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Marchex Reports Fourth Quarter 2011 Financial Results

Marchex, Inc. (NASDAQ:MCHX) today reported its results for the quarter ended December 31, 2011.

Fourth Quarter 2011 Consolidated Financial Results:

  • Revenue was $39.0 million for the fourth quarter of 2011, compared to $28.0 million for the same period of 2010.
  • GAAP net income applicable to common stockholders was $920,000 for the fourth quarter of 2011 or $0.03 per diluted share. This compares to GAAP net income applicable to common stockholders of $593,000 or $0.02 per diluted share for the same period of 2010. The fourth quarter 2011 results included non-cash stock-based compensation expense of $3.7 million, compared to non-cash stock-based compensation expense of $2.9 million for the same period in 2010.
  • We provide a reconciliation of GAAP diluted EPS to Adjusted Non-GAAP EPS in the financial tables attached to this press release and we encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures. Adjusted non-GAAP EPS for fourth quarter 2011 was $0.08, compared to $0.04 for the same period in 2010.
  • Adjusted operating income before amortization was $5.5 million for the fourth quarter of 2011, compared to $2.3 million for the same period of 2010. A reconciliation of non-GAAP adjusted operating income before amortization to GAAP operating income is included in the financial tables attached to this release.
  • Adjusted EBITDA was $6.5 million in the fourth quarter of 2011, compared to $3.4 million for the same period of 2010. A reconciliation of adjusted EBITDA to GAAP net cash provided by operating activities is included in the financial tables attached to this release.

Full Year 2011 Consolidated Financial Results

  • Revenue for the year ended December 31, 2011 was $146.7 million, compared to $97.6 million in 2010.
  • GAAP net income applicable to common stockholders was $2.7 million or $0.08 per diluted share for 2011. This compares to GAAP net loss applicable to common stockholders of $3.2 million or $0.10 per diluted share in 2010.
  • As discussed in the summary of the fourth quarter 2011 consolidated financial results, a reconciliation is provided of GAAP diluted EPS to Adjusted Non-GAAP EPS in the financial tables attached to this press release and we encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures. Adjusted non-GAAP EPS for 2011 was $0.30, compared to $0.06 in 2010.
  • Adjusted operating income before amortization was $19.1 million for 2011, compared to $3.0 million in 2010. A reconciliation of non-GAAP adjusted operating income before amortization to GAAP operating income (loss) is included in the financial tables attached to this release.
  • Adjusted EBITDA was $23.1 million for 2011, compared to $7.9 million in 2010. A reconciliation of adjusted EBITDA to GAAP net cash provided by operating activities is included in the financial tables attached to this release.

“We believe the rapid growth of the mobile marketplace will transform how advertisers buy and measure new customer phone calls as a lead source,” said Russell C. Horowitz, Marchex Chairman and CEO. “We have now grown our digital call advertising business to more than $100 million in annualized revenue in a short period of time, and we believe that Marchex is very well positioned to be a leader over the long term in this emerging and transformative market.”

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