ValueClick, Inc. (Nasdaq: VCLK) today announced updated expectations for
financial results for the second quarter ended June 30, 2012, an update
on its stock repurchase program, and a $50 million increase to its
credit facility.
Second Quarter 2012 Results Expected to be at
High-End of Guidance Ranges
The Company announced updated expectations for financial results for the
second quarter ended June 30, 2012. ValueClick currently anticipates:
-
Revenue at the high-end of its previously-issued guidance range of
$155 to $160 million; and
-
Adjusted-EBITDA1 at the high-end of its previously-issued
guidance range of $46 to $48 million.
Updated revenue expectations for second quarter 2012 include Media
segment revenue growth at or above the previously-issued guidance for
the segment. ValueClick expects to announce final financial results for
the second quarter of 2012 and guidance for the third quarter of 2012
during the week of July 30. The Company will provide specific
information on the date and time of the announcement in a separate press
release.
Repurchase Program Update
Since May 2, ValueClick has repurchased approximately 5.9 million shares
of the Company’s outstanding common stock for approximately $99.6
million. ValueClick’s board of directors has authorized a $100 million
increase to the program, such that an additional $100.5 million of the
Company’s capital may be used to repurchase shares of the Company’s
common stock going forward. ValueClick anticipates funding the program
through free cash flow generation and its credit facility.
Credit Facility Increase
ValueClick has increased the amount available under its credit facility
by $50 million. The Company’s total credit facility now consists of: 1)
a $200 million revolver (previously $150 million) with an expected
outstanding balance as of the end of the second quarter of $130 million;
and 2) a term loan with an expected outstanding balance as of the end of
the second quarter of $42.5 million.
“We are executing on our strategic initiatives, which is allowing us to
build on our tradition of returning capital to our shareholders,” said
James R. Zarley, chief executive officer of ValueClick. “Our increased
credit facility and stock repurchase program speak to our conviction
about our ability to capture the opportunities in front of us.”
About ValueClick
ValueClick, Inc. (Nasdaq: VCLK) is one of the world's largest digital
marketing companies. Through a unique combination of data, technology
and services, ValueClick increases brand awareness and drives customer
acquisition at scale for the world's largest advertisers, and maximizes
advertising revenue for tens of thousands of online and mobile
publishers. ValueClick's brands include Commission
Junction, ValueClick
Media, Dotomi,
Greystripe,
Mediaplex,
Smarter.com,
CouponMountain.com,
Investopedia.com,
and PriceRunner.
The Company is based in Westlake Village, California, and has offices in
major advertising markets worldwide. 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, the
risk that legislation and governmental regulation could negatively
impact the Company's performance, the effects of recent acquisitions on
ValueClick's financial results, the potential inability to successfully
operate or integrate Dotomi's business, including the potential
inability to retain customers, key employees or vendors. 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 February 29,
2012; 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.
1 Adjusted-EBITDA is defined as GAAP (Generally Accepted
Accounting Principles) net income before interest, income taxes,
depreciation, amortization, and stock-based compensation expenses.
