Local Corporation : Reports Fourth Quarter and Fiscal 2012 Financial Results
02/14/2013| 04:20pm US/Eastern
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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.
An explanation of the company's use of non-GAAP financial measures,
including the limitations of such measures relative to GAAP measures, is
included below and reconciliation between GAAP and non-GAAP measures,
where appropriate, is included in the financial tables attached to this
release.
Fourth Quarter Results Highlights:
"We had previously reported fourth quarter revenue below initial
forecasts, due to revenue per click declines from our main ad partner
coupled with fourth quarter ad policy changes. We have been adapting to
these policy changes and based on our continued results, we are
reiterating our prior guidance for 2013," added Ken Cragun, Local
Corporation chief financial officer.
SUMMARY RESULTS
(in thousands, except per share amounts)
Q4 2012
Q3 2012
Q4 2011
Consumer Properties:
Owned & Operated
$
12,450
$
18,340
$
17,536
Network
7,636
4,961
5,065
Business Solutions
812
1,470
2,697
Revenue
$
20,898
$
24,771
$
25,298
Adjusted Net Income (Loss)*
$
(924
)
$
36
$
768
Less interest and other income (expense), net
(100
)
(131
)
(101
)
Less (provision) benefit for income taxes
9
(22
)
(71
)
Less non-cash depreciation, amortization and
stock compensation
(2,295
)
(3,466
)
(3,432
)
Plus gain on revaluation of warrants
30
65
150
Less net loss from discontinued operations
(201
)
(140
)
(557
)
Less LEC reserve
(1,407
)
-
-
Plus gain on sale of Rovion
1,458
-
-
Less Spreebird impairment charge
(4,100
)
-
-
Less severance charges
(361
)
(144
)
(563
)
GAAP net loss
$
(7,891
)
$
(3,802
)
$
(3,806
)
Diluted Adjusted Net Income (Loss) per share *
$
(0.04
)
$
0.00
$
0.03
Diluted GAAP net loss per share
$
(0.36
)
$
(0.17
)
$
(0.17
)
Diluted weighted average shares used for Adjusted Net Income (Loss)
per share
22,131
22,245
22,179
Diluted weighted average shares used for GAAP net loss per share
22,131
22,092
22,076
Cash
$
3,696
$
3,706
$
10,394
Prior period balances have been reclassified to conform to current
period reporting
* See detailed reconciliation of GAAP to non-GAAP measures in
the financial tables attached to this release.
? Revenue - Fourth quarter 2012 revenue of $20.9 million
represents a decrease of 16 percent over third quarter 2012 revenue of
$24.8 million and a 17 percent decrease over fourth quarter 2011
revenues of $25.3 million.
? GAAP Net Income (Loss) - Fourth quarter 2012 GAAP Net Loss was
$7.9 million, or ($0.36) per diluted share, compared to a third quarter
2012 GAAP Net Loss of $3.8 million, or ($0.17) per diluted share. The
fourth quarter GAAP net loss included an impairment charge of $4.1
million, as well as a reserve of $1.4 million for the long-term LEC
receivable. Also included in the fourth quarter GAAP net loss is a gain
on the sale of Rovion's assets of $1.5 million.
? Adjusted Net Income (Loss) - Fourth quarter 2012 Adjusted Net
Loss was $924,000, or ($0.04) per diluted share, as compared to third
quarter 2012 Adjusted Net Income of $36,000, or $0.00 per diluted share.
? Cash - The company's cash balance was $3.7 million as of Dec.
31, 2012, unchanged from the Sept. 30, 2012, cash balance. During the
fourth quarter 2012, the company had negative cash flow from operations
offset by cash proceeds from the sale of Rovion's assets and an
additional draw on the line of credit.
? Debt - On Dec. 31, 2012, the company had borrowings of $10.0
million outstanding under its Square One Bank line of credit.
Fourth Quarter 2012 Operating Highlights:
? Record Organic and Mobile Traffic - Overall traffic on the site
and network was 100 million monthly unique visitors (MUVs) in the fourth
quarter 2012, slightly down from third quarter 2012 traffic and up 7
percent from the year ago period. Organic traffic on the site and
network was a record 45 million MUVs in the fourth quarter 2012, up 15
percent from the third quarter 2012 and up 51 percent from the year ago
period. Organic traffic is defined as all non-SEM sourced traffic.
Overall mobile traffic was 25 million MUVs in the fourth quarter 2012,
slightly up from the third quarter 2012 and up 220 percent from a year
ago period.
? Spreebird Impairment Charge - The fourth quarter impairment
charge of $4.1 million for Spreebird is the result of a further decline
in the market value of peer companies coupled with lower projections for
this business line, due to the company's decision to exit its direct
sales efforts of its Launch by Local product of which Spreebird was a
planned component. The current impairment charge recorded is
management's best estimate at this time and the final Spreebird
impairment charge will be disclosed in the company's 2012 Annual Report
on Form 10-K.
? Local Exchange Carrier ("LEC") reserve - During the fourth
quarter, the company recorded an additional $1.4 million reserve
relating to its long-term LEC receivable. An additional reserve was
recorded, due to the cessation of billing by the LEC's and the
longer-term nature of the receivable.
Consumer Properties:
Owned & Operated (O&O):
? Revenue - Fourth quarter 2012 total revenue related to the O&O
business unit was $12.5 million, down 29 percent from fourth quarter
2011 O&O revenue of $17.5 million and down 32 percent from third quarter
2012 O&O revenue of $18.3 million. This decline was primarily due to ad
policy changes and reduced revenues per click from a major partner.
? Monetization of Traffic - Revenue per thousand visitors (RKV)
for fourth quarter 2012 was $230, down 17 percent from third quarter
2012 RKV of $276 and down 31 percent from fourth quarter 2011 RKV of
$332.
Network:
? Revenue - Fourth quarter 2012 total revenue related to the
Network business unit was $7.6 million, up 52 percent from the $5.1
million Network revenue recorded in the fourth quarter 2011 and $5.0
million recorded in the third quarter 2012.
? Network Sites - The Network business unit ended the fourth
quarter 2012 with over 1,200 regional media sites.
Business Solutions:
? Revenue - Fourth quarter 2012 revenue was $812,000, down 70
percent from fourth quarter 2011 revenue of $2.7 million and down 46
percent from third quarter 2012 revenue of $1.5 million. The reduction
was primarily due to the previously disclosed phasing out of legacy
subscription customers.
? Digital Media Enrollments - The company ended the fourth
quarter 2012 with approximately 950 Launch by Local subscribers. The
company also has over 10,000 additional subscribers via its
self-service, network and channel partners.
Recent News Highlights:
? 2012 Technology Fast 500? - The company was a Deloitte
Technology Fast 500? company for the third consecutive year, in the
technology, media, telecommunications, life sciences and clean
technology companies category in North America.
? Pay-Per-Call patent granted - On Nov. 6, 2012, the company was
granted a patent which covers a pay-per-call Enhanced Directory
Assistance (EDA) method or system. The patent describes an EDA method
and/or system whereby pay-per-call advertiser listings are provided to
consumers in response to directory assistance inquiries. The company
believes this patent may cover an instrumental system and method for
monetizing specific types of local searches by consumers on mobile
devices. The company continues to develop its patent prosecution and
monetization strategy.
? Launch of vertical sites - During the fourth quarter, the
company launched the first in a series of industry-specific, content
driven websites designed to further extend its reach and engagement with
local consumers and businesses.
? Web domain name patent - On Dec. 12, 2012, the company was
granted a patent which covers a method and system for the bulk
acquisition and development of multiple web domain names.
? Launch of U.K. version of flagship search site - In January
2013, the company launched the U.K. version of its flagship search site.
The new U.K. site allows consumers to find local businesses, products
and services in the United Kingdom.
? Appointment of new board member - In January 2013, the company
announced the appointment of Frederick G. Thiel to its board of
directors. Thiel brings over 25 years of senior level strategic
management experience in the software, media, Internet and technology
industries.
? Record fourth quarter organic and mobile traffic - The company
reached record organic traffic of 45 million MUVs and record mobile
traffic of 25 million MUVs during the fourth quarter.
? Company renews and extends $12 million credit facility - The
company renewed its $12 million credit facility with Square 1 Bank under
substantially similar terms. The maturity date of the facility was
extended to Feb. 3, 2015.
Fiscal 2013 Financial Guidance:
Revenue - The company expects 2013
revenue of between $93 million and $95 million, which at the mid-point,
is an increase of 12 percent, over the fourth quarter 2012 exit run rate.
Adjusted Net Income - Adjusted Net
Income for 2013 is expected to be at least $5 million, which would
result in approximately $1 million in debt-free cash flow. The company
defines debt-free cash flow as cash provided by operating activities,
less capital expenditures.
Projected 2013 Adjusted Net Income Factors:
Interest Expense of $400,000
Income Tax Provision of $200,000
Depreciation Expense of $4.5 million
Amortization Expense of $1.3 million
Stock Compensation Expense of $3.8 million
Severance Charges of $500,000
Warrant Revaluation Expense and Other items are undeterminable, but
may be significant non-cash gains or losses**
** The valuation of the warrant liability is based in large part on the
underlying price and volatility of our common stock during the period.
Since we cannot predict this, we cannot project the non-cash gain or
loss in connection with these warrants, and therefore, cannot reasonably
project our GAAP net income (loss). We, therefore, cannot provide GAAP
guidance, but we do report GAAP results.
As previously announced, the company will no longer provide quarterly
guidance.
Conference Call Information:
Chairman and CEO Heath Clarke and CFO Ken Cragun will host a conference
call today at 5 p.m. ET to discuss the results and outlook. Investors
and analysts can participate in the call by dialing 1-877-454-9136 or
1-617-826-1724, passcode # 94830233. To listen to the webcast, or to
view the press release, please visit the Investor Relations section of
the Local Corporation website at: http://ir.local.com.
Institutional investors can access the call via Thomson/CCBN's
password-protected event management site, StreetEvents, at: www.streetevents.com.
The replay can be accessed for approximately one week starting at 7:30
p.m. ET the day of the call by dialing 1-800-585-8367 or 1-404-537-3406,
passcode # 94830233. A replay of the webcast will be available for
approximately 90 days on the company's website, starting approximately
one hour after the completion of the call.
About Local Corporation
Local Corporation (NASDAQ:LOCM) is a leading online local media company
that connects brick-and-mortar businesses with over a million online and
mobile consumers each day using a variety of innovative digital
marketing products. To advertise, or for more information, visit: http://www.localcorporation.com.
Forward Looking Statements
This press release contains certain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Words or expressions such as
'anticipate,' 'believe,' 'estimate,' 'plans,' 'expect,' 'intend,'
'project,' 'forecast,' 'potential,' 'feel' and similar expressions and
phrases are intended to identify such forward-looking statements. Any
forward-looking statements are based on the beliefs of our management as
well as assumptions made by and information currently available to our
management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of certain
factors, including, but not limited to, our advertising partners paying
less revenue per click and revenues to us for our search results, our
ability to purchase advertising from third parties to drive users to our
sites, including at a profit, our ability to adapt our business
following the shifts in our monetization partners, our ability to
monetize the Local.com domain, including at a profit, our ability to
retain a monetization partner for the Local.com domain and other web
properties under our management that allows us to operate profitably,
our ability to develop, market and operate our local-search
technologies, our ability to market the Local.com domain as a
destination for consumers seeking local-search results, our ability to
adapt to policy changes promulgated by our advertising partners and
traffic acquisition partners, our ability to grow our business by
enhancing our local-search services, including through businesses we
acquire, the integration and future performance of our Spreebird
business and our Krillion business, the possibility that the information
and estimates used to predict anticipated revenues and expenses
associated with the businesses we acquire are not accurate, difficulties
executing integration strategies or achieving planned synergies, the
possibility that integration costs and go-forward costs associated with
the businesses we acquire will be higher than anticipated, the
possibility of impairment of assets associated with the businesses we
have acquired, our ability to successfully expand our sales channels for
new and existing products and services, our ability to increase the
number of businesses that purchase our advertising products, our ability
to successfully bill our monthly subscription customers, our ability to
expand our advertiser and distribution networks, our ability to
integrate and effectively utilize our acquisitions' technologies, our
ability to develop our products and sales, marketing, finance and
administrative functions and successfully integrate our expanded
infrastructure, as well as our dependence on major advertisers,
competitive factors and pricing pressures, changes in legal and
regulatory requirements, and general economic conditions. Any
forward-looking statements reflect our current views with respect to
future events and are subject to these and other risks, uncertainties
and assumptions relating to our operations, results of operations,
growth strategy and liquidity. All subsequent written and oral
forward-looking statements attributable to us or persons acting on our
behalf are expressly qualified in their entirety by this paragraph.
Unless otherwise stated, all site traffic and usage statistics are from
third-party service providers engaged by the company.
Our most recent Annual Report on Form 10-K, subsequent Quarterly Reports
on Form 10-Q, recent Current Reports on Form 8-K and Form 8-K/A, and
other Securities and Exchange Commission filings discuss the foregoing
risks as well as other important risk factors that could contribute to
such differences or otherwise affect our business, results of operations
and financial condition. The forward-looking statements in this release
speak only as of the date they are made. We undertake no obligation to
revise or update publicly any forward-looking statement for any reason.
Non-GAAP Financial Measures
This press release includes the non-GAAP financial measure of "Adjusted
Net Income" and "Adjusted Net Loss" which we define 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. Adjusted Net Income (Loss),
as defined above, is not a measurement under GAAP. Adjusted Net Income
(Loss) is reconciled to net income (loss) which we believe is the most
comparable GAAP measure. A reconciliation of net income (loss) to
Adjusted Net Income (Loss) is set forth at the end of this press release.
Management believes that Adjusted Net Income (Loss) provides useful
information to investors about the company's performance because it
eliminates the effects of period-to-period changes in income from
interest on the company's cash and marketable securities, expense from
the company's financing transactions and the costs associated with
income tax expense, capital investments, stock-based compensation
expense, LEC receivables reserve, warrant revaluation charges and
severance charges which are not directly attributable to the underlying
performance of the company's business operations. Management uses
Adjusted Net Income (Loss) in evaluating the overall performance of the
company's business operations.
A limitation of non-GAAP Adjusted Net Income (Loss) is that it excludes
items that often have a material effect on the company's net income and
earnings per common share calculated in accordance with GAAP. Therefore,
management compensates for this limitation by using Adjusted Net Income
(Loss) in conjunction with net income (loss) and net income (loss) per
share measures. The company believes that Adjusted Net Income (Loss)
provides investors with an additional tool for evaluating the company's
core performance, which management uses in its own evaluation of overall
performance, and as a base-line for assessing the future earnings
potential of the company. While the GAAP results are more complete, the
company prefers to allow investors to have this supplemental metric
since, with reconciliation to GAAP; it may provide greater insight into
the company's financial results. The non-GAAP measures should be viewed
as a supplement to, and not as a substitute for, or superior to, GAAP
net income (loss) or earnings (loss) per share.
LOCAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(Unaudited)
December 31,
December 31,
2012
2011
ASSETS
Current assets:
Cash
$
3,696
$
10,394
Restricted cash
42
10
Accounts receivable, net of allowances of $250 and $550, respectively
10,618
11,678
Note receivable
319
392
Prepaid expenses and other current assets
648
732
Assets held for sale
-
2,187
Total current assets
15,323
25,393
Property and equipment, net
6,769
8,018
Goodwill
21,850
31,370
Intangible assets, net
3,932
8,833
Long term note receivable
-
350
Long term receivable, net
1,585
1,778
Escrow receivable
390
-
Deposits
58
69
Total assets
$
49,907
$
75,811
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
8,367
$
12,193
Accrued compensation
829
2,152
Deferred rent
452
551
Warrant liability
5
207
Other accrued liabilities
1,315
2,422
Revolving line of credit
10,000
8,000
Deferred revenue
203
281
Liabilities held for sale
-
32
Total current liabilities
21,171
25,838
Deferred income taxes
302
265
Total liabilities
21,473
26,103
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock, $0.00001 par value; 10,000 shares
authorized; none issued and outstanding for all periods presented
-
-
Common stock, $0.00001 par value; 65,000 shares authorized; 22,172
and 22,082 issued and outstanding, respectively
-
-
Additional paid-in capital
122,036
119,068
Accumulated deficit
(93,602
)
(69,360
)
Stockholders' equity
28,434
49,708
Total liabilities and stockholders' equity
$
49,907
$
75,811
LOCAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2012
2011
2012
2011
Revenue
$
20,898
$
25,298
$
97,773
$
78,259
Costs and expenses:
Cost of revenues
15,859
14,984
71,657
49,258
Sales and marketing
4,075
6,573
18,905
20,441
General and administrative
4,059
3,275
11,765
12,156
Research and development
1,398
2,142
5,082
6,538
Amortization of intangibles
494
1,551
4,102
5,136
Impairment of goodwill and intangible assets
4,100
-
10,551
-
Total operating expenses
29,985
28,525
122,062
93,529
Operating loss
(9,087
)
(3,227
)
(24,289
)
(15,270
)
Interest and other income (expense), net
(100
)
(101
)
(425
)
(413
)
Change in fair value of warrant liability
30
150
202
2,633
Loss from continuing operations before income taxes
(9,157
)
(3,178
)
(24,512
)
(13,050
)
(Benefit) Provision for income taxes
(9
)
71
111
178
Net loss from continuing operations
$
(9,148
)
$
(3,249
)
$
(24,623
)
$
(13,228
)
Income (loss) from discontinued operations (net of taxes)
1,257
(557
)
381
(1,331
)
Net loss
(7,891
)
(3,806
)
(24,242
)
(14,559
)
Per share data:
Basic net loss per share from continuing operations
$
(0.41
)
$
(0.15
)
$
(1.11
)
$
(0.62
)
Basic net income (loss) per share from discontinued operations
$
0.06
$
(0.03
)
$
0.02
$
(0.06
)
Basic net loss per share
$
(0.36
)
$
(0.17
)
$
(1.10
)
$
(0.68
)
Diluted net loss per share from continuing operations
$
(0.41
)
$
(0.15
)
$
(1.11
)
$
(0.62
)
Diluted net income (loss) per share from discontinued operations
$
0.06
$
(0.03
)
$
0.02
$
(0.06
)
Diluted net loss per share
$
(0.36
)
$
(0.17
)
$
(1.10
)
$
(0.68
)
Basic weighted average shares outstanding
22,131
22,076
22,098
21,384
Diluted weighted average shares outstanding
22,131
22,076
22,098
21,384
LOCAL CORPORATION
Supplemental Consolidated Statements of Operations Information
Stock-based Compensation Expense*
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2012
2011
2012
2011
Cost of revenues
$
22
$
12
$
83
$
177
Sales and marketing
226
296
1,071
1,250
General and administrative
389
422
1,377
1,849
Research and development
64
74
227
387
Total stock-based compensation expense
$
701
$
804
$
2,758
$
3,663
Net stock compensation expense per share
Basic
$
0.03
$
0.04
$
0.12
$
0.17
Diluted
$
0.03
$
0.04
$
0.12
$
0.17
*- Excludes impact of discontinued operations.
LOCAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Year Ended December 31,
2012
2011
Cash flows from operating activities:
Net loss
$
(24,242
)
$
(14,559
)
Adjustments to reconcile net loss to cash used in operating
activities:
Depreciation and amortization
8,173
8,736
Provision for doubtful accounts
1,507
125
Stock-based compensation expense
2,895
3,824
Revaluation of warrants
(202
)
(2,633
)
Deferred income taxes
114
126
Impairment of goodwill and intangible assets
10,551
-
Gain on sale of assets
(1,458
)
-
Changes in operating assets and liabilities:
Accounts receivable
(447
)
(1,263
)
Note receivable
423
258
Long term receivable
193
(146
)
Prepaid expenses and other
86
714
Other non-current assets
9
(12
)
Accounts payable and accrued liabilities
(6,392
)
4,548
Deferred revenue
(101
)
(466
)
Net cash used in operating activities
(8,891
)
(748
)
Cash flows from investing activities:
Capital expenditures
(3,358
)
(4,361
)
Increase in restricted cash
(32
)
-
Increase in notes receivable
-
(1,085
)
Decrease in notes receivable
-
1,085
Acquisition, net of cash acquired
-
(15,969
)
Purchases of intangible assets
-
(822
)
Proceeds from the sale of assets
3,510
-
Net cash provided by (used in) investing activities
120
(21,152
)
Cash flows from financing activities:
Proceeds from exercise of options
80
291
Proceeds from issuance of common stock
-
18,227
Payment of revolving credit facility
(3,374
)
(7,000
)
Proceeds from revolving credit facility
5,374
8,000
Payment of financing related costs
(7
)
(303
)
Net cash provided by financing activities
2,073
19,215
Net decrease in cash and cash equivalents
(6,698
)
(2,685
)
Cash and cash equivalents, beginning of period
10,394
13,079
Cash and cash equivalents, end of period
$
3,696
$
10,394
Supplemental Cash Flow Information:
Interest paid
$
425
$
229
Income taxes paid
$
12
$
11
LOCAL CORPORATION
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME
(LOSS)
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31,
Three Months Ended September 30,
2012
2011
2012
GAAP net loss
$
(7,891
)
$
(3,806
)
$
(3,802
)
Plus interest and other income (expense), net
100
101
131
Plus provision for income taxes
(9
)
71
22
Plus amortization of intangibles
494
1,551
1,865
Plus depreciation
1,100
1,077
935
Plus stock-based compensation
701
804
666
Less revaluation of warrants
(30
)
(150
)
(65
)
Plus net loss from discontinued operations
201
557
140
Plus LEC reserve
1,407
-
-
Less gain on sale of Rovion
(1,458
)
-
-
Plus asset impairment charge
4,100
-
-
Plus severance charges
361
563
144
Adjusted Net Income (Loss)
$
(924
)
$
768
$
36
Diluted Adjusted Net Income (Loss) per share
$
(0.04
)
$
0.03
$
0.00
Diluted weighted average shares outstanding
22,131
22,179
22,245
Prior period balances have been reclassified to conform to current
period reporting
Year ended December 31, 2012
Year ended December 31, 2011
Net loss
$
(24,242
)
$
(14,559
)
Plus interest and other income (expense), net
425
413
Plus provision for income taxes
111
178
Plus amortization of intangibles
4,102
5,136
Plus depreciation
3,803
3,278
Plus stock-based compensation
2,758
3,663
Less revaluation of warrants
(202
)
(2,633
)
Plus net loss from discontinued operations
1,077
1,331
Plus asset Impairment charge
10,551
-
Plus LEC reserve
1,407
-
Less gain on sale of Rovion
(1,458
)
-
Plus severance charges
1,115
1,461
Adjusted Net Loss
$
(553
)
$
(1,732
)
Diluted Adjusted Net Loss per share
$
(0.03
)
$
(0.08
)
Diluted weighted average shares
22,098
21,384
Investor Relations and Media Relations Contact: Local
Corporation Cameron Triebwasser, 949-789-5223 ctriebwasser@local.com
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