Local Corporation Announces Unaudited Consolidated Financial and Operating Results for the First Quarter Ended March 31, 2015
Local Corporation announced unaudited consolidated financial and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of $13,087,000 against $26,180,000 a year ago. Operating loss was $3,532,000 against $1,677,000 a year ago. Loss before income taxes was $4,580,000 against $2,554,000 a year ago. Net loss was 4,580,000 or $0.20 per basic and diluted share against $2,828,000 or $0.12 per basic and diluted share a year ago. Net cash used in operating activities was $1,800,000 against $727,000 a year ago. Capital expenditures was $478,000 against $940,000 a year ago. Adjusted LBITDA was $2,218,000 or $0.10 per diluted share against adjusted EBITDA of $712,000 or $0.03 per diluted share a year ago. The decrease in revenue during the first quarter of the year resulted in a decreased ability to borrow on line of credit.
For the quarter, the company reported overall traffic of 59 million MUV against 72 million MUV a year ago. Organic traffic was 20 million MUV against 17 million MUV a year ago. Mobile traffic was 23 million MUV against 23 million MUV a year ago.