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Local Corporation Reports Second Quarter 2012 Financial Results

Local Corporation (NASDAQ: LOCM), a leading online local media company, today reported its financial results for the second quarter 2012.

“The company grew revenue 75 percent over the year ago period and we achieved record organic, mobile and total traffic in the second quarter. We began test-selling our complete digital media solution for SMBs, which is a key growth strategy for the company. We’ve been encouraged by both the positive feedback from our customers and significantly lower churn compared to prior offerings, and plan to grow our direct and channel sales capabilities into next year,” said Heath Clarke, Local Corporation chairman and chief executive officer. “We’re seeing lower monetization over the summer months than in prior years due to a different blend of ad partners, but anticipate monetization will strengthen again after Labor Day and through to Christmas, resulting in an expected strong fourth quarter. We’re exploring the divestiture of the Rovion business and have moved that to an asset-held-for-sale. As a result of the foregoing, we are increasing our Adjusted Net Income guidance for the year on slightly lower revenues.”

SUMMARY RESULTS
(in thousands, except per share amounts)
         
Q2 2012     Q1 2012     Q2 2011
Consumer Properties:

Owned & Operated

$ 20,478 $ 17,973 $ 9,502
Network 4,114 4,214 3,716
Business Solutions   2,480     2,845     2,259  
Revenue $ 27,072   $ 25,032   $ 15,477  
 
Adjusted Net Income (Loss)* $ 468 $ 139 $ (1,535 )
Less interest expense, net (97 ) (97 ) (30 )
Less provision for income taxes (44 ) (55 ) (48 )
Less non-cash depreciation, amortization and

stock compensation

(2,393 ) (2,511 ) (2,827 )
Plus gain (loss) on revaluation of warrants 166 (58 ) 411
Less net loss from Rovion assets held for sale (482 ) (525 ) (477 )
Less asset impairment charge (6,451 ) - -
Less non-recurring charges   (514 )   (95 )   (898 )
GAAP net loss $ (9,347 ) $ (3,202 ) $ (5,404 )
 
Diluted Adjusted Net Income (Loss) per share * $ 0.02 $ 0.01 $ (0.07 )
Diluted GAAP net income (loss) per share $ (0.42 ) $ (0.14 ) $ (0.25 )

 

Diluted weighted average shares used for Adjusted Net Income (Loss) per share 22,219 22,219 21,254
Diluted weighted average shares used for GAAP net loss per share 22,086 22,083 21,254
 
Cash $ 7,103 $ 6,787 $ 13,482

* See detailed reconciliation of GAAP to non-GAAP measures in the financial tables attached to this release.

Adjusted Net Income (Loss) is defined as net income (loss) excluding: provision for income taxes; interest and other income (expense), net; depreciation; amortization; stock-based compensation charges; gain or loss on warrant revaluation; net income (loss) from discontinued operations; impairment charges and non-recurring items.

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