due to higher salary expense of $0.2 million from headcount additions, higher consulting expense of $0.1 million for yolink and Postano product lines, and higher stock-based compensation expense of $0.2 million due to new stock options granted during the year. This increase was partially offset by lower marketing design expense of $0.2 million.
PROVISION FOR INCOME TAXES. Our effective tax benefit (expense) rate was (2.8)% , (5.3%), and 0.1% for the fiscal years 2012, 2011, and 2010, respectively. The decrease in income tax provision for the fiscal year 2012 when compared to the fiscal year 2011 was due to lower earnings from our foreign subsidiaries, and the reduction to zero from $38,000 in the prior year in our uncertain tax position related to our German subsidiary. The increase in income tax provision for fiscal year 2011 when compared to fiscal year 2010 was due to higher earnings from our foreign subsidiaries, a $49,000 provision-to-return true up for our French subsidiary, and an increase in our uncertain tax position of $38,000 related to our German subsidiary.
Net cash used in operating activities was $2.4 million, $1.4 million, and $1.5 million for the fiscal years ended March 31, 2012, 2011, and 2010, respectively. The increase in net cash used in operating activities during the fiscal year 2012 as compared to the same period in the prior year was primarily due to lower revenue, coupled with higher selling and marketing expense, including additional headcount for our Postano product. The slight decrease in net cash used by operating activities during fiscal year 2011 when compared to the same period in prior year was primarily due to higher collection of account receivable balance, partially offset by lower revenue and higher selling and marketing expense. Net cash used in investing activities was $0.1 million, $0.3 million, and $0.3 million for the fiscal years ended March 31, 2012, 2011, and 2010, respectively, for expenditures related to furniture and equipment purchased. Net cash provided by financing activities was $0.2 million, $0.5 million, and $1.9 million for the fiscal years ended March 31, 2012, 2011, and 2010, respectively. Net cash
Our Adjusted EBITDA was negative $1.9 million or negative 15% , negative $1.5 million or negative 11%, and negative $1.0 million or negative 7% of total net revenue for the years ended March 31, 2012, 2011, and 2010, respectively. The decrease in the Adjusted EBITDA for the fiscal year 2012 as compared to the fiscal year 2011 was mainly due to lower revenue and higher personnel and sales and marketing expenses relating to our Postano product. The decrease in the fiscal year 2011 Adjusted EBITDA as compared to fiscal year 2010 was mainly due to lower revenue for support services and higher selling and marketing expense for our yolink and Postano product lines.
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