ValueClick, Inc. Reports 2002 Second Quarter Results; Be Free Merger Completed Ahead of Plan
Revenue Increases 14% Over Q1 and Breakeven Pro Forma Operating Results Achieved
WESTLAKE VILLAGE, Calif., Aug 6, 2002 -- ValueClick, Inc. (Nasdaq:VCLK), a leading provider of innovative media and technology solutions to advertisers and direct marketers, today reported the financial results for the second quarter ended June 30, 2002. For the quarter ended June 30, 2002, ValueClick reported net revenues of $14.1 million, including one month of Be Free operations, exceeding the Company`s prior separate company guidance of $13 million for the quarter. The second quarter 2002 net revenues represent an increase of $4.4 million, or 46%, from net revenues of $9.7 million for the second quarter of 2001. Net loss according to Generally Accepted Accounting Principles (GAAP) for the quarter was $2.8 million or $0.04 per common share, compared to a net loss of $1.0 million, or $.03 per share for the second quarter of 2001. The GAAP net loss for the second quarter of 2002 includes a restructuring charge of $2.3 million related to further consolidation of facilities. Including interest income and excluding certain non-cash accounting items and non-recurring restructuring and merger-related costs, pro forma operating income for the recent quarter was $19,000 or $0.00 per common share, an improvement over the pro forma operating loss of $529,000 or $0.01 per common share for the comparable period in 2001.
The June 30, 2002 consolidated balance sheet remained strong with a cash and marketable securities balance of $276.7 million, working capital of $274.7 million and total stockholders` equity of $272.5 million. The consolidated balance sheet as of June 30, 2002 also reflects the cash used in the aggregate repurchases of common stock of $17.3 million under our common stock buyback program. "We are proud that despite the lingering softness in the market we were able to outperform our expectations in the second quarter, and that our plan for profitability in 2002 is on track," said James Zarley, Chairman and CEO of ValueClick. "After completing the integration of Mediaplex and the acquisition of Be Free ahead of schedule, we are focused on finding ways to rapidly grow our revenue and continuing our position as a leader in interactive marketing solutions. In addition to these achievements, I am also pleased to announce that our board has increased the level of our stock buyback program to $50 million," concluded Zarley.
Second Quarter 2002 Conference Call Today
Chairman and Chief Executive Officer James Zarley and Chief Financial Officer and Chief Operating Officer of Media Sam Paisley will be presenting an overview of the results and other factors affecting financial performance for the Company`s quarter ended June 30, 2002 today at 1:00 p.m. PDT.
To access this call, please dial 1-800-210-9006 for domestic and 1-719-457-2621 for International. The passcode is ValueClick. All analysts and investors who are interested in accessing the webcast are invited to visit the Investor Relations section of the ValueClick website (www.valueclick.com) or www.streetevents.com. A replay of the conference will be available beginning at 4pm; the dial in numbers are 1-888-203-1112 for domestic and 1-719-457-0820 for International. The pass code is 440362. The replay will be available through midnight, August 13, 2002.
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 the registration statement as filed on Form S-4, as amended, used to register the shares offered in the proposed Be Free, Inc. merger, its Annual Report on Form 10-K filed on March 22, 2002, 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.
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