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Local Corporation (NASDAQ: LOCM), a leading online local media company, today reported its financial results for the fourth quarter and fiscal 2012.
“We are pleased to reiterate our prior guidance for 2013 revenue growth of about 12 percent above our fourth quarter 2012 exit run rate and anticipate first quarter 2013 revenues will exceed fourth quarter 2012 revenues. We expect to swing to Adjusted Net Income in the first quarter of 2013, followed by a return to positive cash flow from operations in the second quarter and steady cash flow growth through the remainder of the year projecting at least $5.0 million in Adjusted Net Income for 2013,**” said Heath Clarke, Local Corporation chairman and CEO. “We achieved record organic traffic levels during the fourth quarter, a strategic goal of the company. We believe there are many opportunities for growth and margin expansion and remain confident that we are well positioned with a powerful platform, great intellectual property and a team that has proven experience in navigating this rapidly changing, high-growth sector.”
Full Year 2012 Results Highlights:
Revenue – Record revenue of $97.8 million for the year ended Dec. 31, 2012, was a 25 percent increase over $78.3 million in 2011.
• GAAP Net Income (Loss) – GAAP Net Loss was $24.2 million, or ($1.10) per diluted share, for the year ended Dec. 31, 2012. This compares to a GAAP Net Loss of $14.6 million, or ($0.68) per diluted share, for the year ended Dec. 31, 2011.
Adjusted Net Income (Loss) – Adjusted Net Loss was $553,000, or ($0.03) per diluted share, for the year ended Dec. 31, 2012. This compares to an Adjusted Net Loss of $1.7 million, or ($0.08) per diluted share, for the year ended Dec. 31, 2011.
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; gain on sale of Rovion; impairment charges; LEC receivables reserve; and severance charges.