Local.com Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012; Provides Earnings Guidance for the Second Quarter of Fiscal 2012; Revised Earnings Guidance for the Full Year of Fiscal 2012
Local.com Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the period, the company reported revenue of $25.2 million represents an increase of 50.0% over first quarter 2011 revenue of $16.8 million. Operating loss was $3.0 million compared to $2.8 million a year ago. Loss before income taxes was $3.1 million compared to $1.3 million a year ago. GAAP net loss was $3.2 million or $0.14 per basic and diluted per share compared to $1.3 million or $0.07 per basic and diluted per share a year ago. Adjusted net loss was $0.19 million or $0.01 per diluted per share compared to adjusted net income of $0.008 million a year ago. Net cash used in operating activities was $2.6 million compared to $2.1 million a year ago. Capital expenditures were $0.97 million compared to $0.94 million a year ago.
The company expects second quarter of 2012 revenue of approximately $27.0 million. Adjusted Net Income for the second quarter 2012 is expected to be approximately $150,000, or $0.01 per share, assuming diluted weighted average shares of 22.3 million.
Projected second quarter of 2012 adjusted net income factors include: interest expense of $100,000; depreciation expense of $900,000; and amortization expense of $1,000,000.
The company increases its annual guidance. The company expects both revenue and adjusted net income to grow sequentially through 2012. The company expects revenue to be approximately $110 million for 2012. Adjusted Net Income for 2012 is expected to be approximately $1.3 million, or $0.06 per diluted share, assuming diluted weighted average shares of 23.0 million, taking into account the dilutive effect of stock options and warrants. Projected 2012 adjusted net income factors includes: interest expense of $400,000; depreciation expense of $3.9 million; and amortization expense of $3.5 million.