ReachLocal Inc. of Woodland Hills, the online marketing company for small- and medium-sized businesses, reported a 24 percent increase in revenue and smaller losses for its first quarter ended March. 31.
Revenue increased to $104 million for the quarter, compared to $84.05 million in the same period a year ago. Net loss narrowed to $1 million from $3.4 million a year ago.
The company also said that adjusted earnings before interested, taxes and depreciation grew by 137 percent to $4.0 million, compared to $1.7 million for the prior year period.
Active advertisers grew 17 percent to 20,400 and active campaigns grew 24 percent to 30,100 from the prior year-ago period.
"ReachLocal delivered strong first quarter results due to strong international demand for our online marketing solutions for (small to medium sized businesses) and strengthening demand for our products in North America as the economy showed signs of improvement," Zorik Gordon, CEO of ReachLocal said in a prepared statement.
The company also announced the repurchase of $2.6 million or 388,000 shares of stock under the $20 million buy-back authorization.
Based on its performance and the expected improvement in the economic climate, ReachLocal raised its full-year 2012 guidance. The company expects 2012 revenue to be in the range of $439 million to $454 million, and adjusted EBITDA to be in the range of $18 million to $22 million.