DoubleClick Inc. (Nasdaq: DCLK), the leading provider of data and technology tools for direct marketers, web publishers and advertisers, today announced financial results for the second quarter ending June 30, 2003, and updated its business outlook for full year 2003.
DoubleClick reported revenues for the second quarter of $63.6 million versus $75.7 million in the year ago period. Revenues increased sequentially by 5.8%, though they declined 16.0% year-over-year largely due to the divestitures of businesses in 2002. Total GAAP operating expenses were $32.1 million, a decline of 45% versus $58.4 million in the second quarter of 2002. GAAP net income for the most recent quarter was $5.8 million, with a GAAP EPS of $0.04, compared with $4.1 million and a GAAP EPS of $0.03 in the second quarter of 2002. Total company headcount at the end of the second quarter was 1,082, down 15% from 1,270 at the end of the second quarter of 2002.
The Company’s expenses declined in the second quarter of 2003 versus the year ago period due to the divestitures of its Media, DoubleClick Japan, and Research businesses, and because of ongoing cost-cutting initiatives. Second quarter 2003 GAAP earnings and expenses also benefited from a net restructuring credit of $6.9 million, which resulted from a $14.3 million reversal of DoubleClick’s real estate reserve for its New York facility offset by $7.4 million in additional restructuring charges in connection with certain of the Company's other facilities. In addition, 2Q03 GAAP earnings were reduced by a $4.4 million loss in connection with the redemption of the Company's 4.75% convertible subordinated notes and $1.0 million in equity losses associated with the Company's minority investments. Last year's second-quarter results included a $7.3 million restructuring charge related to the Company's real estate and a $11.9 million gain related to the sale of the Company's @plan research product line.
The Company used $0.6 million in cash flow from operations during the second quarter of 2003. This figure included a payment of $14.4 million in connection with the termination of a portion of the lease on the Company’s New York headquarters. The Company ended the quarter with $873.2 million in cash and marketable securities, and had a net cash position of $580.2 million, or $4.23 per share.(a) On June 23, 2003, the Company issued $135 million of zero coupon convertible subordinated notes due 2023, the proceeds of which, together with existing cash, will be used to redeem the Company's $154.8 million of 4.75% convertible subordinated notes due 2006 on July 24, 2003.
"DoubleClick’s business continues to thrive despite the continued softness in marketing and technology spending,” said Kevin Ryan, Chief Executive Officer, DoubleClick. “During the quarter, we were able to successfully complete a convertible bond offering, continue to build our suite of marketing technology tools through the acquisition of a data management company, as well as sign on large customers. In addition, we eliminated some excess real estate exposure in New York, which will help cash flow in future quarters.”
DoubleClick reported revenues for the second quarter of $63.6 million versus $75.7 million in the year ago period. Revenues increased sequentially by 5.8%, though they declined 16.0% year-over-year largely due to the divestitures of businesses in 2002. Total GAAP operating expenses were $32.1 million, a decline of 45% versus $58.4 million in the second quarter of 2002. GAAP net income for the most recent quarter was $5.8 million, with a GAAP EPS of $0.04, compared with $4.1 million and a GAAP EPS of $0.03 in the second quarter of 2002. Total company headcount at the end of the second quarter was 1,082, down 15% from 1,270 at the end of the second quarter of 2002.
The Company’s expenses declined in the second quarter of 2003 versus the year ago period due to the divestitures of its Media, DoubleClick Japan, and Research businesses, and because of ongoing cost-cutting initiatives. Second quarter 2003 GAAP earnings and expenses also benefited from a net restructuring credit of $6.9 million, which resulted from a $14.3 million reversal of DoubleClick’s real estate reserve for its New York facility offset by $7.4 million in additional restructuring charges in connection with certain of the Company's other facilities. In addition, 2Q03 GAAP earnings were reduced by a $4.4 million loss in connection with the redemption of the Company's 4.75% convertible subordinated notes and $1.0 million in equity losses associated with the Company's minority investments. Last year's second-quarter results included a $7.3 million restructuring charge related to the Company's real estate and a $11.9 million gain related to the sale of the Company's @plan research product line.
The Company used $0.6 million in cash flow from operations during the second quarter of 2003. This figure included a payment of $14.4 million in connection with the termination of a portion of the lease on the Company’s New York headquarters. The Company ended the quarter with $873.2 million in cash and marketable securities, and had a net cash position of $580.2 million, or $4.23 per share.(a) On June 23, 2003, the Company issued $135 million of zero coupon convertible subordinated notes due 2023, the proceeds of which, together with existing cash, will be used to redeem the Company's $154.8 million of 4.75% convertible subordinated notes due 2006 on July 24, 2003.
"DoubleClick’s business continues to thrive despite the continued softness in marketing and technology spending,” said Kevin Ryan, Chief Executive Officer, DoubleClick. “During the quarter, we were able to successfully complete a convertible bond offering, continue to build our suite of marketing technology tools through the acquisition of a data management company, as well as sign on large customers. In addition, we eliminated some excess real estate exposure in New York, which will help cash flow in future quarters.”
