Last $0.65 USD
Change Today 0.00 / 0.00%
Volume 9.7K
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As of 10:02 AM 03/3/15 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 Fourth Quarter and Year Ended December 31, 2014; Reiterates Earnings Guidance for 2015

Local Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported revenue of $16,285,000 against $26,805,000 a year ago. Operating loss was $1,207,000 against $1,920,000 a year ago. Loss from continuing operations before income taxes was $713,000 against $1,571,000 a year ago. Net loss from continuing operations was $745,000 or $0.03 per basic and diluted share against $1,589,000 or $0.07 per basic and diluted share a year ago. Net loss was $35,000 against $1,679,000 or $0.07 per diluted share a year ago. Adjusted EBITDA was $238,000 or $0.01 per diluted share against $1,353,000 or $0.06 per diluted share a year ago. For the full year, the company reported revenue of $83,120,000 against $94,396,000 a year ago. Operating loss was $4,817,000 against $5,273,000 a year ago. Loss from continuing operations before income taxes was $6,082,000 against $6,494,000 a year ago. Net loss from continuing operations was $6,211,000 or $0.27 per basic and diluted share against $6,633,000 or $0.29 per basic and diluted share a year ago. Net loss was $5,501,000 or $0.24 per diluted share against $10,362,000 or $0.45 per diluted share a year ago. Net cash provided by operating activities was $4,715,000 against $1,203,000 a year ago. Capital expenditures were $3,462,000 against $3,580,000 a year ago. Adjusted EBITDA was $2,363,000 or $0.10 per diluted share against $4,533,000 or $0.20 per diluted share a year ago. Financial guidance for 2015 remains consistent with that provided on Jan. 12, 2015. Revenue is expected to be in the range of $82 million to $86 million. Adjusted EBITDA is expected to be in the range of $3 million to $4 million, or between $0.13 per diluted share and $0.17 per diluted share, assuming diluted weighted average shares of 24 million. The company expects interest expense of $1.1 million, income tax provision of $100,000, depreciation expense of $4.5 million and amortization expense of $150,000 for 2015. Outlook for 2015 is for the gross margin percentage to be in the low-20s.

Local Corporation Receives Non-Compliance Notice From NASDAQ

On February 25, 2015, Local Corporation received a deficiency letter from The NASDAQ Stock Market LLC (NASDAQ) indicating that, based on the Company’s closing bid price for the last 30 consecutive business days, the Company does not comply with the minimum bid price requirement of $1.00 per share, as set forth in NASDAQ Listing Rule 5550(a)(2). The notification has no immediate effect on the listing of the Company’s common stock on The NASDAQ Capital Market. In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, or until August 24, 2015, to regain compliance with the minimum closing bid price requirement for continued listing. In order to regain compliance, the minimum closing bid price per share of the Company’s common stock must be at least $1.00 for a minimum of ten consecutive business days. In the event the Company does not regain compliance by August 24, 2015, the Company may be afforded an additional 180-day compliance period, provided it demonstrates that it meets all other applicable standards for initial listing on The NASDAQ Capital Market (except the bid price requirement), and provides written notice of its intention to cure the minimum bid price deficiency during the second grace period, by effecting a reverse stock split, if necessary. If the Company fails to regain compliance after the second grace period, the Company’s stock will be subject to delisting by NASDAQ. The Company is considering actions that it may take in response to this notification in order to regain compliance with the continued listing requirements.

Local Corporation to Report Q4, 2014 Results on Feb 27, 2015

Local Corporation announced that they will report Q4, 2014 results at 10:30 AM, US Eastern Standard Time on Feb 27, 2015

Local Corporation, Q4 2014 Earnings Call, Feb 27, 2015

Local Corporation, Q4 2014 Earnings Call, Feb 27, 2015

Local Corporation Revises Earnings Guidance for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

Local Corporation revised earnings guidance for the fourth quarter and year ended December 31, 2014 and provides earnings guidance for the year 2015. For the quarter, the company’s revenue is expected to be between $16.0 million and $16.5 million, below guidance given on November 12, 2014 of $20 million to $23 million. Net loss is anticipated to be in the range of breakeven to $200,000 and adjusted EBITDA in the range of $100,000 to $300,000. Adjusted EBITDA per diluted share is expected to be in the range of $0.00 to $0.01. For the year 2014, the company’s revenue is expected to be between $82.8 million and $83.3 million, compared with prior guidance of $87 million to $90 million. Net loss is expected to be in the range of $5.5 million to $5.7 million. Adjusted EBITDA is expected to be in the range of $2.2 million to $2.4 million, in line with previous guidance of $2.0 million to $2.4 million. Adjusted EBITDA per diluted share is expected to be in the range of $0.09 to $0.10. For the year 2015, the company’s revenue is expected to be in the range of $82 million to $86 million. Adjusted EBITDA is expected to be in the range of $3 million to $4 million, or between $0.13 per diluted share and $0.17 per diluted share, assuming diluted weighted average shares of 24 million and taking into account the dilutive effect of stock options and warrants. Projected 2015 adjusted EBITDA factors: Interest expense of $1.1 million, income tax provision of $100,000, depreciation expense of $4.5 million, amortization expense of $150,000, stock compensation expense of $600,000 and warrant and conversion option revaluation expense items are undeterminable, but may be significant non-cash gains or losses.

 

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