Local.com aussichtsreich

Form 10-Q for LOCAL.COM


--------------------------------------------------

10-May-2011

Quarterly Report



Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
This Quarterly Report on Form 10-Q or certain information included or incorporated by reference in this report, contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are statements that could be deemed "forward-looking statements" within the meaning of the federal securities laws. These statements relate to our future operations, prospects, potential products, services, developments and business strategies. These statements can, in some cases, be identified by the use of terms such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "project," and "potential" or the negative of such terms or other comparable terminology. In addition, important factors to consider in evaluating such forward-looking statements include changes or developments in social, economic, market, legal or regulatory circumstances, changes in our business or growth strategy or an inability to execute our strategy due to changes in our industry or the economy generally, the emergence of new or growing competitors, the actions or omissions of third parties, including customers, competitors and governmental authorities, and various other factors, including those described or referred to in Item 1A of Part II of this Quarterly Report. Should any one or more of these risks or uncertainties materialize, or the underlying estimates or assumptions prove incorrect, our actual results could differ materially from those expressed in the forward-looking statements and there can be no assurance that the forward-looking statements contained in this report will in fact occur. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the attached condensed consolidated financial statements and related notes thereto, and with the audited consolidated financial statements and related notes thereto as of December 31, 2010 and for the year ended December 31, 2010 included in our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 29, 2011.
Overview
We are a local media advertising company that enables local businesses and consumers to find each other and connect. We operate online businesses that collectively reach over 20 million monthly unique visitors across over 100,000 websites, and we serve over 37,000 small business customers with a variety of web hosting and local online advertising products.
Our Owned & Operated business unit manages our flagship property, Local.com, and a proprietary network of over 20,000 local websites, which reaches over 15 million monthly unique visitors. Our Network business unit operates (i) a leading private label local syndication network of over 1,100 U.S. regional media websites, (ii) 80,000 third-party local websites, and (iii) our own organic feed of local businesses plus third-party advertising feeds, both of which are focused primarily on local consumers to a distribution network of hundreds of websites. Our Sales & Ad Services business unit provides over 37,000 direct monthly subscribers with web hosting or web listing products. Our Octane business, which is a part of our Sales & Ad Services business unit, significantly adds to the products and services we are able to offer our direct customers, including the sourcing, registration, development and hosting of geo-category based local website domains. We use patented and proprietary search technologies and systems, to provide consumers with relevant search results for local businesses, products and services. By providing our users and those of our network partners with robust, current, local information about businesses and other offerings in their local area, we have attracted an audience of users that our direct advertisers and advertising partners desire to reach. We launched Local.com in August of 2005, our local syndication network in July 2007, and we expanded our sales and advertiser services offerings to include a larger number of direct service subscribers throughout 2009 and 2010. In the third quarter of 2010, we also acquired Octane360. We have been regularly developing and deploying new features and functionality to each of these channels designed to enhance the experience of our users and increase the value of our audience to our advertisers. With a strategic focus on three key drivers for our business - traffic, technology and advertisers - we believe we can continue to grow through our own efforts and the acquisition of complementary businesses and technologies intended to accelerate our growth. In May, 2011, the Company launched Spreebird, the company's new daily deal service, website and brand. Spreebird represents the company's new Social Buying business unit.
Recent Developments
On January 14, 2011, we entered into an Underwriting Agreement (the "Underwriting Agreement") with respect to the offer and sale (the "Offering") of 4,000,000 shares of our common stock at a price to the public of $4.25 per share. Under the terms of the Underwriting Agreement, we granted the underwriter an option, exercisable for 30 days, to purchase up to an additional 600,000 shares of our common stock (the "Option Shares") at the same purchase price to cover over-allotments, which was exercised in full by the underwriter on January 18, 2011. The offering of our common stock was made pursuant to our effective shelf registration statement on Form S-3 (Registration No. 333-147494) (the "Registration Statement"), including a related prospectus as supplemented by a Preliminary Prospectus Supplement dated January 13, 2011 and


--------------------------------------------------

Table of Contents
Prospectus Supplement dated January 14, 2011, which we filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended. The Registration Statement was set to expire on January 15, 2011, but was extended as a result of our filing on January 14, 2011 of a new shelf registration statement on Form S-3 to register 8,000,000 shares of its common stock in replacement of the expiring Registration Statement (the "New Shelf Registration Statement"). While we sold 4,600,000 shares of our common stock in the Offering which reduced the number of available shares under the New Registration Statement, we intend to increase the number of available shares so that we will have up to 8,000,000 shares available for future offerings under the replacement registration statement. Net proceeds to the Company from the sale of shares in the Offering, after deducting underwriting discounts and commissions and other related expenses, was approximately $18.2 million.
On January 20, 2011, in connection with the completion of the Offering and in accordance with the anti-dilution provisions contained in each of the warrants to purchase up to 537,373 shares of common stock at an exercise price of $7.89 per share that were issued in a private placement transaction on August 1, 2007 and the warrants to purchase up to 537,373 shares of common stock at an exercise price of $9.26 per share that were issued in the same private placement transaction on August 1, 2007, the exercise price of the Series A Warrants and the Series B Warrants was reduced to $7.02 per share and $8.09 per share, respectively, and the Company issued an additional 66,207 Series A Warrants at an exercise price of $7.02 per share, which are immediately exercisable, and an additional 77,707 Series B Warrants at an exercise price of $8.09 per share, which are immediately exercisable. The Series A Warrants and the Series B Warrants are exercisable until February 1, 2013 and February 3, 2014, respectively, and the New Series A Warrants and the New Series B Warrants are exercisable until February 1, 2013, and February 3, 2014, respectively. In January 2011, we entered into an asset purchase agreement with iTwango for the purchase of a deal-of-the-day technology platform. The purchase price, including earnout payments, totaled approximately $450,000 paid in a combination of cash and our common stock.
On February 11, 2011, the Company entered into an asset purchase agreement with Digital Post Interactive, Inc., a Nevada corporation, and its wholly-owned subsidiary, Rovion, Inc., a Delaware corporation, pursuant to which the Company would acquire substantially all of the assets of Rovion.
On March 23, 2011, the Company, DGLP and Rovion, agreed to mutually terminate the Rovion Agreement following notice from DGLP and Rovion to the Company that they intended to seek bankruptcy protection. Subsequently, the Company, DGLP and Rovion entered into negotiations to purchase the assets of Rovion in accordance with the bankruptcy proceedings.
On April 4, 2011, the Company entered into an Asset Purchase Agreement with DGLP and Rovion, pursuant to which the Company acquired substantially all of the assets of Rovion on May 5, 2011. The purchase of the Rovion assets was completed following the satisfaction of all closing conditions, including approval by the bankruptcy court hearing the bankruptcy proceeding of Rovion. In accordance with the terms of the Agreement, the Company paid DGLP and Rovion $2,196,000 less $485,000 in loans owed by DGLP to Rovion. The transaction was funded from the Company's cash on hand. Allocation of the purchase price will be determined based on a fair market valuation of the assets acquired. Except for liabilities arising from certain contracts to be assumed by the Company from and after the closing of the transaction and accounts payable related to Rovion, no other liabilities will be assumed by the Company in connection with the transaction. Outlook for Our Business
Local search allows consumers to search for local businesses, products or services by including geographic area, zip code, city name, or other geographically targeted search parameters in their search requests. According to a September 2010 study, The Kelsey Group estimates that the local search market in the United States will grow from $4.2 billion in 2010 to $8.6 billion by 2014. Local businesses, those that principally serve consumers within a fifty mile radius of their location, are increasingly shifting their newspaper and print yellow pages ad spend to online advertising, some of which is directed towards local search advertising.
We believe that local search will be an increasingly significant segment of the online advertising industry. Although search advertising has been used primarily by businesses that serve the national market, local businesses are increasingly using online advertising to attract local customers. Our O&O and Network business units are designed to serve this market of consumers and advertisers, which we believe will provide an opportunity for growth from increased local search volumes by consumers, as well as increased competition by advertisers to display their ad listings in front of those consumers.
Local search is relatively new, and as a result it is difficult to determine our current market share or predict our future market share. Our revenue, profitability and future growth depend not only on our ability to execute our business plan, but also, among other things, on acceptance of our services, the growth of the paid-search market, our ability to effectively compete with other providers of local search, and paid-search technologies and services.



--------------------------------------------------

Table of Contents
We have also taken steps to diversify our revenue sources, while maintaining our focus on local offerings, including through the acquisition of Octane360 and more recently the acquisition of the iTwango deal-of-the-day technology platform and its relaunch as Spreebird. Subsequent to quarter-end we also acquired all of the outstanding capital stock of Krillion, a local shopping data and content provider, and substantially all of the assets of Rovion, which includes a self-service rich media advertising platform.
We intend to continue making significant investments in the Spreebird business and Rovion and Krillion acquisitions as part of our initiative to diversify our revenue and promote the future growth of the Company.
As we also continue to invest in our core offerings, while pursuing the acquisitions noted above, we have increased our operating expenses, mainly related to traffic acquisition costs to bring users to our Local.com website, the deployment of new features and functionality across business units and the support of our acquired companies. We also intend to continue to increase our sales and marketing expenses to promote our Local.com website.
In the fourth quarter of 2010, in connection with Yahoo!'s integration of its advertising service with Microsoft's Bing, we experienced a material reduction in the revenue per click ("RPC") that Yahoo! pays for clicks on their advertisements on our sites. The material reduction in RPC from Yahoo! had a material adverse effect on our revenue and earnings results for the fourth quarter of 2010 and first quarter 2011. We continue to actively work with Yahoo! to improve RPC and have also been pursuing a number of other strategies, including, but not limited to, optimization of our SEM campaigns as well as optimization and deployment of advertiser feeds from existing and new partners. In the first quarter 2011 we normalized our operations to this shift in RPC from Yahoo! while continuing our efforts to maximize our revenue and earnings opportunities with Yahoo!. These and other strategies are intended to preserve revenue and net income. This lower level of monetization from Yahoo! is expected to continue through 2011. We cannot give assurances that our efforts to improve monetization with Yahoo! or any of the alternative strategies will be successful.
Sources of Revenue
We generate revenue primarily on our Local.com website and Network from both direct and indirect advertiser relationships, via:
� click-throughs on sponsored listings;

� calls to cost-per-call advertiser listings;

� lead generation;

� banner ads;

� subscription advertiser listings;

� domain sales and services; and

� web hosting services.

Operating Expenses
Cost of Revenues
Cost of revenues consists of traffic acquisition costs, revenue sharing payments that we make to our network partners, and other cost of revenues. Traffic acquisition costs consist primarily of campaign costs associated with driving consumers to our Local.com website, including personnel costs associated with managing traffic acquisition programs. Other cost of revenues consists of Internet connectivity costs, data center costs, amortization of certain software license fees and maintenance, depreciation of computer equipment used in providing our paid-search services, and payment processing fees (credit cards and fees for LEC billings). We advertise on large search engine websites such as Google, Yahoo!, MSN/Bing and Ask.com, as well as other search engine websites, by bidding on certain keywords we believe will drive traffic to our Local.com website. During the three months ended March 31, 2011, approximately 64% of our overall traffic was purchased from other search engine websites. During the three months ended March 31, 2011, advertising costs to drive consumers to our Local.com website were $8.1 million of which $6.1 million was attributable to Google, Inc. If we are unable to advertise on these websites, or the cost to advertise on these websites increases, our financial results will likely suffer materially.



--------------------------------------------------

Table of Contents
Sales and Marketing
Sales and marketing expenses consist of sales commissions and salaries for our internal and outsourced sales force, customer service staff and marketing personnel, advertising and promotional expenses. We record advertising costs and sales commission in the period in which the expense is incurred. We expect our sales and marketing expenses will increase in absolute dollars as we continue to experience growth.
General and Administrative
General and administrative expenses consist of salaries and other costs associated with employment of our executive, finance, human resources and information technology staff, legal, tax and accounting, and professional service fees.
Research and Development
Research and development expenses consist of salaries and other costs of employment of our development staff, outside contractor costs and amortization of capitalized website development costs. Critical Accounting Policies
The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. We review our estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the result of which forms the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of revenue and expenses. Actual results may differ from these estimates under different assumptions or conditions. Our significant accounting policies also described in more detail in Note 1 to our consolidated financial statements included in our 2010 Annual Report on Form 10-K, involve judgments and estimates that are significant to the presentation of our consolidated financial statements.
Revenue Recognition
We recognize revenue when all of the following conditions are satisfied:
(1) there is persuasive evidence of an arrangement; (2) the service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. We generate revenue when it is realizable and earned, as evidenced by click-throughs occurring on advertisers' sponsored listings, the display of a banner advertisement, the fulfillment of subscription listing obligations, or the delivery of Octane360 products to our customers. We enter into contracts to distribute sponsored listings and banner advertisements with our direct and indirect advertisers. Most of these contracts are short-term, do not contain multiple elements and can be cancelled at anytime. Our indirect advertisers provide us with sponsored listings with bid prices (for example, what their advertisers are willing to pay for each click-through on those listings). We recognize our portion of the bid price based upon our contractual agreement. Sponsored listings and banner advertisements are included as search results in response to keyword searches performed by consumers on our Local.com website and network partner websites. Revenue is recognized when earned based on click-through and impression activity to the extent that collection is reasonably assured from credit worthy advertisers. We have analyzed our revenue recognition and determined that our web hosting revenue will be recognized net of direct costs. All other revenue is recognized on a gross basis. During the year ended December 31, 2010 we entered into multiple-deliverable arrangements for the sale of domains and for providing services relating to such domains. We evaluated the agreements in accordance with the provision of the revenue recognition topic that addresses multiple-deliverable revenue arrangements as updated in October 2009. Although such updated provisions were only effective for fiscal periods beginning on or after June 15, 2010, we opted to adopt such provisions early. The multiple-deliverable arrangements entered into consisted of various units of accounting such as the sale of domains, website development fees, content delivery and hosting fees. Such elements were considered separate units of accounting due to each element having value to the customer on a stand-alone basis. The selling price for each of the units of accounting was determined using a combination of vendor-specific objective evidence and management estimates. Revenue relating to domains was recognized with the transfer of title of such domains. Revenue for website development, content delivery and hosting fees are recognized as such services are performed or delivered. The agreements did not include any cancellation, termination or refund provisions that we consider probable.



--------------------------------------------------

Table of Contents
Allowance for Doubtful Accounts
Our management estimates the losses that may result from that portion of our accounts receivable that may not be collectible as a result of the inability of our customers to make required payments. Management specifically analyzes accounts receivable and historical bad debt, customer concentration, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. If we believe that our customers' financial condition has deteriorated such that it impairs their ability to make payments to us, additional allowances may be required. We review past due accounts on a monthly basis and record an allowance for doubtful accounts generally equal to any accounts receivable that are over 90 days past due and for which collectability is not reasonably assured. As of March 31, 2011, two customers, Yahoo! and SuperMedia represented 59% of our total accounts receivable. These customers have historically paid within the payment period provided for under their contracts and management believes these customers will continue to do so.
Goodwill and Other Intangible Assets
Goodwill representing the excess of the purchase price over the fair value of the net tangible and intangible assets arising from acquisitions and purchased domain names are recorded at cost. Intangible assets, such as goodwill and domain names, which are determined to have an indefinite life, are not amortized. We perform annual impairment reviews during the fourth fiscal quarter of each year or earlier if indicators of potential impairment exist. For goodwill, we engage an independent appraiser to assist management in the determination of the fair value of our reporting unit and compare the resulting fair value to the carrying value of the reporting unit to determine if there is goodwill impairment. For other intangible assets with indefinite lives, we compare the fair value of related assets to the carrying value to determine if there is impairment. For other intangible assets with definite lives, we compare future undiscounted cash flow forecasts prepared by management to the carrying value of the related intangible asset group to determine if there is impairment. We performed our annual impairment analysis for our indefinite lived intangible assets, as of December 31, 2010 and determined that the estimated fair value of the reporting unit substantially exceeded its carrying value and therefore no impairment existed. Future impairment reviews may result in charges against earnings to write-down the value of intangible assets. Stock Based Compensation
Total stock-based compensation expense recognized for the three months ended March 31, 2011 and 2010 is as follows (in thousands, except per share amount):


                                                                          Three Months Ended March 31,
                                                                          2011                    2010
Cost of revenues                                                      $           86          $           20
Sales and marketing                                                              319                     156
General and administrative                                                       448                     301
Research and development                                                         119                     147

Total stock-based compensation expense                                $          972          $          624

Basic and diluted net stock-based compensation expense per share      $         0.05          $         0.04






--------------------------------------------------

Table of Contents

Results of Operations
The following table sets forth our historical operating results as a percentage
of revenue for the three months ended March 31, 2011 and 2010:

                                                  Three Months Ended March 31,
                                                    2011                2010
   Revenue                                              100.0 %             100.0 %

   Operating expenses:
   Cost of revenues                                      65.4                58.0
   Sales and marketing                                   19.5                16.6
   General and administrative                            15.5                10.3
   Research and development                               9.1                 6.0
   Amortization and write-down of intangibles             7.1                 6.6

   Total operating expenses                             116.7                97.5


   Operating income (loss)                              (16.7 )               2.5
   Interest and other income (expense), net              (0.3 )              (0.3 )
   Change in fair value of warrant liability              9.3                (1.5 )

   Income (loss) before income taxes                     (7.8 )               0.8

   Provision for income taxes                             0.1                 0.1


   Net income (loss)                                    (7.8) %               0.7 %




Three months ended March 31, 2011 and 2010

Revenue (dollars in thousands)

                                                        Three Months Ended March 31,                            Percent
                                         2011                (*)               2010                (*)           change
                                    (in thousands)                        (in thousands)
Owned and operated                   $        10,242           61.0 %      $        10,717           57.5 %          (4.4 )%
Network                                        3,723           22.2 %                5,189           27.9 %         (28.3 )%
Sales and advertiser services                  2,830           16.8 %                2,725           14.6 %           3.9 %

Total revenue                        $        16,795          100.0 %      $        18,631          100.0 %          (9.9 )%




Owned and operated revenue for the three months ended March 31, 2011 decreased $0.5 million, or 4.4%, compared to the same period in 2010. The decrease in revenue is primarily due to decreased monetization as our revenue per thousand visitors ("RKV") decreased to $211 for the three months ended March 31, 2011 from $260 for the three months ended March 31, 2010 partially offset by an increase in traffic on our Local.com website. The decrease in RKV was a result of decreased RPC from Yahoo!, Inc., our largest customer. The decrease in RPC was due to the Yahoo!/Bing alliance, which resulted in changes to the Yahoo! search and advertising platform. The decline in the revenue from Yahoo! started during the fourth quarter of 2010. This lower level of monetization from Yahoo! is expected to continue through 2011.
Network revenue for the three months ended March 31, 2011 decreased $1.5 million, or 28.3%, compared to the same period in 2010. The decrease is primarily due to a decrease in network partners on the Company's distribution  

Ich halte derartige Divergenzen in Bewertungen für absurd und nicht für nachhaltig.

"We are a local media advertising company that enables local businesses and consumers to find each other and connect. We operate online businesses that collectively reach over 20 million monthly unique visitors across over 100,000 websites, and we serve over 37,000 small business customers with a variety of web hosting and local online advertising products.

Our Owned & Operated business unit manages our flagship property, Local.com, and a proprietary network of over 20,000 local websites, which reaches over 15 million monthly unique visitors. Our Network business unit operates (i) a leading private label local syndication network of over 1,100 U.S. regional media websites, (ii) 80,000 third-party local websites, and (iii) our own organic feed of local businesses plus third-party advertising feeds, both of which are focused primarily on local consumers to a distribution network of hundreds of websites. Our Sales & Ad Services business unit provides over 37,000 direct monthly subscribers with web hosting or web listing products. Our Octane business, which is a part of our Sales & Ad Services business unit, significantly adds to the products and services we are able to offer our direct customers, including the sourcing, registration, development and hosting of geo-category based local website domains. "  

http://newsystocks.com/news/4097562/...-buy-skype-calling-for-profits

Würde Local.com wie Skype bewertet, müsste die Marktkapitalisierung statt 75 Millionen bei 850 Millionen liegen - also dem 11-fachen.  

Company Details



Total Shares Out Standing (millions):

21







Market Capitalization ($ millions):

$79







Institutional Ownership:

24.3%







Price (as of 5/10/2011)

3.71

















Ownership Analysis

# Of Holders

Shares



Total Shares Held:

77

5,151,732







New Positions:

16

1,485,778







Increased Positions:

36

2,303,405







Decreased Positions:

29

1,649,830







Holders With Activity:

65

3,953,235







Sold Out Positions:

16

1,480,366  

http://finance.yahoo.com/news/...ries&pos=2&asset=&ccode=

Das ist für kleinere Anbieter wie Local.com eine sehr gute Nachricht.  

http://pmanewsline.com/2011/05/03/...d-daily-deals-acquires-krillion/  

Erste Unit von  Spreebird." Spreebird collects many of the best deals from across the country and makes them conveniently available in one place. Spreebird then allows consumers to easily browse and buy the deals that are most relevant to their specific interests. Spreebird expects to launch iPhone and Android mobile apps during the third quarter, 2011."


Zielgruppe sind Konsumenten, für die Spreebird durch das Sammeln eine große Hilfe ist:

For consumers, Spreebird provides:

An easy way to find great deals on products and services that match their personal tastes and interests in one place

A compelling and cost-saving way to discover new local businesses

The ability to share their favorite deals with friends and family across their social networks

Diese Unit ist seit Wochen schon "auf Sendung":

http://www.spreebird.com/deals/la-ca?q=

You must enter your email or skip to the deals and enter your location.  

Konkurrenz bzw. den Partner The Dealmap positionieren will.

Im Q3 kommen die Apps, ein Jahr später als The Dealmap.
http://techcrunch.com/2010/08/10/the-dealmap-deals-groupon/

Da man vermutlich nicht beabsichtigt, mittelfristig alles was Dealmap einsammelt einfach durchzuleiten, schätze ich mal dass man stärker auf die interessenbasierte Auswahl ("Deals your way") und die Zielgruppe der Flagship-Site ("soccer mom") setzt.

Das eigentliche Ziel und margenstarker Umsatzbringer dürften die selbst vermarkteten Spreebird-Deals werden. Auch dort trifft man auf mächtige Konkurrenz, aber dieser Markt ist und bleibt zersplittert, wie Libuda zu recht schreibt, so dass man sich mit einem guten Konzept und der Power des eigenen Netzwerks hier sicherlich ein ordentliches Stück aus dem Kuchen herausschneiden kann. Das Affiliate-Programm mit der angekündigten Gewinnbeteiligung für Webseitenbetreiber könnte als Booster fungieren.  

auch wieder bei Yahoo eingekauft, denn Posting über das Netzwerk von Local.com werden momentan abgelehnt, wie z.B. dieses:

"Go to Google and enter "Powered by Local.com" and take a look of the thousands local, who were powered from Local.com. I can't post more example, because they were blocked from Yahoo."

Selbst die Google-Suche wird blockiert, nachdem ich es vorher mit den Suchergebnissen von Google versucht haben. Offensichtlich wurden die automatischen Tools, die auf gigantische Netzwerk von Local.com verweisen "scharfgestellt". Die große Preisfrage ist, wie Shortseller so etwas erreichen.  

Dealmap ist nur einer von vielen Anbieter, auf die verwiesen wird. Die meisten Offers verweisen nicht auf einen Anbieter, der ebenso wie Spreebird mit einer seiner Units ein Kolletor ist.  

Es wäre geradezu unverantwortlich seine Kundenbasis nicht auf für Coupon-Deals auszunutzen:

"Spreebird is a new daily deals service from Local.com Corp. Local.com operates one of the most widely used local search sites on the web, connecting over 20 million local consumers and local businesses every month."  

unauffällig, kleiner Dip, aber langfristiger Aufwätstrend intakt

http://siteanalytics.compete.com/local.com+yelp.com+yellowpages.com/

http://trends.google.com/...al.com&geo=US&date=all&sort=0  

der Shortselling-Gambinos, die sich bei Local.com verkalkuliert haben, erzählen, bleibt die extreme Unterbewwertung von Local.com bestehen.

Denn nachwievor gilt diese Einschätzung durch das Unternehmen von Anfang Februar dieses Jahres, die auf dem damaligen Conference Call abgegeben wurde:

Full Year 2011 Financial Guidance:

For full year 2011, the company expects revenues to be approximately $85 million.

Und die wurde dann noch einmal Anfang dieses Monates im folgenden Conference Call (May 2, 2011) bestätigt:

Jon Hickman - MDB

Two questions for you, Heath. Any comments about, you gave guidance for the second quarter; do you want to still stick with your guidance for the year from last time? Do you have any guidance?

Heath Clarke

Yes, we are not updating guidance, but we are not changing our prior guidance.  

Logischerweise ist ein Unternehmen im Bereich des Local Search absurd unterbewertet, wenn 85 Millionen Umsatz mit 75 Millionen Marktkapitalisierung bewertet werden. Das ist ein Wert von 0,9, während beispieslweise Linkedin beim momentan laufenden IPO mit dem 12-fachen Umsatz bewertet wird.  

müssten eigentlich anhand der Umsatzanteile aus den neuen Produkten und Geschäftsbereichen anssatzweise zeigen, ob die aktuellen Um- und Ausbauarbeiten in den kommenden Jahren das bringen, was Heath Clarke in Aussicht stellt:

"We continually prepare our organization for the next phase of our growth and today we have a management structure to take us beyond $300 million per year in revenue." (Transcript Q1)

Die  Internationalisierungsstrategie (2006-2009) war nicht erfolgreich, hat aber offenbar auch keine größeren Schäden hinterlassen. Die aktuelle Strategie führt zu mehr Unabhängigkeit, Diversifizierung und höherer Marge und gefällt mir daher wesentlich besser als der Versuch, durch Expansion nach Europa zu wachsen. Mit den Zukäufen und der neuen Ausrichtung der Flagship-Site könnte etwas wirklich interessantes entstehen.  

Von den jüngten Personalzugängen gefällt mir letzterer besser.

Bei Michael Sawtell stört natürlich, dass DGLP pleite gegangen ist. Warum genau, weiß ich zwar nicht, aber wenn man sich die Trafficzahlen von TheFamilyPost.com mal anschaut, dann will das zu den tollen Aussagen im Profil nicht so recht passen:
http://www.linkedin.com/pub/michael-sawtell/1/40b/b27
Aber immerhin hat er Local.com von 2000 bis 2005 mit aufgebaut, und das war offenbar ein erfolgreicher Zeitraum.

Aber ein Highlight aber ist für mich der zweitgenannte. Von dessen Einfluß kann man sich einiges versprechen. Wenn man sich die Biographie anschaut ist das klar:

Lowell W. Robinson - "a numbers guy"
- more than twenty years of senior level strategic management experience in the media,
 Internet, software and marketing services industries
- MBA in Finance from Harvard Business School (1973)
- BA in Economics from The University of Wisconsin (1971)
- member of The Economic Club of NY

--------------------------------------------------
zur Person:
http://www.thestreet.com/story/11098092/1/...ts-new-board-member.html
http://www.linkedin.com/pub/lowell-robinson/10/971/350
http://www.alumni.hbs.edu/bulletin/1998/october/success/robinson.html
http://www.nacdct.org/PDF/Bio-Robinson.pdf
http://people.forbes.com/profile/lowell-w-robinson/46545
http://nndb.com/people/630/000171117/
http://www.allamericanspeakers.com/speakers/Lowell-W.-Robinson/7469
--------------------------------------------------

Drei Highlights aus dem Lebenslauf:

2006 - 2009
MIVA, Inc.  (today: Vertro, Inc.)
http://ir.miva.com/releasedetail.cfm?releaseid=388082
http://en.wikipedia.org/wiki/Espotting
http://findwhat.com/
http://alot.com/
http://www.google.com/finance?q=Miva
Adknowledge (Pay-per-click ad network) acquires Miva’s media division for $11.6M
http://venturebeat.com/2009/03/16/...s-mivas-media-division-for-116m/

2000 - 2002
HotJobs.com
http://en.wikipedia.org/wiki/Hotjobs.com
- sold HotJobs to YAHOO! for $500 million, representing a 75% premium to market
YAHOO! TO ACQUIRE HOTJOBS ($436 million, Dec. 27, 2001)
http://docs.yahoo.com/docs/pr/release893.html

1994 - 1997
ADVO Inc., Founded in 1929, 3,800 Employees
- the largest direct marketing company in the US, over $1 billion in revenues
- helped boost its stock price by 300 percent in one year  

von Local.com die Nerven blank und bei ihren Helfern bei Yahoo wohl auch, denn die nehmen z.B momentan auch das folgene Posting nicht an:

"Big synergies between Spreebird, Krillion and the other offers of Local.com"

Offensichtlich wurde das entsprechende Tool, das Postings zu Spreebird bearbeitet, so geschaltet, dass jede positive Nachricht zu Spreebird nicht angenommen wird. Irgendwer muss aber das Tool so geschaltet haben - und eigentlich sollte sich die SEC einmal um die gute Frau/den guten Mann kümmern, was die aber nicht tun werden. Diese Grauzone auf Boards ist aber nicht nur in den USA ein Problem.  

das auf ein Posting zu einem geplanten Verlust von 2,5 Millionen im zweiten Quartal antwortete und darauf hinwies, dass

- im zweiten Quartal Spreebird gestartet wurde und damit einhergehend ein Außendienst aufgebaut wird, der Aufträge bei den lokalen Kunden direkt aquiriert und außerdem die anderen Angebote von Local.com offeriert.

- Krillion gekauft wurde und die Angebote in die Offers von Local.com eingebaut werden.

- Rovion gekauft wurde und die Angebote in die Offers von Local.com eingebaut werden.

- mit der Entwicklung neuer Angebote begonnen wurde bzw diese fortgesetzt werden, um die Abhängigkeit von Yahoo und Google zu reduzieren.

Außerdem enthielt dieses Posting noch ein Ausführung aus dem Conference Call, dass die Erlöse im vierten Quartal um 50% höher sein würden als im ersten Quartal, in dem der Guidance immerhin schon bei den Umsätzen um 0,9 Millionen übertroffen wurde.  

einen neuen Reokrdwret erreihct:
http://www.nasdaq.com/aspxcontent/...px?symbol=LOCM&selected=LOCM

Das Voulmen ist aber inwzischen deutlich gesuknen. Die Lage spitzt sich aslo wieder zu.

Das Wort "Syenrgie" hatle ich momnetan auch für das Loacl-Motto schlehcthin.  

so geleistt hat, dann glube ich, dass er genau der richtige ist, LOCM beim Hebn diser Synrgien zu begleitn.  

Zusätzlich zu den dort genannten Zahlen kommt noch das Nackte Shorten dazu, das in diesen Zahlen nicht auftaucht. Denn logischerweise kann nur das Shortselling auch erfasst werden, was erkannt werden, denn sonst kann es ja nicht gemeldet werden.

Nun werden aber die Broker in den SEC in den USA nicht kontrolliert, ob sie ihren Kunden kontrollieren. Der Verkäufer einer Aktie wird von seinem Broker lediglich gefragt, ob er seinen Lieferverpflichtungen nachkommen können. Sagt er "Yes I can", geht man davon aus, dass er das auch kann - weitere Überprüfungen finden nicht statt. Dadurch kann man also die veröffentlichten Zahlen zum Shortselling eigentlich auch in die Tonne kloppen, denn sie sind nur eine Untergrenze, denn es kommt noch das nicht erfasste nackte Shorten dazu. Ob bei Local.com vielleicht nicht gar mehr geshortet ist, als Aktien existieren, weiss keine Sau.  

announcen. Diese Premiere ist ja glaube ich noch für Mai vorgesehen. HC will sich ja jetzt noch öfter melden, hat er im Earnings-Call gesagt. Operativ müsste es eigentlich in den nächsten Monaten viele Gelegenheiten geben, gute PRs rauszugeben.  

das über Fakten von Local.com berichtet, die positiv gedeutet werden können nicht mehr an - eigentlich ein Fall für die SEC, denn irgendjemand muss ja dieses Tool bei Yahoo angeworfen haben. Wahrscheinlich werden sie sich aber mit Werbung herausreden - dann müsste man allerdings alle Aktienboards schließen.  

Festlegung von Interessengebieten, die in der Beta-Phase drin war, momentan nicht vorhanden ist. Da man andererseits gerade das herausstellt ("Deals your way"), denn man muss sich ja schließlich gegen die Konkuzzenz durchsetzen, schätze ich mal, dass man an dieser Funktion arbeitet und sie vielleicht erheblich verbessert.

Zu dem Problem mit der Y.-Fehlermeldung:
Je nach Ursache scheint eine andere IP-Adresse zu helfen (DSL-Modem mal eine zeitlang ausschalten) oder das Weglassen (oder verkürzen) von Links (vielleicht auch einzelnen Begriffen).
Bei Suchergebnissen könnte auch die Verwendung einer anderen Suchmaschine als Google helfen, denn die werden sich vermutliuch nicht selbst blocken, z.B:
http://search.yahoo.com/...param=&rd=r1&meta=vl%3Dde%26fl%3D1

Ein paar Infos dazu:
http://www.murraymoffatt.com/software-problem-0011.html
http://ycoderscookbook.com/tutorials/999_Error.html
http://answers.yahoo.com/question/index?qid=20070614235929AAUbrLP
http://answers.yahoo.com/question/...8jzKIX?qid=20070611123154AA2y3ky
http://au.answers.yahoo.com/question/index?qid=20100916221451AAxnUJN  

http://videos.webpronews.com/2011/05/13/...llion-rovion-acquisitions/  

kommunizieren und schickt die Vice Presidents mit solchen Interviews stärker in die Öffentlichkeit. Was da zusammengebaut wird macht eigentlich Sinn und könnte funktionieren:

Deals + Video Ad Campaign + Shop Localizer + (Hyper) Local Search  + Local Directories + Coupons + Articles Content

Hat alles irgendwie miteinander zu tun und kann sich hervorragend ergänzen. Wenn´s gelingt könnte ab 2012 eine reiche Ernte eingefahren werden...