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TORONTO, Feb. 27 /CNW/ - ZIPLOCAL INC. (ZIP-TSX Venture Exchange) ("ZipLocal" or the "Company"), a leader in local online search technology, today released its financial results for the three and six months ended December 31, 2008.
The Company is seeing improvements in the operating results from the continued and aggressive efforts to decrease expenses and increased productivity with a reduced number of staff. These initiatives have seen an improvement in Adjusted EBITDA loss by $1,305,989 for the three months ended December 31, 2008 as compared to the same period in the prior year. Adjusted EBITDA loss for the three months ended December 31, 2008 was $414,546 representing an improvement of $343,829 from $758,375 for the three months ended September 30, 2008.
Net revenues for the three months ended December 31, 2008 were $734,165, representing a decrease of $273,892 (or 27%) from $1,008,057 as recorded in the same period in the prior year. Net revenues for the six months ended December 31, 2008 were $1,494,101, representing a decrease of $724,887 (or 33%) from $2,218,988 as recorded in the same period in the prior year.
Net loss for the three months ended December 31, 2008 was $703,272 (or $0.01 per share), compared to a loss of $1,985,413 (or $0.03 per share), for the same period in the prior year. Net loss for the six months ended December 31, 2008 was $1,652,094 (or $0.02 per share), compared to a loss of $3,224,568 (or $0.06 per share), for the same period in the prior year.
The complete financial results and management's discussion and analysis of the results for the three and six months ended December 31, 2008 are available through the System of Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. All currencies are stated in Canadian dollars.
Adjusted EBITDA
ZipLocal uses Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by adding back to the net loss: interest, amortization and stock-based compensation. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP.
About ZipLocal Inc.
ZipLocal operates a Canadian online directory that provides a rich, user-defined local search experience. ZipLocal provides relevant search results from Canadian and US businesses with maps and functionality for users to review, rate and tag business listings. ZipLocal is focused on creating the most comprehensive and engaging search experience at the neighbourhood and city-wide level.
FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements based on management's current projections, beliefs and opinions at the date of this news release. Actual results could differ materially from those anticipated in the statements due to risks and uncertainties, which affect the Company's business and operations. Reference should be made to the Company's continuous disclosure documents filed from time to time with Canadian securities regulatory authorities for a detailed description of such risks and uncertainties. The Company takes no responsibility to update forward-looking statements if circumstances or management's projections, beliefs or opinions change.
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For further information: Stephen McDonald, ZipLocal Inc., (416) 987-2135, Investor_relations@ziplocal.com
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