Local Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported revenue of $26,805,000 against $20,576,000 for the same period in the last year. Operating loss was $1,920,000 against $4,361,000 for the same period in the last year. Loss from continuing operations before income taxes was $1,571,000 against $4,431,000 for the same period in the last year. Net loss from continuing operations was $1,589,000 or $0.07 per basic and diluted share against $4,422,000 or $0.20 per basic and diluted share for the same period in the last year. Net loss was $1,679,000 or $0.07 per basic and diluted share against $7,891,000 or $0.36 per basic and diluted share for the same period in the last year. Adjusted EBITDA was $1,353,000 against adjusted LBITDA of $771,000 for the same period in the last year. Diluted adjusted EBITDA per share was $0.06 against diluted adjusted LBITDA per share of $0.03 for the same period in the last year.

For the full year, the company reported revenue of $94,396,000 against $95,975,000 for the same period in the last year. Operating loss was $5,273,000 against $11,116,000 for the same period in the last year. Loss from continuing operations before income taxes was $6,494,000 against $11,339,000 for the same period in the last year. Net loss from continuing operations was $6,633,000 against $11,450,000 for the same period in the last year. Net loss was $10,362,000 or $0.45 per basic and diluted share against $24,242,000 or $1.10 per basic and diluted share for the same period in the last year. Net cash provided by operating activities was $843,000 against net cash used in operating activities of $8,891,000 for the same period in the last year. Capital expenditures were $3,580,000 against $3,358,000 for the same period in the last year. Adjusted EBITDA was $4,533,000 against $777,000 for the same period in the last year. Diluted adjusted EBITDA per share was $0.20 against $0.03 for the same period in the last year.

The company expects 2014 revenue of between $103 million and $107 million, which at the mid-point, is an increase of 11%, over 2013 revenue. Adjusted EBITDA for 2014 is expected to be between $3 million and $4 million or between $0.13 and $0.17 per diluted share, assuming diluted weighted average shares of 23.5 million, taking into account the dilutive effect of stock options and warrants. The decrease from 2013 adjusted EBITDA is a result of the company's continued investments in expanding new initiatives in shopping and mobile and due to lower than expected gross margins from lower organic traffic. The company expects interest expense of $1.7 million, depreciation expense of $4.0 million, and amortization expense of $900,000.