DoubleClick Reports Record GAAP Profitability
Company reports double-digit revenue growth
New York, NY, 4/15/2004 -
Laptop Battery DoubleClick Inc. (NASDAQ: DCLK), the leading provider of data
and technology solutions for direct marketers, web publishers and
advertisers, today announced financial results for the first
quarter ended March 31, 2004, and updated its
business outlook for 2004.
"We saw significant year-over-year increases in revenue, gross
margins, operating margins, net income, and EBITDA1," said Kevin
Ryan, Chief Executive Officer, DoubleClick. "We had growth across
all of our product groups, and we expect record profitability in
2004."
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Thinkpad First Quarter Results
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Microsoft DoubleClick reported revenues for the first quarter of $68.0
million versus $60.1 million in the year ago period. GAAP net
income for the most recent quarter was $7.7 million or $0.05 per
share, compared with $0.9 million or $0.01 per share in the first
quarter of 2003. The Company achieved gross margins of 66.8% during
the quarter compared to 63.5% year-over-year. EBITDA was $14.6
million for the first quarter of 2004 compared to $11.5 million in
the year ago period. First quarter 2004 GAAP net income and EBITDA
benefited from a distribution from MaxWorldwide, Inc. of
approximately $2.4 million in connection with its plan of
liquidation and dissolution and the reversal of a $1.5 million
reserve relating to a prior acquisition.
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Laptop Computers The Company ended the quarter with $625.4 million in cash and
marketable securities, and had a net cash2 position of $490.2
million, or $3.60 per share. This reflects the net $22.4 million
used for the acquisition of SmartPath, Inc.
Laptop Computer 1EBITDA, (or earnings before interest, tax, depreciation, and
amortization), is a non-GAAP financial measure.
Please see the attached schedule
for a reconciliation of EBITDA to GAAP net income. Please see
the Form 8-K filed on April 15, 2004 by the Company with the SEC
for a discussion of why the Company believes EBITDA is a useful
financial measure to investors and how or when management uses
it.
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Desktop Computer 2Net cash is a non-GAAP financial measure, and is defined as
gross cash and cash equivalents of $121.3 million, restricted cash
of $15.9 million, and investments in marketable securities of
$488.2 million minus zero coupon convertible subordinated notes of
$135.0 million and capital lease obligations of $0.2 million.
Please see the Form 8-K filed on April 15, 2004 by the Company with
the SEC for a discussion of why the Company believes net cash is a
useful financial measure to investors and how and when management
uses the term.
Notebooks Stock Repurchase
Lenovo DoubleClick used $20.4 million in connection with the open
market repurchase of approximately 1.9 million shares of the
Company's common stock during the quarter.
Hard Drive "Since November of last year, we have repurchased almost $22
million in stock out of the $100 million initially authorized,"
added Ryan. "The core business is generating cash, and we have
enough funds left for potential M&A activity. Meanwhile,
existing shareholders benefit by owning a larger share of a growing
company."
Travelstar TechSolutions
Gateway The TechSolutions segment reported first quarter revenues of
$45.3 million versus $41.5 million in 1Q03. The Company's ad
management revenues were $33.3 million in 1Q04 versus $31.1 million
in the year ago period.
Laptop Parts The remaining TechSolutions revenues came from the Company's
marketing automation products, which had revenues of $12.0 million
for 1Q04, against $10.4 million in the year ago period. Overall
TechSolutions gross margins were 70.4%, an increase from 61.3% in
the first quarter of 2003. Overall TechSolutions operating margins
were 18.8%, an increase from 6.8% in the first quarter of 2003.
Software The year-over-year improvements in revenue, gross margins, and
operating margins stem primarily from new client wins, existing
customers using more DoubleClick products, and the increase in
overall system transaction volume by both new and existing clients.
Operating margins also benefited from the previously mentioned $1.5
million reserve reversal.
Hard Drives DoubleClick has signed over 40 new contracts globally with
customers to use its ad management solutions since the beginning of
the year. Recent wins include Sports Illustrated, Mass Transit
Interactive, UOL-Universo Online-Brazil, Initiative Media
Australia, Adnovia, and ESPN STAR Sports. The Company also signed
an exclusive contract with GSD&M for the use of its online ad
management, rich media, and media planning solutions.
Electronics New marketing automation agreements have recently been reached
with over 60 customers, including Unilever, Tribune Interactive and
Classifieds, Buy.com, Lycos, J. Jill Group, Ross-Simons, and eBay
Hong Kong.
Canon On March 19, 2004, DoubleClick acquired SmartPath, Inc., a
privately-held Marketing Resource Management (MRM) software
company. Beginning with the second quarter of 2004, results for the
TechSolutions segment and the marketing automation product group
will include MRM sales. SmartPath adds marketing planning and
operational management solutions to the Company's existing
offerings while expanding DoubleClick's platform and services
capabilities in traditional marketing channels such as print and
television. The Company is already selling this MRM solution
through its global sales force as a standalone product, and plans
to integrate it with its campaign management product later this
year. The Company will also assess opportunities to integrate MRM
solutions with other Company offerings in the future. SmartPath has
35 customers, including Novartis, GlaxoSmithKline, Wyeth, Kohler,
the National Geographic Society, and Victoria's Secret, as well as
agencies like Leo Burnett and Carmichael Lynch.
|
1Q04 |
1Q03 |
| Revenue 000's) |
$68,047 |
$60,054 |
| GAAP Net Income (000's) |
$7,693 |
$906 |
| GAAP EPS |
$0.05 |
$0.01 |
Desktop Pc Data
Desktop Computers DoubleClick Data revenues were $22.8 million in 1Q04, up 22.8%
from $18.5 million in 1Q03. Abacus quarterly revenues were up 9.9%
year-over-year to $20.4 million, while the remaining Data revenues
came from DoubleClick's Data Management business, which was
acquired on June 30, 2003. Overall Data gross margins were 59.7%
for the quarter, against 68.4% for 1Q03. Data operating margins
were 11.1%, against 24.1% in the first quarter of 2003.
Think Pad The year-over-year increase in Abacus revenues was driven
primarily by continued growth in the Company's U.S.
business-to-business Alliance and U.K. business-to-consumer
Alliance. Gross and operating margins were lower in the first
quarter of 2004 primarily because of the Data Management business,
as well as new Abacus Alliances and Data products.
Repair During the quarter, DoubleClick added 33 Abacus B2C Alliance
members globally and 18 B2B Alliance members. In addition, the
Vermont Country Store signed an agreement to use DoubleClick's Data
Management solution and has agreements to use email, web site
analytics, and Abacus Alliance data.
Data Recovery "DoubleClick's integrated marketing platform continues to
resonate with existing and potential customers, especially the
larger, more established firms that we are strategically
targeting," said David Rosenblatt, President of DoubleClick. "Our
recent Data Management deals have all been with existing Abacus and
marketing automation customers. Our Data Management and Email
client base have been the early adopters of our marketing
automation solutions suite. Our rich media wins have come almost
entirely from ad management customers. With the addition of
SmartPath, we expect to increase the number of clients using
multiple DoubleClick products as clients continue to see the value
of using one technology vendor for their marketing needs."
Cisco Second Quarter 2004 Outlook
DoubleClick is expecting second quarter revenues to be between $70
million and $74 million. GAAP earnings for the second quarter are
projected to be between $0.02 and $0.05 per share.
Keyboard Total Company gross margins are expected to be in the high 60s
to low 70s percentage range. GAAP operating expenses are expected
to be between $45 million and $47 million. Items in interest and
other, net and taxes are expected to be roughly $2 million, based
an assumed tax rate of approximately 15%.
Monitor Segment projections for the second quarter of 2004 are as
follows:
Desktop * TechSolutions revenues are estimated to be between $45 million
and $50 million, including $32 to $35 million from ad management,
with overall TechSolutions gross margins in the low 70s percentage
range.
Infosys * Data revenues are estimated to be between $24 million and $26
million, including approximately $3 million from Data Management,
with overall Data gross margins in the mid 60s percentage
range.
Refurbished Laptops Updated 2004 Outlook
DoubleClick is adjusting its 2004 outlook because of the recent
acquisition of SmartPath, Inc. DoubleClick began recognizing
revenue from this acquisition on April 1, 2004. The Company expects
it to lead to both higher revenue and expenses for its
TechSolutions segment as follows:
Wipro * DoubleClick expects SmartPath to add $4 million in revenue for
the remainder of 2004, and therefore the Company is raising its
overall 2004 revenue outlook to $294 to $314 million.
Lap Top * The Company expects the acquisition to lower GAAP net income
by approximately $5 million, primarily because of amortization
charges and integration costs.
Refurbished * DoubleClick expects the acquisition to be accretive in 2005
and beyond.
Memory * The Company now expects 2004 GAAP net income to be $33 to $40
million, or between $0.23 and $0.28 per share.
Intel "We are off to a great start in 2004," said Bruce Dalziel, Chief
Financial Officer, DoubleClick. "We on track to more than double
our earnings in 2004 while achieving robust revenue growth across
all of our product groups."
As400 Conference Call Today
The DoubleClick Conference Call to discuss this earnings press
release is scheduled for today at 5:00 p.m. EDT. This call will be
available live via Webcast, and on a replay basis afterward on the
Company's website www.doubleclick.net under Investor Relations or
at http://ir.doubleclick.net. Institutional investors can also
access the call via www.streetevents.com.
Averatec About DoubleClick
DoubleClick (www.doubleclick.net) is the leading provider of data
and technology for advertisers, direct marketers, and web
publishers to plan, execute, and analyze their marketing programs.
DoubleClick's online advertising, email marketing and
database marketing solutions help clients yield the highest return
on their marketing dollar. In addition, the Company's marketing
analytics tools help clients measure performance within and across
channels. DoubleClick Inc. has global headquarters in New York City
and maintains 20 offices around the world.
Hardware Note: This press release includes forward-looking statements,
including earnings and revenue projections and plans set forth
under the sections titled "Second Quarter 2004 Outlook" and
"Updated 2004 Outlook" above, as well as sentences using the words
"expects," "plans," or "believes" and all other statements that are
not purely historical. The results or events predicted in these
statements may vary materially from actual future events or
results. Factors that could cause actual events or results to
differ from anticipated events or results include: lack of growth
or decline in online advertising or marketing, changes in
government regulation, intense competition in DoubleClick's
industry, failure to manage the integration of acquired companies,
failure to successfully manage the Company's international
operations and other risks that are contained in documents which
the Company files from time to time with the Securities and
Exchange Commission, including the Company's most recent reports on
Form 10-K and Form 10-Q. In addition, any forward-looking
statements represent the Company's estimates only as of today and
should not be relied upon as representing the Company's estimates
as of any subsequent date. While the Company may elect to update
forward-looking statements at some point in the future, it may
choose not to do so, even if the Company's estimates change.
Dual Xeon INVESTOR CONTACT:
Jason McGruder
Manager, Investor Relations
212-381-5182
Storage PRESS CONTACT:
Jennifer Blum
VP, Public Relations
212-381-5705
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