ZIPLOCAL INC. (ZIP - TSX Venture Exchange), a leader in local online search technology, today released its financial results for the three and twelve month periods ended June 30, 2008.
During the fourth quarter, we launched our US site, continued to enhance site infrastructure and speed to drive increased traffic, and continued efforts to lower expenses.
The Company is starting to see the results of the prior restructuring combined with continued and aggressive efforts to decrease expenses. These initiatives have resulted in a decrease in cash burn by approximately $404,000 and in an improvement of Adjusted EBITDA by $480,000 for the three month period ended June 30, 2008 as compared to the three month period ended March 31, 2008.
Net revenues for the three month period ended June 30, 2008 were $837,000, representing a decrease of $474,000 (or 36%) from $1,311,000 in the same quarter of fiscal 2007. Net revenues for the year ended June 30, 2008 were $3,969,000 representing a decrease of $1,772,000 (or 31%) from $5,741,000 for the year ended June 30, 2007.
Net loss from continuing operations for the three months ended June 30, 2008 was $1,698,000 (or $0.02 per share), compared to a loss of $1,572,000 (or $0.03 per share) for the same period in fiscal 2007. Net loss from continuing operations for the year ended June 30, 2008 was $6,302,000 (or $0.09 per share), compared to a loss of $6,310,000 (or $0.14 per share) for the year ended June 30, 2007.
Included in the net loss from continuing operations for the three month ended June 30, 2008 were non-cash charges of $881,000 relating to write-down of barter credits available ($181,000), impairment of finite life intangible assets ($211,000) and impairment of goodwill ($489,000). -- www.cnxmarketlink.com
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