LiveDeal, Inc. (NASDAQ: LIVE), a provider of web-based customer acquisition and related products for small local businesses, announced yesterday its financial results for the fiscal year 2011 second quarter. LiveDeal will host a conference call Thursday, May 19 at 4:15 p.m. EDT (1:15 p.m. PDT) to discuss these results. Dial-in information is provided below.
Fiscal 2011 Second Quarter Financial Results
For the second quarter of fiscal 2011, total revenue was $1.118 million, compared to $1.102 million in the same quarter of fiscal 2010. The Company reported a net loss for the quarter of $2.314 million, or a net loss of $3.70 per fully diluted share.
Fiscal 2011 Second Quarter Highlights and Subsequent Events
- Kevin Hall named Chief Executive Officer (CEO)
- Signed Loan with Everest Group LLC
- Shutdown of the Direct Sales business
- InstantProfile® Passed the 5,000 Customer Milestone
During the Fiscal Second Quarter, the Board of Directors announced the appointment of Kevin Hall as Chief Executive Officer (CEO). Formerly President and Chief Operating Officer (COO), Mr. Hall’s strong leadership and knowledge “will lead LiveDeal on the road forward to a brighter future,” said Tom Clarke, Director and Chairman of the Compensation Committee.
Further, the company signed a loan with Everest Group LLC, a private equity fund. Kevin Hall commented, “This financing will provide liquidity and working capital as we continue our efforts to improve the company’s operating results in 2011.”
Also, the Company has shut down all business activities from our Direct Sales business under Local Marketing Experts, Inc. subsidiary as of April 30, 2011. This scaled down operational costs associated with this line of business.
Finally, LiveDeal announced that sales of its InstantProfile® product surpassed the 5,000 customer mark. InstantProfile®, sold by LiveDeal subsidiary Velocity Marketing Concepts, was launched in July of 2010. This subscription product enables small business customers to broadcast their information and updates to top search engines, directory and social media sites.