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-EBITDA 1 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.