ValueClick`s Q1 2003 Revenue And Net Income Exceed Guidance
WESTLAKE VILLAGE, Calif. --April 24, 2003--ValueClick, Inc. (Nasdaq:VCLK), a leading provider of innovative multi-channel media and technology solutions, today reported financial results for the first quarter ended March 31, 2003. Performance in the first quarter of 2003 exceeded the Company`s previously issued guidance of $17.5 million in revenue and $0.00 in diluted net income per share.
For the quarter ended March 31, 2003, ValueClick reported revenue of $19.5 million. First quarter 2003 revenue increased $7.1 million, or 57.5 percent, from revenue of $12.4 million for the first quarter of 2002 and exceeded the Company`s previously issued guidance by approximately $2.0 million. First quarter 2003 results include a full quarter of the Be Free operations acquired in May 2002.
First quarter 2003 pre-tax income was $1.6 million compared to a pre-tax loss before a change in accounting principle of $1.3 million for the first quarter of 2002. Net income for the first quarter of 2003 of $1.2 million, or $0.02 per diluted common share, exceeded the Company`s previously issued guidance by approximately $0.02 and was an improvement compared to a net loss of $8.8 million, or $0.16 per diluted common share, for the first quarter of 2002. First quarter 2002 net income results include a change in accounting principle charge of $7.6 million, or $0.14 per diluted common share, in accordance with the goodwill valuation provisions of Statement of Financial Accounting Standards No. 142.
The March 31, 2003 consolidated balance sheet remained strong with $224.1 million in cash, cash equivalents and marketable securities, $226.7 million in working capital and $223.7 million in total stockholders` equity. The consolidated balance sheet as of March 31, 2003 reflects the $9.2 million in cash used to repurchase the Company`s common stock during the first quarter under the Company`s common stock buyback program. Cash provided by operations for the quarter was $3.1 million and as of March 31, 2003 the cash and cash equivalents and marketable securities balance represented $3.05 per outstanding common share.
In terms of guidance for the second quarter of 2003, the Company anticipates revenue in the range of $19.0 million, approximately a 35 percent increase in revenue from the second quarter of 2002. The Company expects diluted net income per share of $0.01 in the second quarter of 2003. For the full year of 2003, ValueClick expects to report total revenue in the range of $82.0 million and diluted net income of $0.08 per share.
"I believe we have begun 2003 on a positive note, and we are proud to report a quarter that exceeded both our revenue and net income per share guidance," said James Zarley, Chief Executive Officer and Chairman of ValueClick. "Our results suggest that our strategy of providing digital marketers with a single-source of media and technology solutions is working, and we continue to anticipate that this will be a year of growth and profitability for the Company."
First Quarter 2003 Conference Call Today
Chief Executive Officer and Chairman James Zarley and Chief Financial Officer Sam Paisley will present an overview of the results and other factors affecting financial performance for the quarter during a webcast on April 24, 2003 at 1:00PM 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 583594.
Webcast participants are encouraged to submit questions on financial results and business operations to management prior to the call. Questions will be addressed on the live call and should be received no later than 11:00AM PT on Thursday, April 24, 2003. The e-mail address to submit questions is ir@valueclick.com.
About ValueClick, Inc.
ValueClick, Inc. offers direct marketers and advertisers innovative media and technology solutions to achieve their multi-channel marketing goals of acquiring, retaining and growing customer relationships. ValueClick, Inc. has offices worldwide and drives measurable results to clients such as Best Buy, Wells Fargo, eBay, and McCann-Erickson. For more information, please visit www.valueclick.com.
This release contains forward-looking statements that involve risks and uncertainties, including trends in online advertising spending and estimates of future online performance-based advertising. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. Important factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements are detailed under "Risk Factors" and elsewhere in filings with the Securities and Exchange Commission made from time to time by ValueClick, including its Annual Report on Form 10-K filed on March 28, 2003, recent quarterly reports on Form 10-Q and current reports on Form 8-K. Other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include the risk that market demand for online advertising, and performance-based online advertising in particular, will not grow as rapidly as predicted. ValueClick undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
ValueClick, Inc.
Gary J. Fuges (Investor/Press), 818/575-4677
IR@valueclick.com
PR@valueclick.com
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