Local.com Reports 1Q Financial Results

Local.com Corporation, a local search site and network, reported its financial results for the first quarter of 2009.

"Despite the economic headwinds, Local.com achieved strong results across our business during the first quarter," said Heath Clarke, Local.com chairman and CEO. "As a result of our strategy discipline, we completed two successful acquisitions with minimal impact to our cash balance, and achieved record traffic across our platform. Local.com will continue to pursue select transactions this year in order to more fully leverage our leading local search site and network, and we remain bullish for the remainder of 2009."

In a release dated May 6, the company stated:

- Revenue - First quarter 2009 revenue of $11.1 million exceeded prior mid-range guidance of $10.7 million, and represents a sequential increase of 16 percent over the fourth quarter 2008 and a year-over-year increase of 25 percent from the first quarter 2008.

- Net Loss - First quarter 2009 net loss was $2.9 million or ($0.20) per share, compared to the fourth quarter 2008 net loss of $2.2 million or ($0.15) per share. Excluding first quarter 2009 acquisition and non-recurring charges of approximately $700,000 or ($0.05), the first quarter 2009 net loss was sequentially flat when compared to the fourth quarter 2008. Net loss for the first quarter 2008 was $2.8 million or ($0.19) per share.

- Adjusted Net Income/Loss - First quarter 2009 Adjusted Net Loss was $1.2 million or ($0.08) per share. This compares to an Adjusted Net Loss of $1.3 million or ($0.09) per share in the fourth quarter of 2008, and an Adjusted Net Loss of $1.7 million or ($0.12) per share in the first quarter 2008.

"Much of my decision to join Local.com was based on the company's strategic vision," said Brenda Agius, chief financial officer. "I believe that our first quarter results are a testament that our vision is coming to fruition. We are poised for strong second quarter growth and as a team we are very much focused on continuing that trend through the end of the year. I am pleased that our guidance for the second quarter reflects an Adjusted Net Income and Adjusted Net Income per share."

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