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November 4th, 2004, 12:22 PM #1
- Join Date
- January 17th, 2005
- Chicago, IL
Congratulations, Todd... great earnings. Stock last traded at $11.25 - up $1.68 after hours.
ValueClick Reports Third Quarter 2004 Results
Thursday November 4, 4:05 pm ET
Record Revenue & Operating Profitability, 2004 Guidance Increased
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Nov. 4, 2004--ValueClick, Inc. (Nasdaq: VCLK - News), the single-source provider of digital marketing media, technology and services across all major online marketing channels, today reported financial results for the third quarter ended September 30, 2004. Performance in the third quarter of 2004 exceeded the Company's previously issued guidance for revenue, GAAP net income per share and EBITDA(1).
For the quarter ended September 30, 2004, ValueClick reported revenue of $43.5 million, compared to the Company's previously issued guidance of $37.0 million to $39.0 million. Third quarter 2004 revenue increased $20.8 million, or 92 percent, from revenue of $22.7 million for the third quarter of 2003.
Third quarter 2004 results include a full quarter of operations from Commission Junction and Hi-Speed Media, both acquired in December 2003, as well as the operations of Pricerunner.com, acquired in August 2004. Third quarter 2003 results include a full quarter of operations from ValueClick Japan, which was sold in March 2004.
Third quarter 2004 pre-tax income was $9.7 million compared to $2.1 million for the third quarter of 2003. GAAP net income for the third quarter of 2004 was $7.6 million, or $0.09 per diluted common share, compared to the Company's previously issued guidance of $0.06 and was an improvement compared to net income of $2.0 million, or $0.03 per diluted common share, for the third quarter of 2003. EBITDA was approximately $11.4 million for the third quarter of 2004, compared to the Company's previously issued guidance of $8.0 million to $9.0 million and was an increase from $3.6 million for the third quarter of 2003.
The September 30, 2004 consolidated balance sheet remained strong with $223.2 million in cash, cash equivalents and marketable securities, $217.2 million in working capital and $312.7 million in total stockholders' equity. Cash provided by operations for the third quarter was approximately $10.0 million, and as of September 30, 2004, the cash, cash equivalents and marketable securities balance represented $2.75 per outstanding common share.
2004 Guidance Increased
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements do not include the potential impact of any mergers, acquisitions or other business combinations that may be completed after the date of this release.
Based on its third quarter results and outlook for the fourth quarter, ValueClick is raising its guidance for fiscal year 2004. For the fourth quarter, ValueClick anticipates revenue of approximately $47.0 million, an approximate 55 percent increase in revenue from the fourth quarter of 2003. The Company expects diluted net income per share of approximately $0.10 in the fourth quarter of 2004. EBITDA for the fourth quarter of 2004 is expected to be in the range of $12.0 million to $12.5 million.
For fiscal year 2004, ValueClick is raising its total revenue guidance from the range of $150.0 to $154.0 million to approximately $162.0 million. Excluding the $8.0 million one-time gain related to the March 2004 sale of ValueClick Japan, the Company expects fiscal year 2004 diluted net income of approximately $0.32 per share, and EBITDA in the range of $40.0 million to $41.0 million versus previous guidance of $38.0 million to $41.0 million.
For fiscal year 2005, ValueClick is confirming its previously issued guidance of approximately $210.0 million in revenue and an EBITDA margin in the range of 25 percent. In addition, ValueClick anticipates diluted net income per share in the range of approximately $0.34 to $0.36.
"Our better-than-expected third quarter results demonstrate the continued success of our multi-channel approach to serving online advertisers and publishers," said James Zarley, chairman and chief executive officer of ValueClick. "We are seeing good traction in our media and affiliate marketing core businesses, we are encouraged by the early success of our Pricerunner comparison-shopping site acquisition, and we are well-positioned to execute on our initiatives to continue our growth through 2005."
Third Quarter 2004 Conference Call Today
James Zarley, chairman and chief executive officer, and Sam Paisley, chief financial officer, will present an overview of the results and other factors affecting financial performance for the third quarter during a webcast on November 4, 2004 at 1:30PM PT. Investors and analysts may obtain dial-in information through StreetEvents (www.streetevents.com).
The live webcast and other information of potential interest to investors will be available to the public in the Investor Relations section of the Company's website (www.valueclick.com). Please allow 15 minutes prior to the call to download and install any necessary audio software. Replay information will be available for seven days after the call and may be accessed at (888) 203-1112 for domestic and (719) 457-0820 for international callers. The passcode is 91727.
Webcast participants are encouraged to submit questions on financial results and business operations to management prior to the call. Please call (818) 575-4677 to leave your question on our Investor Relations voice message system. Questions will be addressed on the live call and should be received no later than 1:30PM PT on Thursday, November 4, 2004.
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