Fastclick Reports Second Quarter 2005 Financial ResultsRevenue Grows 58% Year Over Year; Profitability Exceeds Guidance"Our strong second quarter results were driven by our continued focus on delivering exceptional performance-based results to both our advertiser and publisher customers while focusing on the efficiency in our operation." stated Kurt Johnson, CEO of Fastclick. "During the quarter we made substantial progress on a number of key initiatives including expanding our advertiser base, diversifying our revenue mix by both customer and ad format, and sustaining the strength and quality of our publisher network. While accomplishing these objectives, we tightly managed costs during the quarter and delivered very strong profitability." Second quarter highlights include: -- Revenue for the second quarter of 2005 increased 58% to $19.3 million compared to the same period in 2004. -- Adjusted EBITDA grew by more than 54% to $2.8 million in the second quarter of 2005 from $1.8 million in the second quarter of 2004. -- Net income was $1.5 million, or $0.07 per fully diluted share on a GAAP basis. -- The Company grew ad impressions by 17% sequentially, delivering more than 27 billion impressions across its network of approximately 9,000 websites during the quarter. -- The Company added nearly 100 new advertisers to the network over the course of the quarter. -- Fastclick's network ranked as the third largest online media property reaching over 112 million unique users in June, according to comScore Media Metrix from its June 2005 Ad Focus report. -- Fastclick closed the second quarter with $81.2 million in cash, cash equivalents and short-term investments and no long-term debt. Second Quarter 2005 Results Revenue -- Fastclick reported revenue of $19.3 million for the second quarter of 2005, an increase of 58% from $12.2 million for the second quarter of 2004. Adjusted EBITDA -- Fastclick's Adjusted EBITDA grew to $2.8 million for the second quarter of 2005, an increase of 54% over the $1.8 million reported for the second quarter of 2004. Adjusted EBITDA is defined as income before interest, taxes, depreciation, amortization and the non-cash stock-based compensation charge. Net Income -- The Company reported second quarter net income of $1.5 million, or $0.07 per fully diluted share on a GAAP basis, compared to $1.7 million, or $0.15 per fully diluted share, for the second quarter of 2004. The Company's second quarter 2005 financial results reflect an effective tax rate of 36.5%. Adjusted net income, which excludes stock-based compensation, was $2.1 million for the second quarter of 2005 as compared to $1.7 million for the second quarter of 2004. Adjusted net income on a fully diluted per share basis was $0.10 per share in the second quarter of 2005 compared to $0.15 per fully diluted share in the second quarter of 2004. 2005 Outlook For full year 2005 the Company continues to expect revenues to be in the range of $88 million to $92 million and Adjusted EBITDA in the range of $12 million to $13 million. Fastclick expects revenue for the third quarter of 2005 in the range of $20 million to $21 million and Adjusted EBITDA of $2.8 million to $3.0 million. Conference Call Details The Fastclick second quarter 2005 teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time on Thursday, August 4, 2005. To access the live webcast, please visit the investor relations section of the Company's website http://ir.fastclick.com at least 30 minutes prior to the scheduled time to download any necessary audio or plug-in software. To listen to the live conference call, please dial (800) 366-3908 or (303) 205-0066 at 5:20 p.m. ET on August 4. An audio replay of the call will also be available to investors beginning at 8:30 p.m. ET on August 4, 2005, through August 13, 2005, by dialing (800) 405-2236 and entering the passcode 11034889#. About Fastclick Fastclick (Nasdaq:FSTC) is a leader in online direct response marketing services, providing optimization ad-delivery technology and services designed to maximize advertisers' return on investment. The Fastclick Ad Network delivers targeted advertising and reached over 72 percent of unique U.S. Internet users in March 2005 (comScore Media Metrix) through a network of more than 9,000 third-party websites. For more information about Fastclick, visit Fastclick or call (805) 568-5334. Non-GAAP Information Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the user's overall understanding of our financial performance. By excluding certain non-cash charges, as well as the related tax effects, our non-GAAP results provide information to both management and investors that is useful in assessing Fastclick's core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliations of GAAP to non-GAAP financial measures which are included below. Safe Harbor Statement This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for Fastclick's markets and the demand for its products and services. Factors that could cause Fastclick's actual results to differ materially from these forward-looking statements include anticipated growth in the Internet advertising market, Fastclick's ability to effectively market and sell its products and services, its ability to expand its operations, increases in costs, disruptions to information technology systems, unpredictable events and circumstances relating to increased competition, government regulatory action and general economic conditions. Please refer to our reports and filings with the Securities and Exchange Commission, including our Registration Statement on Form S-1 related to our initial public offering, for a further discussion of these risks and uncertainties. We also caution you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events. SOURCE: Fastclick, Inc. Source: Wired News |