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.