ValueClick, Inc. (Nasdaq: VCLK) today reported financial results for the first quarter ended March 31, 2012. Highlights from the quarter include:
- Revenue of $152.9 million, up 31 percent from the first quarter of 2011 (Q1 2011);
- Adjusted-EBITDA 1 of $47.9 million, up 37 percent from Q1 2011;
- Adjusted-EBITDA margin of 31.4 percent versus 30.1 percent in Q1 2011;
- Non-GAAP net income 2 of $0.38 per diluted share versus $0.26 in Q1 2011;
- GAAP net income of $0.26 per diluted share versus $0.21 in Q1 2011; and
- The appointment of John Giuliani, president of ValueClick’s Dotomi division, to the role of chief operating officer.
“This was an important quarter for ValueClick, as we executed on many of our strategic initiatives, including expanding the Greystripe mobile business into Europe, accelerating the integrated-sales approach among our divisions, and continuing to evolve our Owned & Operated Websites segment,” said James R. Zarley, chief executive officer of ValueClick. “We are just scratching the surface of providing a broader range of services to our clients as we execute on our vision of becoming the leading digital marketing services partner for major advertisers.”
During the quarter, the Company paid down $62.5 million in debt and did not repurchase any shares. The share repurchase program’s current total authorization is $100 million. The consolidated balance sheet as of March 31, 2012 includes approximately $107.7 million in cash and cash equivalents, and $105.0 million in total debt.
The Company’s effective tax rate of 29.6 percent in the first quarter of 2012 was positively impacted by discrete state tax adjustments. Assuming the normalized 38 percent effective tax rate included in the Company’s previously-issued guidance, non-GAAP net income would have been $28.7 million, or $0.35 per diluted common share.