On September 20, ValueClick announced the pending divestiture of Search123, a self-service paid search business operating in Europe. The business was previously included in the Company's Owned & Operated Websites segment. The transaction closed on September 30. The terms of the transaction, which are not material to the Company's financial position, consist of future contingent payments based upon the performance of the business over the next four years.
In accordance with applicable accounting standards, ValueClick is presenting the Search123 business as a discontinued operation for all periods, including the third quarter of 2012, and is recasting the Company's historical consolidated financial statements and segment operating results to reflect this change. Updated trended schedules are available under the "Featured Presentations" section of ValueClick's investor relations page at http://ir.valueclick.com.
Business OutlookToday, ValueClick is providing guidance for the fourth quarter of 2012:
|Mid-Point Adjusted-EBITDA Margin||
|Non-GAAP diluted net income per common share||$0.51-0.52|
|Impact of stock-based compensation and amortization of intangibles, net of tax||$(0.10)|
|GAAP diluted net income per common share||$0.41-$0.42|
|■||Affiliate Marketing:||Up high single-digits|
|■||Media:||Up low twenties|
|■||Owned & Operated:||Down mid single-digits|