ValueClick Completes Acquisition of Pricerunner
Company Updates 2004 Guidance to Reflect Acquisition
Laptop Battery WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Aug. 10,
2004--ValueClick, Inc. (Nasdaq:VCLK), the single-source provider of
media, technology and services across all major interactive
marketing channels, today
announced it has completed its acquisition of privately-held
Pricerunner AB, a leading provider of online comparison shopping
services in Europe.
Originally announced on August 3, 2004, the Pricerunner
acquisition expands ValueClick's suite of performance-based online
marketing solutions into the high-growth area of comparison
shopping - the most commerce-oriented form of search. Pricerunner
currently operates leading comparison shopping sites in the United
Kingdom and Sweden, and plans to expand in France and Germany
during 2004. Pricerunner generates the majority of its revenue
through a lead-based model, where a retailer pays Pricerunner on a
cost-per-click basis for online consumers that Pricerunner delivers
to the retailer's Website.
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Thinkpad Under the terms of the agreement, ValueClick has acquired all
outstanding equity interests in Pricerunner for a purchase price of
approximately $29.0 million, subject to a final working capital
adjustment, including cash and approximately 263,000 shares of
ValueClick common stock issued to three management shareholders of
Pricerunner. In the transaction, ValueClick has agreed to provide
additional cash and stock consideration totaling up to $6.0
million, contingent upon Pricerunner exceeding certain performance
milestones.
Microsoft Based on unaudited
financial statements, for the
six-month period ending April 30, 2004, Pricerunner generated
revenue of approximately $3.6 million, and EBITDA(a) of
approximately $0.8 million. As of April 30, 2004, Pricerunner
had reserve cash of approximately $2.5 million. Pricerunner was
represented by Eagle One Capital Limited in this
transaction.
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Laptop Computers Updated Guidance
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Laptop Computer The following statements are based on current expectations.
These statements are forward-looking, and actual results may differ
materially. These statements do not include the potential impact of
any mergers, acquisitions or other business combinations that may
be completed after the date of this release.
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Desktop Computer Based on the closing of the Pricerunner acquisition, ValueClick
is updating its financial guidance for third quarter and fiscal
year 2004.
Notebooks For the third quarter of 2004, ValueClick
anticipates:
Lenovo -- Total revenue of approximately $37.0 million to $39.0
million, an increase from prior guidance of $36.0 million to $37.0
million;
Hard Drive -- Diluted net income per share of $0.06 -- which includes the
effects of additional amortization of intangible assets associated
with the Pricerunner transaction -- in line with prior guidance of
$0.06; and
Travelstar -- EBITDA in the range of $8.0 million to $9.0 million, in line
with prior guidance.
Gateway For fiscal year 2004, ValueClick
anticipates:
Laptop Parts -- Total revenue of approximately $150 million to $154 million,
an increase from prior guidance of approximately $147 million to
$150 million;
Software -- Excluding the $8.0 million one-time gain associated with the
March 2004 sale of ValueClick Japan, diluted net income per share
of approximately $0.26 to $0.29 -- which includes the effects of
additional amortization of intangible assets associated with the
Pricerunner transaction -- in line with prior guidance;
Hard Drives -- Excluding the previously mentioned one-time gain, EBITDA of
approximately $38 million to $41 million, an increase from prior
guidance of approximately $38 million to $40 million; and
Electronics -- Fully diluted shares of approximately 85
million.
Canon Additionally, ValueClick anticipates that Pricerunner could
contribute up to $20 million in revenue and generate an EBITDA
margin of approximately 30 percent in 2005.
Desktop Pc About ValueClick
Desktop Computers ValueClick, Inc. (Nasdaq:VCLK) is the single-source provider of
media, technology and related services that enable advertisers,
agencies and publishers to reach consumers in all major online
marketing channels, through our three business units:
Think Pad -- ValueClick Media (http://media.valueclick.com) provides a
wide range of online marketing solutions -- including Web
Marketing, Email Marketing, Lead Generation Marketing, and Search
Marketing -- to create awareness, build brands, deliver targeted
visitors, generate leads, drive sales, and grow customer
relationships.
Repair -- Commission Junction (www.cj.com) provides advanced
performance marketing solutions that help marketers increase online
leads and sales. By facilitating strategic relationships between
advertisers and publishers, Commission Junction leverages its
proven expertise in affiliate marketing and search marketing to
drive measurable results for its clients.
Data Recovery -- Mediaplex (www.mediaplex.com) provides technology and
services that help advertisers, agencies and Web site publishers
manage their online advertising and permission-based
email campaigns. In addition, the AdWare Systems subsidiary
(www.adwaresystems.com) provides software and services that help
advertising agencies and other companies operate their businesses
more efficiently, through effective agency management, media
management, and content management solutions.
Cisco For more information, please visit
www.valueclick.com.
Keyboard This release contains forward-looking statements that involve
risks and uncertainties, including, but not limited to, trends in
online advertising spending and estimates of future online
performance-based advertising. Actual results may differ materially
from the results predicted, and reported results should not be
considered an indication of future performance. Important factors
that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements are detailed
under "Risk Factors" and elsewhere in filings with the Securities
and Exchange Commission made from time to time by ValueClick,
including its Annual Report on Form 10-K filed on March 15, 2004,
recent quarterly reports on Form 10-Q and current reports on Form
8-K. Other factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements include, but are not limited to, the risk that market
demand for online advertising, and performance-based online
advertising in particular, will not grow as rapidly as predicted.
ValueClick undertakes no obligation to release publicly any
revisions to any forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Monitor (a)Earnings before interest, taxes, depreciation and
amortization ("EBITDA") included in this press release is a
non-GAAP financial measure, which represents net income excluding
the effects of interest, income taxes, depreciation, and
amortization. EBITDA, as defined above, may not be similar to
EBITDA measures used by other companies and is not a measurement
under generally accepted accounting principles.
Desktop We believe that EBITDA provides useful information to investors
about the Company's performance because it eliminates the effects
of period to period changes in costs associated with capital
investments and income from interest on our cash and marketable
securities that are not directly attributable to the underlying
performance of the Company's business operations. Management uses
EBITDA in evaluating the overall performance of the Company's
business operations.
Infosys Contacts
Refurbished Laptops
ValueClick, Inc.
Gary J. Fuges, 818-575-4677
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