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Local Corporation Reports Third Quarter 2012 Financial Results

Revenue The company expects fourth quarter 2012 revenue to be between $22.0 and $23.0 million.

Adjusted Net Income – Adjusted Net Income for the fourth quarter 2012 is expected to be approximately breakeven, or $0.00 per diluted share, assuming diluted weighted average shares of 23 million.

Projected fourth quarter 2012 Adjusted Net Income (Loss) Factors:

  • Interest Expense of $100,000
  • Tax Provision Expense of $50,000
  • Depreciation Expense of $1.0 million
  • Amortization Expense of $600,000
  • Stock Compensation Expense of $750,000
  • Net Loss from Rovion assets held for sale of $0.3 million
  • Gain on sale of Rovion assets of $1.4 million
  • Warrant Revaluation Expense and Other items are undeterminable*

Fiscal 2012 Financial Guidance:

Revenue - The company now expects 2012 revenue to be between $99 million and $100 million, which is an increase of over 27% compared to 2011 revenues.

Adjusted Net Income – Adjusted Net Income for 2012 is expected to be approximately $750,000, or $0.03 per diluted share, assuming diluted weighted average shares of 23.0 million, and taking into account the dilutive effect of stock options and warrants.

Projected 2012 Adjusted Net Income Factors:

  • Interest Expense of $400,000
  • Income Tax Provision of $200,000
  • Depreciation Expense of $3.7 million
  • Amortization Expense of $4.4 million
  • Stock Compensation Expense of $3.0 million
  • Impairment Charge of $6.5 million
  • Severance Charges of $750,000
  • Net Loss from Rovion assets held for sale of $1.6 million
  • Gain on sale of Rovion assets of $1.4 million
  • Warrant Revaluation Expense and Other items are undeterminable*

* The valuation of the warrant liability is based in large part on the underlying price and volatility of our common stock during the quarter. Since we cannot predict this, we cannot project the non-cash gain or loss in connection with these warrants, and therefore cannot reasonably project our GAAP net income (loss). We therefore cannot provide GAAP guidance, but do report GAAP results.

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