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Thursday, Aug 18, 2022
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ReachLocal to Buy Back More Shares

Internet advertising company ReachLocal announced on Thursday a $6 million expansion of its share buyback program. The funding means the Woodland Hills company will have authorized $26 million to buy back shares since its board of directors first approved the program in November 2011. The company said that it now has a total of about $10 million to buy additional shares, including the newly added $6 million. Shares have risen nearly 40 percent since the program began, though lately some of the gains have been given back despite the company beating analysts’ estimates for the third quarter. ReachLocal reported net income of $836,000 (3 cents a share) for the quarter, compared to a loss of $4.6 million (-16 cents a share) in the same quarter a year earlier. Revenue was up 21 percent to $119 million. Analysts had expected a loss of 2 cents a share on revenue of $116 million, according to S&P Capital IQ. Shares fell 16 cents, or 1.5 percent, to close at $10.52 on the Nasdaq.

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