Local.com has released its fourth quarter 2008 earnings. Their revenue grew 61% year-over-year to $9.6 million. However, they experienced a net loss of $2.2 million, which translates to $0.15 a share.
"We are pleased to report fourth quarter results in line with our prior guidance and forecast a return to strong revenue growth in the first quarter. We are bullish for 2009, projecting approximately $50 million in overall revenue and a return to net income for the entire year," said Heath Clarke, Local.com chairman and CEO. "Despite a challenging economy, we are well positioned and have a balance sheet that will allow us to take advantage of strategic opportunities throughout the year. Our focus is on continued execution in driving sales and organic traffic."