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8-K - 8-K - LOCAL Corpd820172d8k.htm
EX-99.2 - EX-99.2 - LOCAL Corpd820172dex992.htm

Exhibit 99.1

 

LOGO

Local Corporation Reports Third Quarter 2014 Financial Results

 

    Repays $4.5 million of debt

 

    Focuses organization on key initiatives and reduces costs by approximately $2.6 million annually

 

    Implements mobile search solution nQuery with top five global carrier

 

    Advances traffic quality tools and Local audience monetization

IRVINE, Calif., Nov. 12, 2014 — Local Corporation (NASDAQ: LOCM), a leading local search and advertising technology company, reported its financial results for the third quarter 2014.

“During the third quarter, we achieved a 31 percent increase in our Owned & Operated (O&O) revenue, which partially offset lower Network revenue due to a proactive reduction in traffic with the goal of protecting our advertisers from fraudulent traffic. Traffic quality continues to be a top priority for us to ensure that we’re providing the best outcome for our advertisers,” said Local Corporation chairman and CEO, Fred Thiel. “Over the past several months, we have been focused on actively managing and optimizing our traffic sources and recently released our own advanced traffic quality solution, nTegrity™. While getting the solution in market took longer than anticipated, nTegrity ensures that we are delivering a higher quality audience to our advertisers, which we believe will increase their conversion rates and result in increased traffic.”

“In 2014, we have been transforming the company to focus on our core initiatives of building and monetizing our Local audience with proprietary traffic quality tools and growing our mobile search market share in North and South America. Our over 200 million unique visitors annually across our O&O properties, including our flagship site Local.com, provide us with a significant pool of premium, first-party data with contextual search intent, which is a key differentiator in attracting advertisers as we move to further monetize our audience through programmatic advertising and predictive retargeting across devices.”

“Furthermore, with regard to mobile, our hosted search solution nQuery™ already powers millions of consumer searches per month, and we continue to expand our partner base. In fact, we are implementing our nQuery solution with a top five global carrier, which is expected to grow our mobile search query volume significantly. This high-intent mobile audience extends our reach, which we believe will broaden our value proposition to our advertisers in an increasingly mobile-first world.”

“We believe our core initiatives will diversify our revenue streams, increase our reach and continue to provide competitive differentiation. Our focus on innovation within these initiatives has prompted us to proactively realign our organization and reduce overhead, which we believe will enable us to fuel revenue growth, expand margins and increase our profitability in the near term while providing a plan for our long term growth and generating meaningful shareholder value,” added Thiel.

Third Quarter 2014 Financial Highlights

 

    Total revenue of $18.1 million with 31 percent O&O revenue growth year-over-year

 

    Net loss of $1.3 million

 

    Adjusted EBITDA* of $407,000, positive for the seventh consecutive quarter

 

    Cash from operating activities of $3.0 million and free cash flow** of $2.2 million

 

    $4.5 million of debt repayment

 

    $201 revenue per thousand visitors (RKVs), compared to $180 RKV in the third quarter of 2013

 

    Cash balance of $4.3 million at Sept. 30, 2014

 

* Adjusted EBITDA is defined as net income (loss) excluding: provision for income taxes; interest and other income (expense), net; depreciation; amortization; stock-based compensation charges; gain or loss on derivatives’ revaluation; net income (loss) from discontinued operations; settlement accrual; and severance charges.
** Free cash flow is defined as net cash provided by operating activities less capital expenditures.

 

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See detailed reconciliation of GAAP to non-GAAP measures in the financial tables attached to this release.

“Continued improvements in our O&O business in the third quarter were offset by the shortfall in Network revenue in the quarter,” said Local Corporation CFO Ken Cragun. “Our insistence on delivering only quality traffic to our advertisers has resulted in a decline in Network revenue while we enhanced our traffic quality tools to address the pervasive increases in fraudulent traffic activity experienced industry-wide. As a result, we are lowering our 2014 revenue and Adjusted EBITDA guidance. In the fourth quarter, we implemented new traffic tools and technology that we expect to improve our Network revenue growth. In addition, earlier today we right-sized the organization, which we expect will yield approximately $2.6 million in annual cost savings and improve Adjusted EBITDA profitability.”

Third Quarter Business Highlights

 

    Intellectual Property Update: In September, the lawsuit against Fry’s Electronics, Inc. regarding the infringement of Local’s U.S. Patent No. 7,062,453, which covers “methods and systems for dynamic networked commerce architecture” was settled to the mutual satisfaction of the parties, and Fry’s Electronics, Inc. agreed to license the patent. Local Corporation is continuing its efforts to enforce its intellectual property rights.

 

    Network Traffic Quality Improvements: During the third quarter, the company developed a traffic quality solution, nTegrity, which it believes will better protect advertisers from fraudulent traffic types such as programmable headless browsers, BotNets and JavaScript manipulation. Launched in the fourth quarter, nTegrity will be used to detect, analyze and decide whether or not to show ads from the company’s ad partners on a real time, impression-by-impression basis, using an array of proprietary and third-party tools. The company expects nTegrity to increase conversion rates for advertisers and expects advertisers’ spend with Local Corporation to increase in turn.

Recent Developments & Business Outlook

 

    Mobile Search Advances: The company is implementing its nQuery solution with a top five global carrier. nQuery is already deployed with a major U.S. mobile carrier, 18 international and prepaid MVNOs and 10,000 U.S. hotels. Providing a custom, hosted search solution, nQuery now powers millions of search queries globally. The company expects to further grow nQuery via partnerships with entities that specialize in monetizing subscriber traffic for mobile operators and Wi-Fi networks.

 

    Successful Programmatic Launch: The company entered the programmatic media marketplace to leverage its robust local audience data and connect advertisers with real people in real time, on the right platform. The company’s valuable, high-intent, first-party consumer data, includes behavioral, geo and device attributes from its 20 million monthly unique visitors across its O&O properties. The company anticipates this will enable additional scale over time, as any number of publishers can access multiple advertisers and multiple, targeted ads based on specific interests.

 

    Local Content and Search Engine Marketing Expansion: This quarter, the company continues to ingest new category data from additional sources, while adding content partnerships for its O&O properties. The company is also initiating additional keyword campaigns, vertical categories and rich content enhancements. Together, management believes these will increase traffic.

 

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Third Quarter 2014 Traffic Overview

Monthly unique visitors were 66 million in the third quarter, compared to 73 million in the second quarter of 2014. Ongoing enhancements across the O&O properties delivered RKV of $201, compared to $204 in the second quarter of 2014 and $180 in the third quarter of 2013.

Fiscal 2014 Financial Guidance

The Company now expects 2014 revenue to be in the range of $87 million to $90 million with the fourth quarter 2014 revenue range of $20 million to $23 million, increasing over the third quarter primarily driven by Network revenue growth.

Adjusted EBITDA** for 2014 is now expected to be in the range of $2 million to $2.4 million, or between $0.09 per diluted share and $0.10 per diluted share, assuming diluted weighted average shares of 23.5 million and taking into account the dilutive effect of stock options and warrants.

Projected 2014 Adjusted EBITDA Factors:

 

    Interest Expense of $2.1 million

 

    Income Tax Provision of $100,000

 

    Depreciation Expense of $4.0 million

 

    Amortization Expense of $700,000

 

    Stock Compensation Expense of $800,000

 

    Severance Charges of $1.8 million

 

    Warrant and conversion option revaluation expense items are undeterminable, but may be significant non-cash gains or losses**

 

** The valuation of the warrant liability and the conversion option liability is based in large part on the underlying price and volatility of the company’s common stock during the period. Since the company cannot predict this, the company cannot project the non-cash gain or loss in connection with these warrants and the conversion option, and therefore, cannot reasonably project its GAAP net income (loss). Therefore, the company cannot provide GAAP guidance, but does report GAAP results.

Conference Call Information

Chairman and CEO Fred Thiel and CFO Ken Cragun will host a conference call today at 5 p.m. ET to discuss the results and outlook. To participate in the call, please dial-in 10 minutes in advance to 1-877-883-4693 or 1-315-625-6982, passcode # 22899979. To listen to the webcast and download the associated presentation, please visit the Investor Relations section of the Local Corporation website at: http://ir.local.com.

The replay can be accessed for approximately 24 hours starting at 7:30 p.m. ET the day of the call by dialing 1-800-585-8367 or 1-404-537-3406, passcode #22899979. A replay of the webcast will be available for approximately 90 days on the company’s website, starting approximately one hour after the completion of the call.

About Local Corporation

Local Corporation (NASDAQ:LOCM) is a leading local search and advertising technology company that aggregates and curates the most relevant and rich personalized content and presents it to millions of consumers wherever and however they search for information, while providing significant reach and value to the company’s advertisers and partners. For more information, visit: http://www.localcorporation.com or visit the company’s flagship site: http://www.local.com.

Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words or expressions such as ‘anticipate,’ ‘believe,’ ‘estimate,’ ‘plans,’ ‘expect,’ ‘intend,’ ‘project,’ ‘forecast,’ ‘potential,’ ‘feel’ and similar expressions and phrases are intended to identify such forward-looking statements. Any forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to our management. Actual results could differ materially from those

 

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contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, our advertising partners paying less revenue per click and revenues to us for our search results, our ability to purchase advertising from third parties to drive users to our sites and consumers to the sites of our advertisers, including at a profit, our ability to retain a monetization partner for the Local.com domain and other web properties under our management that allows us to operate profitably, our ability to develop, market and operate our local-search technologies and our Krillion local shopping technologies, our ability to maintain and grow the number of Network partner sites and the aggregate levels of user traffic from such Network partner sites while also maintaining the quality level of such traffic, our ability to market the Local.com domain as a destination for consumers seeking local-search results, our ability to adapt to policy and technological changes promulgated by our advertising partners and traffic acquisition partners, our ability to grow our business by enhancing our local-search services, including through businesses we acquire, the integration and future performance of our Krillion business, the possibility that the information and estimates used to predict anticipated revenues and expenses associated with the businesses we acquire are not accurate, difficulties executing integration strategies or achieving planned synergies, the possibility that integration costs and go-forward costs associated with the businesses we acquire will be higher than anticipated, the possibility of impairment of assets associated with the businesses we have acquired, our ability to successfully expand our sales channels for new and existing products and services, our ability to increase the number of businesses that purchase our advertising products, our ability to expand our advertiser and distribution networks, our ability to integrate and effectively utilize our acquisitions’ technologies, our ability to develop our products and sales, marketing, finance and administrative functions and successfully integrate our expanded infrastructure, as well as our dependence on major advertisers, our ability to successfully assert our intellectual property rights, competitive factors and pricing pressures, changes in legal and regulatory requirements, and general economic conditions. Any forward-looking statements reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this paragraph. Unless otherwise stated, all site traffic and usage statistics are from third-party service providers engaged by the company.

Our most recent Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.

Non-GAAP Financial Measures

This press release includes the non-GAAP financial measures of “Adjusted EBITDA” and “free cash flow.” Adjusted EBITDA is defined as net income (loss) excluding: provision for income taxes; interest and other income (expense), net; depreciation; amortization; stock based compensation charges; gain or loss on derivatives’ revaluation; net income (loss) from discontinued operations; settlement accrual; and severance charges. Adjusted EBITDA is reconciled to net income (loss) which we believe is the most comparable GAAP measure. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Free cash flow is reconciled to net cash provided by operating activities which we believe is the most comparable GAAP measure. Adjusted EBITDA and free cash flow, as defined above, are not measurements under GAAP. A reconciliation of net income (loss) to Adjusted EBITDA and free cash flow to net cash provided by operating activities is set forth at the end of this press release.

Management believes that Adjusted EBITDA provides useful information to investors about the company’s performance because it eliminates the effects of period-to-period changes in income from interest on the company’s cash, expense from the company’s financing transactions and the costs associated with income tax expense, capital investments, stock-based compensation expense, net income (loss) from discontinued operations, derivatives’ revaluation charges; settlement accrual; and severance charges which are not directly attributable to the underlying performance of the company’s business operations. Management uses Adjusted EBITDA in evaluating the overall performance of the company’s business operations.

 

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Management also believes free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, including information technology infrastructure and land and buildings, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening the balance sheet. Analysis of free cash flow also facilitates management’s comparisons of our operating results to competitors’ operating results.

A limitation of non-GAAP Adjusted EBITDA is that it excludes items that often have a material effect on the company’s net income (loss) and earnings per common share calculated in accordance with GAAP. Therefore, management compensates for this limitation by using Adjusted EBITDA in conjunction with net income (loss) and net income (loss) per share measures. The company believes that Adjusted EBITDA provides investors with an additional tool for evaluating the company’s core performance, which management uses in its own evaluation of overall performance, and as a base-line for assessing the future earnings potential of the company.

A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating the company is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period because it excludes cash used for capital expenditures during the period. The company believes that free cash flow provides investors with an additional tool in evaluating the company’s liquidity.

While the GAAP results are more complete, the company prefers to allow investors to have this supplemental metric since, with reconciliation to GAAP, it may provide greater insight into the company’s financial results. The non-GAAP measures should be viewed as a supplement to, and not as a substitute for, or superior to the GAAP measures.

# # #

 

Investor Relations Contact:   Media Relations Contact:

LHA

  Local Corporation

Kirsten Chapman, 415-433-3777

  Cameron Triebwasser, 949-789-5223

local@lhai.com

  ctriebwasser@local.com

 

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LOCAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

(Unaudited)

 

     September 30,
2014
    Dec 31,
2013
 
ASSETS     

Current assets:

    

Cash

   $ 4,311      $ 5,069   

Accounts receivable, net of allowances of $312 and $533, respectively

     8,079        17,298   

Escrow receivable

     —          390   

Prepaid expenses and other current assets

     445        957   
  

 

 

   

 

 

 

Total current assets

     12,835        23,714   

Property and equipment, net

     6,048        6,073   

Goodwill

     19,281        19,281   

Intangible assets, net

     1,870        2,439   

Long-term receivable, net of allowances of $3,431 and $3,431, respectively

     —          —     

Deposits

     72        72   
  

 

 

   

 

 

 

Total assets

   $ 40,106      $ 51,579   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Current liabilities:

    

Accounts payable

   $ 11,290      $ 12,786   

Accrued compensation

     973        1,462   

Deferred rent

     171        323   

Warrant liability

     622        537   

Other accrued liabilities

     1,835        2,403   

Revolving line of credit

     4,320        7,342   

Current portion of term loan

     —          1,500   

Senior secure convertible notes, net of debt discount of $702

     4,876        —     

Deferred revenue

     164        202   
  

 

 

   

 

 

 

Total current liabilities

     24,251        26,555   

Long-term portion of term loan

     —          375   

Senior secure convertible notes, net of debt discount of $1,533

     —          4,017   

Deferred income taxes

     444        347   
  

 

 

   

 

 

 

Total liabilities

     24,695        31,294   
  

 

 

   

 

 

 

Commitments and contingencies

    

Stockholders’ equity:

    

Convertible preferred stock, $0.00001 par value; 10,000 shares authorized; none issued and outstanding for all periods presented

     —          —     

Common stock, $0.00001 par value; 65,000 shares authorized; 23,230 and 23,038 issued and outstanding, respectively

     —          —     

Additional paid-in capital

     124,841        124,249   

Accumulated deficit

     (109,430     (103,964
  

 

 

   

 

 

 

Stockholders’ equity

     15,411        20,285   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 40,106        $51,579   
  

 

 

   

 

 

 

 

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LOCAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Revenue

   $ 18,141      $ 23,472      $ 66,835      $ 67,591   
  

 

 

   

 

 

   

 

 

   

 

 

 

Costs and expenses:

        

Cost of revenues

     14,628        16,208        51,545        48,253   

Sales and marketing

     1,622        2,230        6,138        7,419   

General and administrative

     2,074        3,894        8,630        9,685   

Research and development

     1,452        1,664        4,263        4,900   

Amortization of intangibles

     119        225        569        687   

Income from settlement and patent licensing

     (700     —          (700     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     19,195        24,221        70,445        70,944   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     (1,054     (749     (3,610     (3,353

Interest and other income (expense), net

     (539     (537     (1,646     (1,799

Change in fair value of conversion option and warrant liability

     285        (413     (113     229   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations before income taxes

     (1,308     (1,699     (5,369     (4,923

Provision for (benefit from) income taxes

     —          (109     97        121   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) from continuing operations

     (1,308     (1,590     (5,466     (5,044

Income (loss) from discontinued operations (net of taxes)

     —          (154     —          (3,639
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (1,308   $ (1,744   $ (5,466   $ (8,683
  

 

 

   

 

 

   

 

 

   

 

 

 

Per share data:

        

Basic and diluted net income (loss) per share from continuing operations

   $ (0.06   $ (0.07   $ (0.24   $ (0.22
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net income (loss) per share from discontinued operations

   $ (0.00   $ (0.01   $ (0.00   $ (0.16
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net income (loss) per share

   $ (0.06   $ (0.08   $ (0.24   $ (0.38
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted weighted average shares outstanding

     23,230        22,962        23,228        22,802   

 

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LOCAL CORPORATION

Supplemental Consolidated Statements of Operations Information

Revenue Breakdown

(in thousands)

(Unaudited)

 

     Q3 2014      Q2 2014      Q3 2013  

Owned & Operated

   $ 11,673       $ 12,602       $ 8,932   

Network

     6,468         9,912         14,540   
  

 

 

    

 

 

    

 

 

 

Revenue

   $ 18,141       $ 22,514       $ 23,472   
  

 

 

    

 

 

    

 

 

 

LOCAL CORPORATION

Supplemental Consolidated Statements of Operations Information

Stock-based Compensation Expense *

(in thousands, except per share data)

(Unaudited)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2014      2013      2014      2013  

Cost of revenues

   $ 10       $ 26       $ 33       $ 85   

Sales and marketing

     22         83         75         333   

General and administrative

     169         192         475         787   

Research and development

     17         51         51         207   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total stock-based compensation expense*

   $ 218       $ 352       $ 634       $ 1,412   
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic and diluted net stock-based compensation expense per share

   $ 0.01       $ 0.02       $ 0.03       $ 0.06   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*- Excludes impact of discontinued operations.

 

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LOCAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

     Nine Months Ended September 30,  
     2014     2013  

Cash flows from operating activities:

       

Net loss

   $ (5,466   $ (8,683

Adjustments to reconcile net loss to cash provided by operating activities:

       

Depreciation and amortization

     3,497        3,732   

Provision for doubtful accounts

     650        809   

Stock-based compensation expense

     634        1,431   

Non-cash interest expense

     831        409   

Loss on exchange of warrants

     —          723   

Change in fair value of conversion option and warrant liability

     113        (229

Impairment of goodwill and intangible assets

     —          3,051   

Deferred income taxes

     97        —     

Changes in operating assets and liabilities:

       

Accounts receivable

     8,569        (4,866

Long term receivable

     —          (137

Note receivable

     —          152   

Prepaid expenses and other

     512        (411

Accounts payable and accrued liabilities

     (2,705     4,386   

Deferred revenue

     (38     (41
     

 

 

   

 

 

 

Net cash provided by operating activities

     6,694        326   
     

 

 

   

 

 

 

Cash flows from investing activities:

       

Capital expenditures

     (2,903     (2,379

Restricted cash

     —          42   

Proceeds from escrow payout

     390        —     
     

 

 

   

 

 

 

Net cash used in investing activities

     (2,513     (2,337
     

 

 

   

 

 

 

Cash flows from financing activities:

       

Proceeds from exercise of options

     9        22   

Proceeds from issuance of senior secured convertible notes and warrants

     —          5,000   

Payment of financing related costs

     (51     (527

Proceeds (payment) of revolving credit facility

     (3,022     (583

Payment of term loan

     (1,875     (750
     

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (4,939     3,162   
     

 

 

   

 

 

 

Net increase (decrease) in cash

     (758     1,151   

Cash, beginning of period

     5,069        3,696   
     

 

 

   

 

 

 

Cash, end of period

   $ 4,311      $ 4,847   
     

 

 

   

 

 

 

Supplemental Cash Flow Information:

       

Interest paid

   $ 595      $ 426   
     

 

 

   

 

 

 

Income taxes paid

   $ —        $ 7   
     

 

 

   

 

 

 

Non-cash investing activities

       

Derivative liabilities recorded in connection with the issuance of senior convertible notes and warrants

      $ —        $ 2,182   
     

 

 

   

 

 

 

 

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LOCAL CORPORATION

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA

(in thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended September 30,    

Three Months
Ended June 30,

 
     2014     2013     2014  

Net loss

   $ (1,308   $ (1,744   $ (1,330

Less interest and other income (expense), net

     539        537        564   

Plus provision (benefit) for income taxes

     —          (109     (177

Plus amortization of intangibles

     119        225        225   

Plus depreciation and amortization

     1,124        937        924   

Plus stock-based compensation

     218        352        163   

Less revaluation of derivatives

     (285     413        64   

Plus net loss from discontinued operations

     —          154        —     

Plus severance charges

     —          5        572   

Plus settlement accrual

     —          550        —     
  

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 407      $ 1,320      $ 1,005   
  

 

 

   

 

 

   

 

 

 

Diluted Adjusted EBITDA per share

   $ 0.02      $ 0.06      $ 0.04   
  

 

 

   

 

 

   

 

 

 

Diluted weighted average shares outstanding

     23,304        23,191        23,306   

LOCAL CORPORATION

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(in thousands)

(Unaudited)

 

     Three months
ended
September 30,
2014
 

Net cash provided by operating activities

   $ 3,012   

Less capital expenditures

     (830
  

 

 

 

Free cash flow

   $ 2,182   
  

 

 

 

Net cash used in investing activities*

   $ (830
  

 

 

 

Net cash used in financing activities

   $ (4,547
  

 

 

 

 

* Includes capital expenditures

LOCAL CORPORATION

OPERATING HIGHLIGHTS

 

     Q3 2014      Q2 2014      Q3 2013  

Monthly Unique Visitors (MUVs, millions)

        

Overall Traffic

     66         73         80   

Organic Traffic

     12         16         35   

Mobile Traffic

     17         21         32   

Revenue per thousand Visitors (RKV)

   $ 201       $ 204       $ 180   

 

10