NEW YORK DoubleClick today reported a first-quarter revenue rise of 13 percent, and adjusted its full-year financial forecast to reflect its SmartPath acquisition.
In Q1, the online ad technology company posted $68 million in revenue, up from $60.1 million in the year-ago period. Its first-quarter net income was $7.7 million, or 5 cents per share, an improvement over $900,000, or 1 cent per share, during the same time last year.
The New York-based company raised its 2004 revenue outlook to $294-314 million to account for the $4 million in revenue that is expected from SmartPath, a marketing management software company purchased by DoubleClick last month. The acquisition is expected to lower full-year net income by about $5 million to $33-40 million, or 23-28 cents per share, primarily because of amortization charges and integration costs.
For the second quarter, DoubleClick projected revenue of $70-74 million and earnings per share of 2-5 cents.
DoubleClick said it bought in Q1 almost $22 million of the $100 million initially authorized as a part of its stock repurchase program. "The core business is generating cash, and we have enough funds left for potential M&A activity," said DoubleClick CEO Kevin Ryan. "Meanwhile, existing shareholders benefit by owning a larger share of a growing company."
DoubleClick shares (DCLK) closed on the Nasdaq today at $11.94, down 51 cents or 4 percent. The stock's 52-week high is $13; its low, $7.71.