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Last $0.04 USD
Change Today 0.00 / 0.00%
Volume 185.5K
LOCMQ On Other Exchanges
As of 8:10 PM 08/4/15 All times are local (Market data is delayed by at least 15 minutes).

local corp (LOCMQ) Snapshot

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52 Week High
09/11/14 - $2.07
52 Week Low
07/6/15 - $0.02
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local corp (LOCMQ) Details

Local Corporation, a technology and advertising company, provides search results to consumers who search online for local businesses, products, and services in the United States. The company offers various local search advertising products and services comprising, a Website and app, which reaches approximately 20 million monthly unique visitors (MUVs); hosted network, a database of local business and product listings along with ad feeds, which consists of approximately 1,000 partner Websites and reaches approximately 5 million MUVs; syndication network, an ad feed solution; and display and pre-roll video networks that provide advertisers with additional reach and exposure for brands through distribution of customized display and pre-roll ads. It also provides pay-per-click, pay-per-call, and display ad units through its search results; and photographs, user ratings and reviews, video, coupons, hours of operations, and others to users of its Websites and network partner Websites, as well as third party partners. The company was formerly known as Corporation and changed its name to Local Corporation in September 2012. Local Corporation was founded in 1999 and is headquartered in Irvine, California. On June 23, 2015, Local Corporation filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Central District Of California.

60 Employees
Last Reported Date: 05/15/15
Founded in 1999

local corp (LOCMQ) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $296.6K
Chief Financial Officer and Secretary
Total Annual Compensation: $304.1K
Chief Legal Officer
Total Annual Compensation: $283.8K
Compensation as of Fiscal Year 2014.

local corp (LOCMQ) Key Developments

Local Corporation Receives A Notice Of Delisting Letter From The NASDAQ Stock Market LLC

On June 24, 2015, Local Corporation received a notice of delisting letter from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that, based on the Company’s filing for protection under Chapter 11 of the U.S. Bankruptcy Code and in accordance with NASDAQ Listing Rules 5101, 5110(b), and IM-5101-1, the NASDAQ staff has determined that the Company’s securities will be delisted from The Nasdaq Stock Market. Trading of the Company’s common stock will be suspended at the opening of business on July 6, 2015, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. The Company does not intend to appeal this matter with the NASDAQ.

Local Corporation, Annual General Meeting, Jun 23, 2015

Local Corporation, Annual General Meeting, Jun 23, 2015., at 09:00 Pacific Standard Time. Location: 7555 Irvine Center Drive. Agenda: To elect two directors as a Class II members of the company’s board of directors for a three-year term expiring in 2018; to ratify the appointment of BDO USA, LLP as independent registered public accounting firm for the fiscal year ending December 31, 2015; to approve, in accordance with Nasdaq Marketplace Rules, the issuance of shares of common stock underlying convertible notes and warrants previously issued by us, in an amount equal to or in excess of 20% of common stock outstanding before the issuance of common stock underlying such convertible notes and warrants; and to approve a stockholder resolution to authorize the board of directors, in its sole and absolute discretion without further action of the stockholders, to amend the company’s amended and restated certificate of incorporation, as amended, to implement a reverse stock split of the company’s common stock, $0.00001 par value per share, at a ratio of 1-for-6 at any time prior to December 31, 2016.

Local Corporation Announces Unaudited Consolidated Financial and Operating Results for the First Quarter Ended March 31, 2015

Local Corporation announced unaudited consolidated financial and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of $13,087,000 against $26,180,000 a year ago. Operating loss was $3,532,000 against $1,677,000 a year ago. Loss before income taxes was $4,580,000 against $2,554,000 a year ago. Net loss was 4,580,000 or $0.20 per basic and diluted share against $2,828,000 or $0.12 per basic and diluted share a year ago. Net cash used in operating activities was $1,800,000 against $727,000 a year ago. Capital expenditures was $478,000 against $940,000 a year ago. Adjusted LBITDA was $2,218,000 or $0.10 per diluted share against adjusted EBITDA of $712,000 or $0.03 per diluted share a year ago. The decrease in revenue during the first quarter of the year resulted in a decreased ability to borrow on line of credit. For the quarter, the company reported overall traffic of 59 million MUV against 72 million MUV a year ago. Organic traffic was 20 million MUV against 17 million MUV a year ago. Mobile traffic was 23 million MUV against 23 million MUV a year ago.


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