NEW YORK ValueClick today reported an 89 percent first-quarter revenue rise and raised its fiscal-year 2004 outlook.
The interactive marketing services and technology company posted $36.7 million in Q1 revenue, up from 19.5 million in the year-ago quarter. The results reflect the contributions of Search123, acquired by ValueClick last May, and Commission Junction and Hi-Speed Media, both purchased by the company last December. ValueClick's pro-forma year-over-year organic growth was 33 percent.
Net income for the first quarter was $13.4 million, or 16 cents per diluted common share, compared to net income of $1.2 million, or 2 cents per diluted common share during the same period last year. Earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled $16.9 million in Q1, versus $2.1 million in Q1 2003.
The numbers include a non-recurring gain of $8 million, or 10 cents per fully diluted share, on the sale of the company's equity interest in ValueClick Japan, which closed March 29.
Based on its first-quarter results and outlook for the remainder of the year, ValueClick said it raised its fiscal-year 2004 guidance. The Westlake Village, Calif.-based company projected revenue of $147-150 million for the fiscal year, up from the previously forecasted $145-148 million. The company said it expects diluted net income per share of 26-29 cents, excluding the non-recurring Q1 gain, and 35-38 cents, including it.
For the second quarter, ValueClick expects revenue of $35-36 million, an increase of about 77 percent over Q2 2003.
ValueClick's stock (VCLK) closed on the Nasdaq today at $11.54, up 16 cents or 1.4 percent. Its 52-week high is $12.75; its low, $3.86.