rloc reachlocal 2q11 earnings review

8/6/2019 RLOC ReachLocal 2Q11 Earnings Review

1/12

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Hxcji Hafji X`t`jxdb

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X`jdbFadjf bjt eapil j t{``| t~a| hs jkkx`ttcu`fs kxa{cik c|t Ci|`xi`|

Mjxg`|cik Daitpf|ji|t l`t~c|` |b` x`d i| x`d`ttcai) \b`t` e``| ai |b` t|x``|lxcu` |b` dam~jist kxa{|b hs jdzpcxcik tmjff jil m`lcpm tc`l hptci`tt"TMH# dfcì|t jil jclcik |b`m ci jlu`x|ctcik |b` dfcì| dam~jis ucj t`jxdb jillct~fjs jlu`x|ctcik)

X`jdbFadjf x`~ax|`l xùìp` ae ,38);M jil @^T ae ,>)>3& tfckb|fs h`fa{ apx`r~`d|j|cait ae ,3)>: @^T `t|cmj|`)

X`jdbDjt|t tafl cidx`jt`l |a ji `t|cmj|`l : exam ::>> j| |b` ìl ae :Z:t|cff |aa `jxfs eax j kaal x`|ì|cai xj|` `t|cmj|`& jt ~xalpd| fjpidb`l ciIau`mh`x 8>:>& jil lcl ia| kjci |xjd|cai pi|cf :Z::) [c|b |b` mjoaxc|s aeX`jdbDjt| tjf`t h`cik ,:833 jil 5 mai|bt ci lpxj|cai& {` h`fcù` |bj| |b`4Z:: X`jdbDjt| ipmh`x {cff h` |b` h`t| m`jtpx`mì| ae dpt|am`x x`|ì|cai)

X`jdbL`jft ka| aee |a j tfa{ t|jx|& jt ~`xtaijfcj|cai ae |b`t` l`jft x`zpcx`t~à~f` |a gia{cik |bj| |b` j~~ `rct|t) [` h`fcù` |bj| |bct ct max` |bji jip~bcff hj||f` kcuì |b` ipmh`x jil hx`jl|b ae dam~`|c|axt ci |b` t~jd ) @jxfsdbjii`f db`dgt jx` tba{cik f`tt |bji ìdapxjkcik lj|j& hp| {` x`dakic` |bj|bct ~xalpd| i``lt |cm` |a lù`fa~)

\b` tjf` ae 0M tbjx`t hs Uji|jk`âci| Uì|px`t ct t|cff j faamcik ùì| ci |bì`jx ep|px`) Kcuì |b` fjdg ae l`mjil eax |b` CÂ& {` jx` ia| baflcik ap| mpdba~` eax |bct l`jf |a h` ~xcd`l jhau` j :2 bjilf`) \b` dam~jis ct jfta t`ffciktbjx`t ci |b` aee`xcik jt jx` tam` a|b`x tbjx`bafl`xt) Kcuì |b` fjdg ae uafpmjil tmjff dj~ ij|px` ae |b` t|adg& ~fjdcik |b` 5M tbjx`t mjs ~xau` lceecdpf|)

L`t~c|` |b` ejd| |bj| X`jdbDjt| tju`l |b` zpjx|`x jil {cff dai|cip` |a la ta& {h`fcù` |b` `m~fas`` dbpxi jil t`dailjxs aee`xcik {cff dai|cip` |a ~x`ttpx`tbjx`t) [` jx` fa{`xcik apx ~xcd` |jxk`| exam ,:3 |a ,:0)


2/12

Hxcji Hafji X`t`jxdb X`jdbFadjf "Ijtljz Kfahjf Mjxg`|t? XFA

:4 Opi` 8>:: Hxcji Hafji X`t`jxdb v : ;;4 820 v {{{)tdxchl)dam

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Ciu`t|m`i| Xctgt 3J~~`ilcr :>

G`s M`|xcdt :>


3/12


4 Jpkpt| 8>:: Hxcji Hafji X`t`jxdb v ;;4 820 v {{{)tdxchl)dam

Tpmmjxs ae 8Z::

X`jdbFadjf bjt l`mait|xj|`l j df`jx ~j|b |a ~xaec|jhcfc|s& kaal kxa{|b bct|axs jil kaakxa{|b ~a|ì|cjf) C|t x`dì| ~jx|i`xtbc~ {c|b Kaakf` bjt df`jx l |b` {js eax ep|pciu`t|mì| ci `ckb| eax`cki dapi|xc`t au`x |b` i`r| |bx`` s`jxt)

Au`x |b` fjt| s`jx& |b` dam~jis bjt jll`l j g`s ~xalpd|& X`jdbDjt|& |a c|t t`jxdb jilct~fjs aee`xcikt) X`jdbDjt| ct |b` tadcjf m`lcj mjxg`|cik |aaf |bj| cidfpl`t Ejd`haa\{c||`x& jil T@A t`xucd`t eax |b` tc|`) \bxapkb :Z:: |b` dam~jis bjt tafl j~~xarcmj|`:&:>> X`jdbDjt|t |a i`{ jil `rct|cik dfcì|t) Bjucik fjpidb`l ci Iau`mh`x& |b` x`|ì|cxj|`t eax X`jdbDjt| {cff h` j ~xcmjxs daid`xi)

Kxa{|b ct ~x`lcdj|`l ai |b` dai|cip`l bcxcik ae Ci|`xi`| Mjxg`|cik Daitpf|ji|t "CMDt# J|b` dam~jis jllt max` CMDt |b` lct|jid` |a ~xaec|jhcfc|s ct fcg`fs |a h` tbax|ì`l) Ai |daie`xìd` djff {` f`jxi`l |bj| ci|`xij|caijf `r~jitcai {cff h` |b` g`s |a ep|px` kxa{|b)

X`jdbDjt|

Jijfstct

[c|b ::>> X`jdbDjt|t h`cik tafl |bxapkb Mjxdb 4:& 8>:: {` dji `r~`d| |bj| |b` ujmjoaxc|s jx` ae |b` ,:833 ujxc`|s jt a~~at`l |a |b` ,:;33 ~xcd`) ^xao`d|cik j 30% ! 0t~fc|& X`jdbDjt| kì`xj|`l ,) Je|`x |bx`` s`jxt |b` ju`xjk` p~~`xdfjttmji bj~~xarcmj|`fs 0> dfcì|t) Kcuì |bj| |b` dam~jis la`t ia| bju` j tckicecdji| bct|axs {faag eax{jxl |a f`jxicik ba{ |b`t` ju`xjk`t |xìl au`x |cm`)


4/12



T|adg \xjlcik

Mjoax Tbjx`bafl`xt

Uji|jk`âci| Uì|px` ^jx|i`xt "UÛ^# ciu`t|`l {jt |b` f`jl ciu`t|ax ci j ,;);0M xapil cJ~xcf ae 8>>0 jil faagt |a bju` mjci|jci`l c|t tbjx`t max` |bji j s`jx je|`x |b` CÂ) Jt aJ~xcf 8>::& UÛ^ b`fl :8)0M tbjx`t ax j~~xarcmj|`fs >;)

Ecl`fc|s Mjijk`mì| X`t`jxdb Dam~jis baflt ;)5% ae |b` tbjx`t ap|t|jilcik& ax jha8)8M jil |b` D@A _axcg Kaxlai xapilt ap| |b` |a~ ecu` {c|b 0)0% ae |b` tbjx`t ap|t|jilci{bcdb `zpj|`t |a :)5M tbjx`t)

\b` daidì|xj|cai ae tbjx`t b`fl hs e`{ tbjx`bafl`xt ~x`tì|t j ~xahf`m eax mji~a|ì|cjf ep|px` ciu`t|axt) [c|b 0::)

Cidam` T|j|`mì|

[c|bap| bjucik bjl j tckicecdji| lctdpttcai {c|b mjijk`mì| ai ba{ |a |bcig jhamal`ffcik |b` dam~jis ap|& {` jla~|`l j pt` ù`xs|bcik j~~xajdb |a dam` |a apx `t|cmj|

Apx `t|cmj|`t jx` hjt`l ai j ipmh`x ae mau`jhf` ~jx|t ci |b` X`jdbFadjf mal`f& cidfplcihp| ia| fcmc|`l |a? :# ipmh`x ae djm~jckit 8# ipmh`x ae jlu x|ct`xt 4# ipmh`x ae tjf~à~f` > jlu x|ct`xt ci |b` zpjx|`x) Jllcik |b` kxa{|b ae jlu`x|ct`xt tba{t pt tfa{tckicecdji|fs ci |b` fjt| |{a s`jxt& jil ct `r~`d|`l |a x`mjci ci j |ckb| xjik` eax |b` i`r| s`j


5/12



Kxa{|b xj|`t bju` tfa{`l& hp| 8Z:: tba{`l j mpdb i``l`l jdd`f`xj|cai jt a~~at`l |a |bl`d`f`xj|cait |bj| ~`xucapt eapx zpjx|`xt tba{`l) C| tbapfl h` ia|`l |b`

Jd|cu` Djm~jckit

Jt j eapilj|cai eax apx mal`f& jd|cu` djm~jckit ct j g`s m`|xcd {bì jijfstciX`jdbFadjf) \b` ipmh`x ae djm~jckit ~`x jlu`x|ct`x bjt h`ì kxa{cik& jil jt |dam~jis jllt i`{ ~xalpd|t jil t`xucd`t& |bj| cidx`jt` tbapfl `r~jil) Kxa{|b djm~jckit ct max` cm~ax|ji| |bji kxa{|b ae jlu`x|ct`xt& jt mpf|c~f` djm~jcki dpt|am`jx` ejx f`tt fcg`fs |a x`tpf| ci dbpxi)

Kxa{|b ci djm~jckit x`mjci`l max` xahpt| |bji kxa{|b ci jlu`x|ct`xt)

\b` au`xjff |xìl ae kxa{|b eax djm~jckit ct l`dx`jtcik tfckb|fs& hp| ct `r~`d|`l |a x`mjjhau` |b` 8>% |bx tbafl) Dait`dp|cu` zpjx|`xt h`fa{ |b` 8>% kxa{|b xj|` {apfl h` j tckae jlujid`l l`d`f`xj|cai)


6/12



Tjf`t T|jee Kxa{t "1#

Au`x |b` fjt| e`{ s`jxt& X`jdbFadjf bjt kxa{i c|t tjf`t t|jee |bxapkb c|t haa| djm~ |xjciciae i`{ tjf`t ~à~f`) \b` Dam~jis la`t ia| lctdfat` c|t kxjlpj|cai xj| & hp| tcm~jijfstct dji tba{ {bj| bct|axcdjf xj|`t bju` h`ì jil {bj| {` dji `r~`d| ci |b` i`jx |`xm\b` jijfstct tba{t |bj| |b` dam~jis tj{ j tckicecdji| lxa~ ci kxjlpj|cait ci 4Z:>& jdam~`|c|cai cidx`jt`l jil |b` oah mjxg`| faatì`l tckicecdji|fs exam |b` x`d`ttcai) Auc`{ ct |bj| |b` dam~jis {cff dai|cip` |a {``l ap| Pil`xdfjttmji j| j ;>-;0% xj|`& jùì mau` |a `fcmcij|` j ~`xdì|jk` ae c|t P~~`xdfjttmì |a juacl ~jscik bckbdammcttcait |bji {bj| ct i`d`ttjxs)

Ci 8Z::& |b` dam~jis ~at|`l ji cidx`jt` ae `rjd|fs < pil`xdfjttmì) P~~`xdfjttm`cidx`jt`l hs 8; ax i`jxfs 3%) J dfat`x faag j| |b` ipmh`xt tpkk`t|t |bj| |b` kxjlpj|caxj|`& ax ipmh`x ae CMDt |bj| bju` fjt|`l :8 mai|bt ax max` lxa~~`l exam 88% ci |~xùcapt zpjx|`x |a 8:%) J| |b` ìl ae 8Z:>& |b` `t|cmj|`l kxjlpj|cai xj|` {jt %)

Kcuì |b` p~lj|`l kpcljid`& {` h`fcù` |bj| j t~cg` ci kxjlpj|cai xj|`t ct damcik& hp| |bj~~`jxt |a h` lp` mjcifs |a |b` ecxt| kxap~ ae CMD t |bj| {`x` cit|jff`l je|`x |b` cidx`jt`~`xeaxmjid` dbjx|`x) \b` ecxt| dbjx| ct apx ~xùcapt `t|cmj|`l kxjlpj|cai xj|`&

Kpcljid` jfta |`fft pt |bj| pil`xdfjttmì {cff t`` j tmjff cidx`jt` ci |b` i`r| zpjx|`x ji|bì t`` j ~pxk` ae j~~xarcmj|`fs :0%) \bct {cff ~ptb |b` `r~`d|`l kxjlpj|cai xj|` |a ùepx|b`x fa{t) Mjijk`mì| ia|`l |bj| ci|`xij|caijf CMDt {`x` ap|~`xeaxmcik |b`cx t|j|`-tcl~``xt& ta l`dx`jt`t ci t|jee tc` "|b` dax` x`jtai eax kxa{|b# mjs h` pijuacljhf`)


7/12



Djm~jcki JT^

Je|`x j tfckb| lc~ ci JT^t& X`jdbFadjf ~at|`l ji cidx jt` ci JT^ ci 8Z::) Apx mal`f djeax dai|cip`l kxa{|b ci JT^t jil mjs h` dait`xuj|cu` kcuì |b` kxa{|b ci X`jdbDjtjf`t)

Jlu`x|ct`x JT^

Tfa{ jil t|`jls t``mt |a h` |b` djt` eax Jlu`x|ct`x JT^ t& jil {bcf` |bct dbjx| {acit~cx` j hjdgefc~& c| d`x|jcifs {ai| mjg` sap t`ff tbjx`t)

Xùìp` ~`x CMD

Jt j tjf`t eadpt`l a~`xj|cai& faagcik j| |b` au`xjff èe`d|cuì`tt ae |b` tjf`t eaxd` dji hb`f~epf {bì l`|`xmcicik |b` ~xakx`tt) \b`x` jx` tù`xjf {jst |a faag j| |b` èe`d|cuìàe |b` CMDt tpdb jt xùìp` ~`x CMD ax jlu`x|ct`x ! djm~jcki ~`x CMD) [bì faagcik Xùìp` ~`x CMD& {` hx`jg la{i |b` xùìp` ipmh`xt ap|tcl` ae IHJX ut |b` Lcx`d| Fadtjf`t) [` la ia| bju` dfjxc|s ai {b`|b`x ax ia| |b` CMD dapi| cidfpl`t |b` IHJX t|jee) [jx` jttpmcik |b`s jx` ia| cidfpl`l ci |b` CMD b`jldapi| ipmh`xt)


8/12



Jt {c|b mat| ae |b` ai` aee jil zpcdg jijfstct jt~`d|t ae X`jdbFadjf& |b` Xùìp` ~`x CMfaagt |a h` j tmaa|b jil t|`jls |xìl p~) [bì {` faag l``~`x ci|a |b` èe`d|cuì`tt `jdb CMD& {` t`` j tfckb|fs lcee`xì| ~cd|px`)

\b` èe`d|cuì`tt ae |b` ju`xjk` CMD tba{ |bj| |b` ipmh`x ae jlu`x|ct`xt ~`x CMdai|cip`t |a |xìl fa{`x& hp| j| |b` tjm` |cm` |b` ipmh`x ae djm~jckit ~`x CMD ct ai`r~`d|`l |a |xìl bckb`x) C| tbapfl h` ia|`l |bj| |b` CMDt jx` |b` ~xcmjxs lxcu`x ae jff g`m`|xcdt) \b` mat| ~xaiapid`l dbjx| |bj| tba{t |b` èe`d|cuì`tt ae |b` CMDt ct |Djm~jckit ~`x Jlu`x|ct`x dbjx| h`fa{) \bct tba{t |bj| aid` X`jdbFadjf jil CMD juc`{`l jt |xpt|`l ~jx|i`xt& c| ct u`xs fcg`fs |bj| jlu`x|ct`xt {cff dai|cip` |a t~ìl {c|b |bdam~jis ci a|b`x jx`jt)

Jijfstct ae g`s m`|xcdt eax X`jdbFadjf

Mat| ae |b` X`jdbFadjf t|axs x`mjcit ci-|jd|& hp| |b` t|jkij|cai ae pil`xdfjttmì ct `jt|b` fjxk`t| dbjffìk` |bj| ct ejdcik mjijk`mì|) [c|bap| j dait|ji| ciefa{ ae i`{ hfaal& {laph| |bj| |b` 4>% kxa{|b xj| t {cff x`mjci) \bct cm~fc`t |bj| `m~fas`` dbpxi x`mjcit jdpxxì| fù`ft) Ce `m~fas`` dbpxi xj|`t cidx`jt`& |b` dam~jis xctgt l`dx`jt` ci maxjf`& {`ff jt ciùc|jhf` cidx`jt`t ci dpt|am`x daieptcai) C| dapfl jfta bcil`x |b` jhcfc|s |a dai|ci|a j||xjd| zpjfc|s |jfì| jil dapfl cidx`jt` Pil`xdfjttmì `r~ìt`t)

Dat| ae Tjf`t |a L`dx`jt` jt j ~`xdì|jk` ae Tjf`t

I`jxfs jff ae |b` dat| ae xùìp` ct eax |b` ~pxdbjt` ae m`lcj jil i`jxfs jff ae |b` m`l~pxdbjt`l ct exam Kaakf`& Sjbaa* jil Mcdxatae|) J tpht|ji|cjf mjoaxc|s ae |b` m`l~pxdbjt`l ct exam Kaakf`)

\b` l`jf {c|b Kaakf` b`f~`l |b` kxatt mjxkci fci`& jil {` bju` jlopt|`l apx maljddaxlcikfs eax |b` i`r| s`jx)


9/12



Ciu`t|mì| Xctgt

Ce |b` dam~jis `r~`xcìd`t jis ax jff ae |b` eaffa{cik xctg ejd|axt& jt {`ff jt a|b`xt& |bdam~jist t|adg ~xcd` mjs h` jee`d|`l)

Jlu`x|ct`xt mau` lct~xa~ax|caij|`fs |a mahcf` ci|`xi`| hplk`|t) J| |b` dpxxì| |cm`|b` dam~jis la`t ia| bju` j tckicecdji| mahcf` ~xalpd| eax c|t dfcì|t) Tbapfl |bl`mjil eax mahcf` kxa{ lct~xa~ax|caij|`fs fjxk`x |bji |xjlc|caijf tapxd`t |b`X`jdbFadjf dapfl h` i`kj|cu`fs cm~jd|`l)

J h`||`x jlu`x|ctcik ~fj|eaxm ct lù`fa~`l eax ci|`xi`| jlu`x|ctcik) T`jxdb bjt h``|b` lamciji| j~~fcdj|cai ai |b` ci|`xi`| eax |b` fjt| | i s`jxt) Tbapfl jia|b`j~~fcdj|cai h`dam` max` jdd`~|jhf` |bji t`jxdb& jlu`x|ct`xt dapfl mau` hplk`|exam t`jxdb |a |bj| ~fj|eaxm)

Dam~`|c|cai ct ci|ìt` jil mau`t zpcdgfs) Kaakf` dapfl mjg` j tckicecdji| èeax| |dam~`|` {c|b X`jdbFadjf& {bcdb {apfl tù`x`fs cm~jd| a{i`xtbc~ ae X`jdbFadjtbjx`t) A|b`x dam~`|c|axt bju` mau`l |a x`~fcdj|` |b` tpdd`tt ae |b` dam~jis jia|b`xt mjs dai|cip` |a la |b` tjm`)

Ep|px` kxa{|b ct ~x`lcdj|`l ai kxa{|b ae CMDt) Mjis ae apx jttpm~|cait ae kxa{|jx` hjt`l ai |b` ep|px` tpdd`tt CMDt) Tbapfl jia|b`x dam~jis aee`x j h`||`dam~ìtj|cai ~fji ax tbapfl |b` dammcttcait ~jcl h` dp|& {` h`fcù` |bj| j mjt`ralpt ae |xjci`l CMDt {apfl h` j i`kj|cu` eax |b` dam~jis

Fatt ae g`s mjijk`mì|) J fatt ae |b` D@A ax da-eapil`xt {apfl h` uc`{`l jt tckicecdji| fatt |a |b` dam~jis) \b` mjijk`mì| |`jm bjt h`ì |ak`|b`x eatù`xjf s`jxt& jil |bct dai|cipc|s ct ji jtt`|)

Ai` mjoax tbjx`bafl`x dapfl t`ff) Jt ae

::)0% ae |b` tbjx`t ap|t|jilcik) @c|b`x ai` ae |b`t` t|jg` bafl`xt t`ffcik dapfl f`j|a j fatt ae daieclìd` hs |b` kx`j|`x mjxg`| jil tmjff`x tbjx`bafl`xt)

Cm~fcdj|cait ae bckb`x `m~fas`` |pxiau`x ! cidx`jt`t ci dammcttcait)

@jxfc`x ci |b` x`~ax| c| {jt ia|`l |bj| |b` kxjlpj|cai xj|` j~~`jxt |a h` maucik tckicecdji|fa{`x) \bct cm~fc`t j bckb `m~fas`` |pxiau`x |bj| mjs djpt` |b` dam~jis |a x`-axk c|dammcttcai ! `r~ìt` t|xpd|px`) [` ia|` |bj| mat| dam~`|c|axt ~js c|t tjf t t|jtckicecdji|fs max` |bji |b` 5% jil :>% xj|`t |bj| X`jdbFadjf ~jst) Jt c| h`dam`t bjxl`|a ecil jil bcx` zpjfcec`l tjf`t~à~f`& |b` dam~jis mjs mau` |a cidx`jt` dammcttcait jiax tjfjxc`t) \bct {apfl bju` j i`kj|cu` cm~jd| ai mjxkcit)

X`dammìlj|cai jil Ujfpj|cai

Apx BAFL xj|cik ct mjci|jci`l& hp| {` jx` fa{`xcik apx ~xcd` |jxk`| |a ,:0 exam ,:3 xèf`d| |b` fa{`x `r~`d|`l ipmh`x ae CMDt) \b` fjxk`x au`xbjik ai |b` t|adg ct |t`dailjxs aee`xcik ae j~~xarcmj|`fs 5M tbjx`t) Kcuì ba{ |b` CÂ {jt ~xcd`l j| ,:4 je|h`cik kcuì j xjk` ae ,:;-,:3& |bct aee`xcik ct fcg`fs kacik |a h` ejdcik tam` tckicecdjdbjffìk`t)


10/12



J~~`ilcr

8Z:: @jxicikt X`uc`{


11/12



Dau`xjk` Cic|cj|`l ai 5!:4!:: {c|b BAFL xj|cik jil ,:3 ~xcd` |jxk`|

2!4!:: 8Z:: @jxicikt P~lj|`& xcd` |jxk`| fa{`x`l |a ,:0 exam ,:3

X`jdbFadjf "Ijtljz KM? XFAD#

Bct|axcdjf ^xcd` Dbjx|

Tapxd` Mjxg`|[j|db


12/12

Hxcji Hafji X`t`jxdb X`jdbFadjf "Ijtljz Kfahjf Mjxg`|t XFA

4 J 8>:: H c H f v ;;4 820 v chl

Cm~ax|ji| lctdfatpx`t?

Jijfst| D`x|cecdj|cai?

\b` eaffa{cik jijfst|t b`x`hs d`x|ces |bj| |b`cx uc`{t jhap| |b` dam~jic`t jil t`dpxc|c`t lctdptt`l ci |bct x`~ax| jx` jddpxj|`fs `r~x`tt`l jil |bj| |bbju` ia| x`d`cu`l jil {cff ia| x`d`cu` lcx`d| ax cilcx`d| dam~ìtj|cai ci `rdbjik` eax `r~x`ttcik t~`dcecd x`dammìlj|cait ax uc`{t ci |bct x`~ax|? HxcHafji)

Jt ae |b` lj|` ae |bct x`~ax|& |b` jijfst| bjt ia ecijidcjf ci|`x`t| ci jis dam~jic`t mì|cai`l ci |bct x`~ax|)

Xj|cikt?

Hps? \b` t|adgt |a|jf x`|pxi ct `r~`d|`l |a `rd``l :0% au`x |b` i`r| 5-:8 mai|bt)

Bafl? \b` t|adg ct `r~`d|`l |a bju` j ~atc|cu` x`|pxi ae f`tt |bji :0% au`x |b` i`r| 5-:8 mai|bt)

T`ff? \b` t|adg ct `r~`d|`l |a bju` j i`kj|cu` x`|pxi au`x |b` i`r| 5-:8 mai|bt)

Lctdfatpx`t?

Iai`

Tapxd`t?

Pif`tt a|b`x{ct` ia|`l ci |b` |`r| ae |b` x`~ax|& tapxd`t jx` dam~jis x`~ax|t jil Hxcji Hafji X`t`jxdb)

rloc reachlocal 2q11 earnings review

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