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Local.com's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: LOCM

This conference call is publicly available via audio webcast through our website and a replay of the call will be available for the next 90 days.

I’d now like to turn the call over to our CEO, Heath Clarke.

Heath B. Clarke

Thanks, Janine. Local Corporation continues to make great progress meeting our first quarter guidance and raising our adjusted net income guidance for the year. Three simple ideas that I’d like to share on this call execution, growth and platform.

So let’s start with execution. In the first half of last year, we experienced a revenue decline caused by the Yahoo!/Bing alliance. This decline ended when we deployed Google in August. Since then, Local Corporation has met our guidance for three consecutive quarters. As a team, we’ve executed well on many initiatives over the past nine months and this has yielded a rapid turnaround in our business we projected and delivered in the second half of 2011. We saw a revenue growth of 40% over the first half. We significantly improved our visibility since mid ’11 and we have confidence in our projection of a further 40% revenue growth in 2012.

That leads us to our second topic, growth. We’ve consistently delivered record overall organic and now mobile traffic in record monetization of our traffic. In the past year, we’ve greatly enhanced our technology platform, diversified our revenues, launched many new products and achieved record organic revenue. We believe we’ll see many new records achieved again this year, starting with record revenue of $27 million projected for the second quarter, up 73% from the year ago period.

Consistent with previous guidance, we expect a small adjusted net income, while we continue to invest for future growth, most heavily in our own sales engine selling our unique product off our proprietary platform.

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