ReachLocal Report Q2 Earnings

Online advertising company ReachLocal released its first earnings report since going public in May. The Woodland Hills-based company reported a net loss of $2.39 million, or 0.09 per diluted share, on revenues of $70.36 million. For the same period a year ago, the company had a net loss of $1 million or 0.04 per diluted share, on revenues of $47.9 million. As of June 30, ReachLocal had cash and cash equivalents and short-term investments of $83.8 million. The company received $42.1 million in proceeds in connection with its initial public offering on May 19, net of issuance costs. Shares outstanding at the end of the second quarter were 27.8 million. During the quarter, ReachLocal expanded into five additional markets, executed the beta launch of Bizzy, a new SMB retention and acquisition platform, and added to its product portfolio with the release of its new TotalLiveChat product.