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ReachLocal Reports Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: RLOC

Posts $455.4 Million in 2012 Revenue, 21% Year-over-Year Growth

Delivered $23.6 Million in Adjusted EBITDA, 49% Year-over-Year Growth

Will Announce New Products and Initiatives at Analyst Day on February 21, 2013

WOODLAND HILLS, Calif., Feb. 12, 2013 (GLOBE NEWSWIRE) -- ReachLocal, Inc. (Nasdaq:RLOC), a leader in local online marketing solutions for small- and medium-sized businesses (SMBs), today reported financial results for the fourth quarter and fiscal year ended December 31, 2012.

Q4 Year-Over-Year Highlights

  • Revenue growth of 20%, highlighted by 47% growth in international markets and 23% growth in the direct local channel
  • International revenue expanded to 30% of revenue, up from 25% in Q4 2011
  • Adjusted EBITDA grew 23% to $6.4 million, compared to $5.2 million in Q4 2011
  • Active Advertisers grew 15% to 22,000 and Active Campaigns grew 18% to 32,500
  • Launched operations directly in Brazil and with a franchise partner in the Czech Republic
  • Repurchased 480,000 shares of stock for $5.6 million

FY 2012 Highlights

  • Revenue growth of 21%, with 49% growth in international markets and 23% growth in the direct local channel
  • Loss from continuing operations of $232,000, compared to a loss of $4.1 million in 2011 and a Net Loss of $232,000, compared to a Net Loss of $10.3 million in 2011
  • Adjusted EBITDA of $23.6 million, compared to $15.9 million in 2011
  • Launched operations directly in Asia and Latin America, as well as in Eastern Europe with a Franchise Partner
  • Non-GAAP net income of $13.0 million, compared to Non-GAAP net income of $9.6 million in 2011
  • Repurchased 1,116,000 shares of stock for $10.8 million during 2012 and expanded buy-back authorization under which ReachLocal has repurchased 1,985,000 shares for $17.4 million to date
  • Launched new products including ReachRetargeting and the new ReachLocal Mobile App

Management Commentary

"2012 was another excellent year for ReachLocal. We made progress across all of our key initiatives enabling us to deliver both strong revenue and Adjusted EBITDA growth," said Zorik Gordon, CEO. "We accelerated international expansion into two new continents, launched important new lead generation and mobile products, and continued to lay the foundation for our local commerce and software product initiatives that we plan to showcase at our upcoming analyst day this month."

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