Local Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Year 2014
For the six months, the company reported revenue of $48,694,000 against $44,120,000 a year ago. Operating loss was $2,556,000 against $2,604,000 a year ago. Loss from continuing operations before income taxes was $4,061,000 against $3,224,000 a year ago. Net loss from continuing operations was $4,158,000 or $0.18 per basic and diluted share against $3,454,000 or $0.15 per basic and diluted share a year ago. Net loss was $4,158,000 or $0.18 per basic share against $6,939,000 or $0.31 per basic share a year ago. Net cash provided by operating activities was $3,682,000 against $1,115,000 a year ago. Capital expenditures were $2,073,000 against $1,397,000 a year ago.
Revenue for 2014 is expected to be in the range of $103 million to $107 million, which at the mid-point is an increase of 11% over 2013 revenue. Adjusted EBITDA for 2014 is expected to be in the range of $3 million to $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. Projected 2014 Adjusted EBITDA Factors: interest expense of $1.7 million, income tax provision of $200,000, depreciation expense of $4.0 million, amortization expense of $900,000.