Local.com (NASDAQ:LOCM) posted revenues of $5.1 million, up 51% year over year and over 4% sequentially. The loss was $3.15 million or -$0.34 dilued and basic EPS. Consensus estimates were -$0.35 and $5.07 million, although again we caution how thin the coverage is in the microcap web stock.
The company expects third quarter 2007 revenue of between $5.5 million and $5.7 million, the mid-range of which is a 10% increase over the second quarter 2007. We expect the mid-range of local search revenue to be approximately $4.8 million, an increase of 19% over the second quarter 2007. The company expects net loss for the third quarter 2007 to be between $9.2 million and $9.3 million, or $0.70 to $0.71 per share, which includes non-cash expenses of $7.4 million or $0.56 per share. The loss per share forecast assumes 13.1 million weighted average shares outstanding and guidance is based on 13.1 million weighted average shares outstanding.
It listed only $8.7 million in cash and marketable securities at the end of the quarter, but that has been bumped up recently with a $12 million net proceeds financing pact completed just last week. Shares ar up about 2% in after-hours trading at $5.79, although it looks like shares had jumped almost 5% a few minutes ago.
Jon C. Ogg
August 6, 2007
Jon Ogg can be reached at email@example.com; he does not own securities in the companies he covers.