Revenue was $130.2 million. Adjusted-EBITDA1 was $33.4 million and adjusted-EBITDA margin was 25.7 percent. The Company generated approximately $22.6 million in free cash flow in the third quarter, defined as net cash from operations less capital expenditures. The consolidated balance sheet as of September 30, 2009 includes $182.5 million in cash, cash equivalents and marketable securities and no debt.

"Our continued focus on delivering performance-based solutions for our advertisers helped ValueClick generate another quarter of strong financial results," said Tom Vadnais, chief executive officer of ValueClick. "In the fourth quarter, we anticipate sequential revenue growth in most of our businesses and continued adjusted-EBITDA margin strength. I remain confident in ValueClick's competitive position due to our commitment to performance-based online marketing services, our proprietary technology platforms, and our operating expertise."

GAAP net income was $25.0 million, or $0.29 per diluted common share. The Company recorded an income tax benefit in the third quarter of 2009 of $2.7 million due to favorable income tax adjustments recorded in the quarter. Excluding these adjustments and assuming the normalized 42 percent effective tax rate included in the Company's previously-issued third quarter guidance, net income would have been $13.0 million, or $0.15 per diluted common share.

Non-GAAP net income, which excludes discontinued operations, stock-based compensation and amortization of intangible assets was $30.3 million, or $0.34 per diluted common share. A table reconciling GAAP net income from continuing operations to non-GAAP diluted net income per common share is included in this press release.

The comparison shopping & search segment and lead generation business within the media segment performed above the Company's expectations for the quarter, while the Company's other businesses performed in-line with expectations.

1 Adjusted-EBITDA is defined as GAAP (Generally Accepted Accounting Principles) net income from continuing operations before interest, income taxes, depreciation, amortization, and stock-based compensation. Please see the attached schedule for a reconciliation of GAAP net income to adjusted-EBITDA, and a discussion of why the Company believes adjusted-EBITDA is a useful financial measure to investors and how Company management uses this financial measure.

Business Outlook

Today, ValueClick is announcing guidance for the fourth quarter of 2009:

                                                  Guidance          
 Revenue                                          $128-$138 million 
 Adjusted-EBITDA                                  $32-$35 million   
 Mid-Point Adjusted-EBITDA Margin                 ~25%              
 GAAP diluted net income per common share         $0.15-$0.16       
 Non-GAAP diluted net income per common share     $0.21-$0.22       
                                                                    


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In the fourth quarter, the Company expects revenue in its media, affiliate marketing and technology segments to increase from their respective third quarter of 2009 levels. Specifically, the mid-point of guidance includes the following segment-level assumptions for revenue growth rates from third quarter 2009 revenue levels:

   -- Media:                            up high single digits  
   -- Affiliate Marketing:              up low to mid teens    
   -- Technology:                       up mid single digits   
   -- Comparison Shopping & Search:     down mid to high teens 
                                                               


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Within the media segment, the Company anticipates display revenue growth in the mid teens and flat growth in lead generation revenue relative to third quarter 2009 revenue.

Fourth quarter 2009 non-GAAP and GAAP diluted net income per common share guidance assume a 40 percent effective tax rate.

Conference Call Today at 4:30 p.m. ET

Tom Vadnais, chief executive officer, and John Pitstick, chief financial officer, will present an overview of the results and other factors affecting ValueClick's financial performance for the third quarter during a conference call and webcast on October 27 at 4:30 p.m. ET. Investors and analysts may obtain the dial-in information through StreetEvents (www.streetevents.com). The live Webcast of the conference call will be available on the Investor Relations section of www.valueclick.com. A replay of the conference call will be available through November 3 at (888) 203-1112 and (719) 457-0820 (pass code: 3787414). An archive of the Webcast will also be available through November 3.

About ValueClick

ValueClick, Inc. (Nasdaq:VCLK) is one of the world's largest integrated online marketing services companies, offering comprehensive and scalable solutions to deliver cost-effective customer acquisition for advertisers and transparent revenue streams for publishers. ValueClick's performance-based solutions allow its customers to reach their potential through multiple online marketing channels, including affiliate and search marketing, display advertising, lead generation, ad serving and related technologies, and comparison shopping. ValueClick brands include Commission Junction, ValueClick Media, Mediaplex, Smarter.com, CouponMountain.com, and PriceRunner. For more information, please visit www.valueclick.com.

This release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, the risk that market demand for on-line advertising in general, and performance based on-line advertising in particular, will not grow as rapidly as predicted, and the risk that legislation and governmental regulation could negatively impact the Company's performance. Actual results may differ materially from the results predicted, and reported results should not be considered an indication of future performance. Important factors that 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, but not limited to: its annual report on Form 10-K filed on March 2, 2009; recent quarterly reports on Form 10-Q; and other current reports on Form 8-K.

The Business Outlook contained in this release is based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements do not include the potential impact of any mergers, acquisitions or other business combinations that may be completed after the date of this release. Actual stock-based compensation may differ from these estimates based on the timing and amount of stock awards granted, the assumptions used in stock award valuation and other factors. Actual income tax expense may differ from these estimates based on tax planning, changes in tax accounting rules and laws, and other factors.

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.                                                             
 CONDENSED CONSOLIDATED BALANCE SHEETS                                        
 (In thousands)                                                               
                                                                              
                                               September 30,     December 31, 
                                               2009              2008         
                                               (Unaudited)                    
 ASSETS                                                                       
 CURRENT ASSETS:                                                              
 Cash and cash equivalents                     $  159,041        $  122,487   
 Marketable securities                            -                 2,175     
 Accounts receivable, net                         78,382            108,611   
 Other current assets                             18,043            20,515    
 Total current assets                             255,466           253,788   
                                                                              
 Marketable securities, less current portion      23,498            25,750    
 Property and equipment, net                      12,933            15,514    
 Goodwill                                         174,099           172,583   
 Intangible assets, net                           61,974            80,042    
 Other assets                                     55,557            55,602    
 TOTAL ASSETS                                  $  583,527        $  603,279   
                                                                              
 LIABILITIES AND STOCKHOLDERS' EQUITY                                         
 Current liabilities                           $  96,480         $  176,605   
 Non-current liabilities                          61,943            73,195    
 Total liabilities                                158,423           249,800   
 Total stockholders' equity                       425,104           353,479   
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $  583,527        $  603,279   
                                                                              


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 VALUECLICK,INC.