Last $1.61 USD
Change Today +0.01 / 0.63%
Volume 51.5K
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As of 5:20 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

local corp (LOCM) Key Developments

Local Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Year 2014

Local Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of $22,514,000 against $22,656,000 a year ago. Operating loss was $879,000 against $381,000 a year ago. Loss from continuing operations before income taxes was $1,507,000 against $163,000 a year ago. Net loss from continuing operations was $1,330,000 or $0.06 per basic and diluted share against $322,000 or $0.01 per basic and diluted share a year ago. Net loss was $1,330,000 or $0.06 per basic share against $3,586,000 or $0.16 per basic share a year ago. Adjusted EBITDA was $1,005,000 or $0.04 per diluted share against $1,175,000 or $0.05 per diluted share a year ago. For the six months, the company reported revenue of $48,694,000 against $44,120,000 a year ago. Operating loss was $2,556,000 against $2,604,000 a year ago. Loss from continuing operations before income taxes was $4,061,000 against $3,224,000 a year ago. Net loss from continuing operations was $4,158,000 or $0.18 per basic and diluted share against $3,454,000 or $0.15 per basic and diluted share a year ago. Net loss was $4,158,000 or $0.18 per basic share against $6,939,000 or $0.31 per basic share a year ago. Net cash provided by operating activities was $3,682,000 against $1,115,000 a year ago. Capital expenditures were $2,073,000 against $1,397,000 a year ago. Revenue for 2014 is expected to be in the range of $103 million to $107 million, which at the mid-point is an increase of 11% over 2013 revenue. Adjusted EBITDA for 2014 is expected to be in the range of $3 million to $4 million, or between $0.13 and $0.17 per diluted share, assuming diluted weighted average shares of 23.5 million taking into account the dilutive effect of stock options and warrants. Projected 2014 Adjusted EBITDA Factors: interest expense of $1.7 million, income tax provision of $200,000, depreciation expense of $4.0 million, amortization expense of $900,000.

Local Corporation Announces Board Appointments

Local Corporation announced that its 2014 Annual Meeting of Stockholders was held on August 5, 2014. At the meeting, its stockholders elected Norman K. Farra, Jr. as a Class I member of the company's Board of Directors for a 3-year term expiring in 2017. The company also announced the composition of its board committees going forward. John Rehfeld, David Hughes and John Payne will serve on the board's audit committee. Rehfeld and Payne will serve on the board's compensation committee, and Rehfeld and Hughes will serve on the board's nominating and corporate governance committee. Rehfeld will serve as chairman of each of these committees.

Local Corporation Promotes Scott Reinke to Chief Legal Officer

Local Corporation announced that it has promoted Scott Reinke to the position of chief legal officer, effective July 1, 2014. Reinke joined the company in 2009 as general counsel responsible for managing the company's legal initiatives, including contracts, regulatory compliance, litigation, and intellectual property. In his new role, Reinke will also be responsible for leading the company's patent portfolio strategy. Reinke has more than 15 years of corporate law experience. Prior to Local Corporation, he served as executive vice president and general counsel for Emerging Media Group Inc., which owns and operates TRAFFIQ Inc. and Market Maker Interactive. Reinke also served as the vice president of legal and AGC for MIVA Inc.

Local Corporation to Report Q2, 2014 Results on Aug 12, 2014

Local Corporation announced that they will report Q2, 2014 results on Aug 12, 2014

Local Corporation, Q2 2014 Earnings Call, Aug 12, 2014

Local Corporation, Q2 2014 Earnings Call, Aug 12, 2014

 

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