Updated from July 22
DoubleClick (DCLK) shares added 5% Wednesday after the Internet technology company posted solid second-quarter results.
On Tuesday evening the company reported higher earnings, helped by one-time transactions, in the face of a 16% decline in year-over-year revenues. On Wednesday DoubleClick shares, which have more than doubled off last summer's 52-week low, added 47 cents to $10.66.
For the second quarter ended June 30, the direct marketing and Internet advertising company reported revenue of $63.6 million, down from $75.7 million in the second quarter of 2002 but slightly ahead of the Thomson First Call consensus of $62.5 million.
Earnings, in accordance with generally accepted accounting principles, amounted to $5.8 million, or 4 cents per share, up from $4.1 million, or 3 cents per share in the corresponding quarter a year earlier. Analysts had expected a penny in EPS.
The company said its revenue and expenses had declined chiefly because of business divestitures, notably its media, DoubleClick Japan and research operations. Earnings benefited from a net restructuring credit of $6.9 million, though that gain was somewhat offset by $5.4 million in losses in connection with convertible debt redemption and equity investments.
Revenue associated primarily with technology for online advertising fell, while revenue from direct marketing data grew.