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8-K - FORM 8-K - LOCAL Corp | a59941e8vk.htm |
Exhibit 99.1
For Immediate Release
Local.com Reports Second Quarter 2011 Financial Results
IRVINE, Calif., Aug. 3, 2011 Local.com Corporation (NASDAQ: LOCM), a leading online
local media company, today reported its financial results for the second quarter of 2011.
SUMMARY RESULTS
(in thousands, except per share amounts)
(in thousands, except per share amounts)
Q2 2011 | Q1 2011 | Q2 2010 | ||||||||||
Owned & Operated |
$ | 9,502 | $ | 10,242 | $ | 12,072 | ||||||
Network |
3,716 | 3,723 | 6,980 | |||||||||
SAS |
2,366 | 2,830 | 3,952 | |||||||||
Revenue |
$ | 15,584 | $ | 16,795 | $ | 23,004 | ||||||
Adjusted Net Income (Loss)* |
$ | (1,903 | ) | $ | 8 | $ | 3,451 | |||||
Plus interest and other income (expense), net |
(30 | ) | (55 | ) | (61 | ) | ||||||
Less provision for income taxes |
(51 | ) | (11 | ) | (122 | ) | ||||||
Less non-cash depreciation, amortization and
stock compensation |
(2,933 | ) | (2,819 | ) | (2,373 | ) | ||||||
Plus revaluation of warrants |
411 | 1,559 | 335 | |||||||||
Less non-recurring charges |
(898 | ) | | | ||||||||
GAAP net income (loss) |
$ | (5,404 | ) | $ | (1,318 | ) | $ | 1,230 | ||||
Diluted Adjusted Net Income (Loss) per share * |
$ | (0.09 | ) | $ | 0.00 | $ | 0.20 | |||||
Diluted GAAP net income (loss) per share |
$ | (0.25 | ) | $ | (0.07 | ) | $ | 0.07 | ||||
Diluted weighted average shares used for
Adjusted Net Income (Loss) per share |
21,254 | 20,593 | 17,342 | |||||||||
Diluted weighted average shares used for GAAP
net income (loss) per share |
21,254 | 20,241 | 17,342 | |||||||||
Cash |
$ | 13,482 | $ | 20,213 | $ | 15,049 |
* | See detailed reconciliation of GAAP to non-GAAP measures in the financial tables attached to this release. |
Although we were challenged with traffic monetization again in the second quarter, we have
laid the foundation for our expected return to strong second half revenue growth. We believe
that our recent acquisitions provide us with the teams and technologies needed to broaden our
product range, and weve improved our sales capabilities in order to sell our products directly
to local merchants, said Heath Clarke, Local.com chairman and CEO. We retained our agreement
with Yahoo!, and were encouraged by early indications of monetization improvements from our new
ad partner. The acquisition of Screamin Media Group accelerates our growth in the daily deals
space, and we delivered record organic traffic for the second quarter.
Second Quarter Results Highlights:
| Revenue Second quarter 2011 revenue of $15.6 million represents a decrease of 7% over first quarter 2011 revenue of $16.8 million. | |
| GAAP Net Income (Loss) Second quarter 2011 GAAP net loss was $5.4 million or ($0.25) per diluted share, compared to the first quarter 2011 GAAP net loss of $1.3 million or ($0.07) per diluted share. | |
| Adjusted Net Income (Loss) Second quarter 2011 Adjusted Net Loss was $1.9 million or ($0.09) per diluted share compared to first quarter 2011 Adjusted Net Income of $8,000 or $0.00 per diluted share, and includes a non-recurring adjustment for a change in officer and other severance costs incurred during the quarter totaling $898,000 or ($0.04) per diluted share. |
Adjusted Net Income (Loss) is defined as net income (loss) excluding: provision for income
taxes; interest and other income (expense), net; depreciation; amortization; stock-based
compensation charges; gain or loss on warrant revaluation; and non-recurring items.
An explanation of the companys use of non-GAAP financial measures, including the limitations of
such measures relative to GAAP measures is included below and reconciliation between GAAP and
non-GAAP measures, where appropriate, is included in the financial tables attached to this
release.
| Cash On June 30, 2011, the companys cash balance was $13.5 million. Cash provided by operating activities of approximately $700,000 during the second quarter 2011 was offset by $6.4 million cash used for acquisitions and the purchase of intangible assets and $1.0 million used for capital expenditures. | |
| Debt The company had no debt during the second quarter 2011. |
Second Quarter Operating and Recent Highlights:
| Amended Yahoo!, Inc. Agreement On July 29, 2011, the company entered into an extension and modification of its agreement with Yahoo! Inc., pursuant to which the company will display Yahoo!s paid search results through July 31, 2012. | |
| Record Organic and Overall Traffic Overall traffic on the site and network was 82.9 million monthly unique visitors (MUVs) in the second quarter 2011, up 7% from the first quarter 2011 MUVs of 77.6 million. Organic traffic on the site and network was 30.8 million MUVs in the second quarter 2011, up 11.6% from the first quarter 2011 MUVs of 27.6 million. Organic traffic is defined as all non-SEM sourced traffic. | |
| Screamin Media Group Acquisition On July 9, 2011, the company acquired Screamin Media Group, Inc. (SMG), which operates Screamin Daily Deals, through the merger of the companys wholly-owned subsidiary with and into SMG. |
SMG became part of the companys social buying business and is operating under the companys Spreebird brand. SMG is now a wholly-owned subsidiary of the company and has moved its operations into the companys principal offices in Irvine, California. | ||
| Google, Inc. Agreement On June 30, 2011, the company entered into a Google Services Agreement with Google Inc. | |
| Rovion Asset Acquisition Effective May 5, 2011, the company completed its acquisition of substantially all of the assets of Rovion, Inc. for a total purchase price of approximately $2.2 million in cash. The assets acquired include a rich media advertising platform and toolset and various related assets. | |
| Spreebird Launch On May 2, 2011, the company launched Spreebird, the companys new daily deal service, website and brand. | |
| Krillion Acquisition On April 29, 2011, the company acquired all the outstanding capital stock of Krillion, Inc. (Krillion) for approximately $3.5 million in cash. Krillion is a local shopping data and content provider. Krillion provides data on more than 70,000 products in more than 60,000 retail locations nationwide and will continue to power product locators for major brands. Krillion is now a wholly-owned subsidiary of Local.com with offices in Mountain View, Calif. | |
| Appointments to Management Team Recent changes to the management team include the following: |
| Mike Sawtell was appointed as chief operating officer | ||
| Tullio Siragusa joined the company as senior vice president sales | ||
| Steven Dong joined the company as vice president of finance | ||
| Rob Luskey was promoted to vice president business development | ||
| Mark Wallin was promoted to vice president product development. |
| Appointment to Board of Directors On April 28, 2011, the company announced the appointment of Lowell W. Robinson to its board of directors. Robinson brings more than 20 years of senior level strategic management experience in the media, Internet, software and marketing services industries to the company. |
Owned & Operated:
| Revenue Second quarter 2011 O&O revenue was $9.5 million, down 7% from first quarter 2011 revenue of $10.2 million. | |
| Monetization of Traffic Revenue per thousand visitors (RKV) for second quarter 2011 was $194, down 8% from first quarter 2011 RKV of $211. |
Network:
| Revenue Second quarter 2011 Network revenue was $3.7 million, consistent with the first quarter 2011 Network revenue. | |
| Network Sites The Network business unit ended the second quarter 2011 with more than 1,400 regional media sites and more than 100,000 domains under management. |
Sales & Advertiser Services:
| Revenue Second quarter 2011 SAS revenue was $2.4 million, down 14% from first quarter 2011 SAS revenue of $2.8 million. | |
| Small Business Subscribers SAS ended the second quarter 2011 with more than 35,000 small business subscribers. The decrease in subscribers was due to expected attrition after the company suspended acquisitions of additional subscriber bases in 2010. |
Third Quarter 2011 Financial Guidance:
Revenue The company expects third quarter 2011 revenue to be approximately $21.0
million.
Adjusted Net Income (Loss) Due to limited monetization data from the new blend of ad
partners during the third quarter 2011, Local.com is not providing specific Adjusted Net Income
(Loss) guidance for the third quarter of 2011. However, Adjusted Net Loss for the third quarter
2011 is expected to be lower than the $1.9 million Adjusted Net Loss reported for the second
quarter of 2011.
Projected third quarter 2011 Adjusted Net Income (Loss) Factors:
| Interest Expense of between $130,000 and $150,000 | ||
| State Tax Provision Expense between $40,000 and $60,000 | ||
| Depreciation Expense of $720,000 | ||
| Amortization Expense of $1.2 million | ||
| Stock Compensation Expense of $970,000 | ||
| Warrant Revaluation Expense and Other Non-Recurring items are undeterminable* |
* | The valuation of the warrant liability is based in large part on the underlying price and volatility of our common stock during the quarter. Since we cannot predict this, we cannot project the non-cash gain or loss in connection with these warrants, and therefore cannot reasonably project our GAAP net income (loss). We therefore cannot provide GAAP guidance, but do report GAAP results. |
Conference Call Information:
Chairman and CEO Heath Clarke and CFO Ken Cragun will host a conference call today at 4:30 p.m.
ET to discuss the results and outlook. Investors and analysts can participate in the call by
dialing 1-866-788-0541 or 1-857-350-1679, passcode #46514410. To listen to the webcast, or to
view the press release, please visit the Investor Relations section of the Local.com website at:
http://ir.local.com. Institutional investors can access the call via Thomson/CCBNs
password-protected event management site, StreetEvents, at: www.streetevents.com.
The replay can be accessed for approximately one week starting at 7:30 p.m. ET the day of the
call by dialing 1-888-286-8010 or 1-617-801-6888, passcode #39408459. A replay of the webcast
will be available for approximately 90 days at the companys website, starting approximately one
hour after the completion of the call.
About Local.com®
Local.com
Corporation (NASDAQ:LOCM), a leading online local media company, enables brick-and-mortar businesses
to connect with online customers using a variety of digital marketing products. The company
reaches more than 20 million consumers each month on the
flagship Local.com website, 1,400
regional media sites and more than 100,000 geo-category websites. The company distributes daily
deals to hundreds of thousands of email subscribers in 14 markets via Spreebird, rich media ads
via Rovion.com, and real-time product inventory information from more than 60,000 retailers
nationwide via Krillion.com. To advertise, or for more information, visit:
http://www.local.com/.
Forward Looking Statements
This press release contains forward looking statements that involve risks and uncertainties
concerning Local.com Corporations expected financial performance, as well as Local.coms
strategic and operational plans. Actual results may differ materially from the results
predicted, and reported results should not be considered as an indication of future performance.
The potential risks and uncertainties include, among others, our
advertising partners paying less RPC and
revenues to us for our search results, our ability to adapt our business following the
shifts in our monitization partners, our
ability to monetize the Local.com domain, including at a profit, our ability to retain a
monetization partner for the Local.com domain and other web properties under our management that
allows us to operate profitably, our ability to develop, market and operate our local-search
technologies, our ability to market the Local.com domain as a destination for consumers seeking
local-search results, our ability to grow our business by enhancing our local-search services,
including through businesses we acquire, the future performance of our OCTANE360 business, the
integration and future performance of our social buying business, our Krillion business and our
Rovion business, as well as any other businesses we may acquire, including our newly acquired
Screamin Daily Deals business, our ability to successfully expand our Spreebird business into
new markets, including through acquisitions, such as the Screamin Daily Deals acquisition, the
possibility that the information and estimates used to predict anticipated revenues and expenses
associated with the businesses we acquire are not accurate, difficulties executing integration
strategies or achieving planned synergies, the possibility that integration costs and go-forward
costs associated with the businesses we acquire will be higher than anticipated, our ability to
successfully expand our sales channels for new and existing products and services, our ability
to increase the number of businesses that purchase our advertising products, our ability to
expand our advertiser and distribution networks, our ability to integrate and effectively
utilize our acquisitions technologies, our ability to develop our products and sales,
marketing, finance and administrative functions and successfully integrate our expanded
infrastructure, as well as our dependence on major advertisers, competitive factors and pricing
pressures, changes in legal and regulatory requirements, and general economic conditions. Any
forward-looking statements reflect our current views with respect to future events and are
subject to these and other risks, uncertainties and assumptions relating to our operations,
results of operations, growth strategy and liquidity. All subsequent written and oral
forward-looking statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by this paragraph. Unless otherwise stated, all site traffic and
usage statistics are from third-party service providers engaged by the company.
Our most recent Annual Report on Form 10-K/A, subsequent Quarterly Reports on Form 10-Q and Form
10-Q/A, recent Current Reports on Form 8-K and Form 8-K/A, and other Securities and Exchange
Commission filings discuss the foregoing risks as well as other important risk factors that
could contribute to such differences or otherwise affect our business, results of operations and
financial condition. The forward-looking statements in this release speak only as of the date
they are made. We undertake no obligation to revise or update publicly any forward-looking
statement for any reason.
Non-GAAP Financial Measures
This press release includes the non-GAAP financial measure of Adjusted Net Income which we
define as net income (loss) excluding: provision for income taxes; interest and other income
(expense), net; depreciation; amortization; stock-based compensation charges; gain or loss on
warrant revaluation; and non-recurring items. Adjusted Net Income, as defined above, is not a
measurement under GAAP. Adjusted Net Income is reconciled to net income (loss) which we believe
is the most comparable GAAP measure. A reconciliation of net income (loss) to Adjusted Net
Income is set forth at the end of this press release.
Management believes that Adjusted Net Income provides useful information to investors about the
companys performance because it eliminates the effects of period-to-period changes in income
from interest on the companys cash and marketable securities, expense from the companys
financing transactions and the costs associated with income tax expense, capital investments,
stock-based compensation expense, warrant revaluation charges and non-recurring items which are
not directly attributable to the underlying performance of the companys business operations.
Management uses Adjusted Net Income in evaluating the overall performance of the companys
business operations.
A limitation of non-GAAP Adjusted Net Income is that it excludes items that often have a
material effect on the companys net income and earnings per common share calculated in
accordance with GAAP. Therefore, management compensates for this limitation by using Adjusted
Net Income in conjunction with net income (loss) and net income (loss) per share measures. The
company believes that Adjusted Net Income provides investors with an additional tool for
evaluating the companys core performance, which management uses in its own evaluation of
overall performance, and as a base-line for assessing the future earnings potential of the
company. While the GAAP results are more complete, the company prefers to allow investors to
have this supplemental metric since, with reconciliation to GAAP; it may provide greater insight
into the companys financial results. The non-GAAP measures should be viewed as a supplement to,
and not as a substitute for, or superior to, GAAP net income or earnings per share.
# # #
Investor Relations Contact:
Brinlea C. Johnson
The Blueshirt Group
212-551-1453
brinlea@blueshirtgroup.com
Brinlea C. Johnson
The Blueshirt Group
212-551-1453
brinlea@blueshirtgroup.com
Media Relations Contact:
Cameron Triebwasser
Local.com
949-789-5223
ctriebwasser@local.com
Cameron Triebwasser
Local.com
949-789-5223
ctriebwasser@local.com
LOCAL.COM CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
(unaudited) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 13,482 | $ | 13,079 | ||||
Restricted cash |
10 | | ||||||
Accounts receivable, net of allowances of $294 and $297, respectively |
10,981 | 11,912 | ||||||
Notes receivable current portion |
749 | 249 | ||||||
Prepaid expenses and other current assets |
913 | 1,454 | ||||||
Total current assets |
26,135 | 26,694 | ||||||
Property and equipment, net |
7,792 | 7,119 | ||||||
Goodwill |
20,340 | 17,339 | ||||||
Intangible assets, net |
10,585 | 8,989 | ||||||
Long term portion of note receivable |
637 | 751 | ||||||
Deposits |
57 | 52 | ||||||
Total assets |
$ | 65,546 | $ | 60,944 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 8,047 | $ | 7,626 | ||||
Accrued compensation |
2,118 | 1,906 | ||||||
Deferred rent |
602 | 641 | ||||||
Warrant liability |
870 | 2,840 | ||||||
Other accrued liabilities |
525 | 651 | ||||||
Revolving line of credit |
| 7,000 | ||||||
Deferred revenue |
381 | 699 | ||||||
Total current liabilities |
12,543 | 21,363 | ||||||
Deferred income taxes |
188 | 188 | ||||||
Total liabilities |
12,731 | 21,551 | ||||||
Commitments and contingencies |
||||||||
Stockholders equity: |
||||||||
Convertible preferred stock, $0.00001 par value; 10,000 shares authorized;
none issued and outstanding for all periods presented |
| | ||||||
Common stock, $0.00001 par value; 65,000 shares authorized; 21,274 and
16,584 issued and outstanding, respectively |
| | ||||||
Additional paid-in capital |
114,338 | 94,194 | ||||||
Accumulated deficit |
(61,523 | ) | (54,801 | ) | ||||
Stockholders equity |
52,815 | 39,393 | ||||||
Total liabilities and stockholders equity |
$ | 65,546 | $ | 60,944 | ||||
LOCAL.COM CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue |
$ | 15,584 | $ | 23,004 | $ | 32,379 | $ | 41,635 | ||||||||
Costs and expenses: |
||||||||||||||||
Cost of revenues |
10,812 | 13,176 | 21,800 | 23,978 | ||||||||||||
Sales and marketing |
4,646 | 3,945 | 7,928 | 7,043 | ||||||||||||
General and administrative |
3,291 | 2,209 | 5,901 | 4,123 | ||||||||||||
Research and development |
1,359 | 1,142 | 2,887 | 2,254 | ||||||||||||
Amortization of intangibles |
1,210 | 1,454 | 2,408 | 2,684 | ||||||||||||
Total operating expenses |
21,318 | 21,926 | 40,924 | 40,082 | ||||||||||||
Operating income (loss) |
(5,734 | ) | 1,078 | (8,545 | ) | 1,553 | ||||||||||
Interest and other income (expense), net |
(30 | ) | (61 | ) | (85 | ) | (117 | ) | ||||||||
Revaluation of warrants |
411 | 335 | 1,970 | 63 | ||||||||||||
Income (loss) before income taxes |
(5,353 | ) | 1,352 | (6,660 | ) | 1,499 | ||||||||||
Provision for income taxes |
51 | 122 | 62 | 135 | ||||||||||||
Net income (loss) |
$ | (5,404 | ) | $ | 1,230 | $ | (6,722 | ) | $ | 1,364 | ||||||
Per share data: |
||||||||||||||||
Basic net income (loss) per share |
$ | (0.25 | ) | $ | 0.08 | $ | (0.32 | ) | $ | 0.09 | ||||||
Diluted net income (loss) per share |
$ | (0.25 | ) | $ | 0.07 | $ | (0.32 | ) | $ | 0.08 | ||||||
Basic weighted average shares outstanding |
21,254 | 15,989 | 20,750 | 15,301 | ||||||||||||
Diluted weighted average shares outstanding |
21,254 | 17,342 | 20,750 | 16,498 |
Supplemental Consolidated Statements of Operations Information
Stock-based Compensation Expense
(in thousands, except per share data)
Stock-based Compensation Expense
(in thousands, except per share data)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Cost of revenues |
$ | 66 | $ | 65 | $ | 153 | $ | 85 | ||||||||
Sales and marketing |
359 | 161 | 678 | 318 | ||||||||||||
General and administrative |
489 | 285 | 936 | 585 | ||||||||||||
Research and development |
106 | 149 | 225 | 296 | ||||||||||||
Total stock-based compensation expense |
$ | 1,020 | $ | 660 | $ | 1,992 | $ | 1,284 | ||||||||
Basic and diluted net stock-based
compensation expense per share |
$ | 0.05 | $ | 0.04 | $ | 0.10 | $ | 0.08 | ||||||||
LOCAL.COM CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Six Months Ended June 30, | ||||||||
2011 | 2010 | |||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | (6,722 | ) | $ | 1,364 | |||
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: |
||||||||
Depreciation and amortization |
3,760 | 3,189 | ||||||
Provision for doubtful accounts |
| 85 | ||||||
Stock-based compensation expense |
1,992 | 1,284 | ||||||
Revaluation of warrants |
(1,970 | ) | (63 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
1,191 | (7,069 | ) | |||||
Note receivable |
114 | | ||||||
Prepaid expenses and other assets |
554 | (178 | ) | |||||
Accounts payable and accrued liabilities |
63 | 3,181 | ||||||
Deferred revenue |
(398 | ) | 30 | |||||
Net cash provided by (used in) operating activities |
(1,416 | ) | 1,823 | |||||
Cash flows from investing activities: |
||||||||
Capital expenditures |
(2,013 | ) | (1,715 | ) | ||||
Issuance of notes receivable |
(1,085 | ) | | |||||
Proceeds from notes receivable |
585 | | ||||||
Acquisitions, net of cash acquired |
(6,217 | ) | | |||||
Purchases of intangible assets |
(554 | ) | (3,887 | ) | ||||
Net cash used in investing activities |
(9,284 | ) | (5,602 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from exercise of warrants |
| 6,974 | ||||||
Proceeds from exercise of options |
158 | 1,784 | ||||||
Proceeds from the public offering of common stock |
18,227 | | ||||||
Payment of revolving credit facility |
(7,000 | ) | (3,000 | ) | ||||
Proceeds from revolving credit facility |
| 3,000 | ||||||
Payment of financing related costs |
(282 | ) | (10 | ) | ||||
Net cash provided by financing activities |
11,103 | 8,748 | ||||||
Net increase in cash and cash equivalents |
403 | 4,969 | ||||||
Cash and cash equivalents, beginning of period |
13,079 | 10,080 | ||||||
Cash and cash equivalents, end of period |
$ | 13,482 | $ | 15,049 | ||||
Supplemental Cash Flow Information: |
||||||||
Interest paid |
$ | 64 | $ | 381 | ||||
Income taxes paid |
$ | 11 | $ | 206 | ||||
LOCAL.COM CORPORATION
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME
(in thousands, except per share amounts)
(Unaudited)
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME
(in thousands, except per share amounts)
(Unaudited)
Three Months | ||||||||||||
Three Months Ended June 30, | Ended March 31, | |||||||||||
2011 | 2010 | 2011 | ||||||||||
Net income (loss) |
$ | (5,404 | ) | $ | 1,230 | $ | (1,318 | ) | ||||
Less interest and other income (expense), net |
30 | 61 | 55 | |||||||||
Plus provision for income taxes |
51 | 122 | 11 | |||||||||
Plus amortization of intangibles |
1,210 | 1,454 | 1,198 | |||||||||
Plus depreciation |
703 | 259 | 649 | |||||||||
Plus stock-based compensation |
1,020 | 660 | 972 | |||||||||
Less revaluation of warrants |
(411 | ) | (335 | ) | (1,559 | ) | ||||||
Plus non-recurring charges* |
898 | | | |||||||||
Adjusted Net
Income (Loss) |
$ | (1,903 | ) | $ | 3,451 | $ | 8 | |||||
Diluted Adjusted Net Income (loss) per share |
$ | (0.09 | ) | $ | 0.20 | $ | 0.00 | |||||
Diluted weighted average shares outstanding |
21,254 | 17,342 | 20,593 |
* | Included in non-recurring charges are costs incurred due to a change in officer as well as severance cost incurred during the quarter |