Thanks to an increase in user click-through volume, Internet marketing Web site
raised its second-quarter and full-year earnings projections and said revenue will come in higher than initially expected.
Shares of the company were rising $2.95, or 22%, to $16.64 in recent
The Fort Myers, Fla., company now expects its second-quarter profit to be at least 11 cents a share, matching analysts' consensus, and up from its original estimate of 10 cents a share given on April 30. The company earned 13 cents a share in the year-ago second quarter.
Revenue is expected to be $17 million, up from last year's comparable results of $9.7 million. Analysts expect $15.9 million on average. FindWhat.com had previously expected a top line of $16 million. The company said it expects to revisit and possibly raise its guidance for revenue in each of the last two quarters of 2003. More detailed estimates will be provided when second-quarter results are released.
"We continue to see increased volumes of click-throughs, both on the FindWhat.com Network and with our private label offering," said Chief Executive Craig Pisaris-Henderson. "Throughout the quarter, our team has done an excellent job of adding new distribution partnerships, and creating stronger relationships with existing distribution partners."
For 2003, the company expects to earn at least 46 cents a share, a penny below analysts' average estimate of 47 cents a share. Last year, the company earned 56 cents a share.
Full-year revenue is now expected to be $67.5 million, slightly ahead of analysts' average estimate of $67.1 million, and an increase from the company's April 30 expectation of $66.5 million. Total sales last year were $42.8 million.
Separately, FindWhat.com announced an agreement to acquire privately owned, European-based Espotting Media. Under the terms of the deal, Espotting stockholders will receive about 8.1 million FindWhat.com common shares and about $27 million in cash.