Jun. 24, 2015, 4:33 PM
- Local search and marketing firm Local Corp. (LOCM -75%) has filed for bankruptcy after a steep drop in traffic left it shaky.
- Officials plan to sell the company, and may draw interest for its patent portfolio regarding searching in a geographic area.
- A drop in visitors last year meant it took in less in receipts than expected from Google and Yahoo, and the cash shortage caught the company off guard.
- Yahoo terminated its agreement with the company just last week.
- Debts include about $6.6M owed to Google and $8.7M to lenders, who'll collect any sale money before investors.
- Previously: Local Corp. down 1.9% late as Yahoo ends deal (Jun. 19 2015)
- Previously: Local Corp. down 20% as loss widens substantially (May. 15 2015)
Jun. 19, 2015, 6:12 PM
- Advertising/marketing firm Local Corp. (NASDAQ:LOCM) is down 1.9% after hours following an 8-K disclosure that it received from Yahoo a notice of termination of its Publisher Network agreement.
- The agreement provided for Local to draw a percentage of adjusted gross revenue for distributing Yahoo's paid search results. The two entered into the deal Nov. 1, 2012, with an end date of Oct. 31, 2017, but Yahoo is deciding to terminate on the deal's third anniversary this fall.
- Local Corp. notes a material effect on its revenues -- the deal made up 43% of total revenue in 2014, and 46% in 2013.
May 15, 2015, 9:57 AM
- Local Corp. (NASDAQ:LOCM) has cratered, down 20%, after a Q1 report where revenues dropped by 50% and missed expectations and net loss widened by more than 60%.
- Adjusted EBITDA of -$2.2M vs. an expected -$0.08M.
- Revenue breakout: Owned & Operated, $8.28M (down 27.5%); Network, $4.8M (down 67.4%).
- Unique visitors in Q1 of 59M, sequentially flat. Average uniques/month for nQuery Mobile Search of 3M (about 400K daily searches).
- The company says that due to factors including "exploration of strategic alternatives and the revenue growth taking longer than expected," it's withdrawing guidance.
- Conference call at 11 a.m. ET.
May 15, 2015, 7:06 AM
- Local (NASDAQ:LOCM): Q1 EPS of -$0.20
- Revenue of $13.09M (-50.0% Y/Y)
May 14, 2015, 5:30 PM
Mar. 10, 2015, 6:27 PM| Mar. 10, 2015, 6:27 PM | 2 Comments
Feb. 27, 2015, 9:28 AM
- Local Corp. (NASDAQ:LOCM) is 2.9% lower premarket as revenues took a tumble, down almost 40% Y/Y.
- Network revenue of $7.8M was up 21% in Q4, but O&O revenue slipped 27% to $8.5M.
- CEO Fred Thiel says the results were consistent with their early announcement: "We were disappointed with our revenue," but the transformation they began last year is taking hold: "to grow our mobile search market share; to monetize our audience through programmatic media buying; to attract advertisers by ensuring the highest traffic quality; and to increase our audience across all our platforms."
- Margins were higher at 26%. Monthly unique visitors were 59M, down sharply from the prior year's 80M and from 66M in Q3.
Feb. 27, 2015, 7:08 AM
- Local (NASDAQ:LOCM): Q4 EPS of -$0.03
- Revenue of $16.29M (-39.2% Y/Y)
Jan. 12, 2015, 12:46 PM
Nov. 14, 2014, 12:46 PM
Nov. 13, 2014, 12:48 PM
Nov. 12, 2014, 4:18 PM
- Local (NASDAQ:LOCM): Q3 EPS of -$0.06 misses by $0.01.
- Revenue of $18.14M (-22.7% Y/Y) misses by $6.89M.
Sep. 3, 2014, 11:08 AM
- Local.com (LOCM +4.2%) says it has obtained "a favorable settlement" with Fry's Electronics for its patent suit against the retailer. Local.com sued Fry's in 2012 for allegedly infringing an e-commerce-related patent (USPTO filing).
- The company claims to have "identified hundreds of websites and applications that we believe infringe upon this patent and believe there are likely thousands more." A recent Supreme Court ruling could get in the way.
Sep. 3, 2014, 9:11 AM
Aug. 12, 2014, 4:30 PM
- Local (NASDAQ:LOCM): Q2 EPS of -$0.06 in-line.
- Revenue of $22.52M (-0.6% Y/Y) misses by $3.36M.
Jun. 13, 2014, 9:11 AM
Local Corp is a technology and advertising company that provides its search results to consumers who are searching online for local businesses, products and services. It provides its search results through Local.com website and Krillion.com website.
Industry: Internet Information Providers
Country: United States