Conversant, Inc.
Feb 21, 2007
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ValueClick Announces Record Results for Fourth Quarter 2006

Results Exceed Previously Issued Guidance; Company Provides Initial 2007 Guidance

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Feb. 21, 2007--ValueClick, Inc. (Nasdaq:VCLK) today reported financial results for the fourth quarter and fiscal year ended December 31, 2006. Revenue, adjusted-EBITDA(1) and diluted net income per common share for the quarter exceeded previously issued guidance.

"The successful integration of our 2005 acquisitions helped us generate another year of strong performance in 2006, including a fourth quarter with 38 percent year-over-year revenue growth and record revenue, net income and adjusted-EBITDA," said James Zarley, chairman and chief executive officer of ValueClick. "The leadership positions we have built in performance-based marketing solutions and value-added online networks give us confidence to anticipate continued strong growth and healthy margins in 2007."

Fourth Quarter and Fiscal Year 2006 Results

The Company's income tax expense and resulting net income and diluted net income per common share for the fourth quarter and fiscal year 2006 are preliminary and subject to change based upon the completion of the Company's final year-end tax-related procedures.

Revenue for the fourth quarter of 2006 was a record $160.4 million, above the high end of the Company's previously issued guidance and an increase of $43.8 million, or 38 percent, from $116.6 million for the fourth quarter of 2005. Fourth quarter 2006 results include one month of operations from Shopping.net, acquired in December 2006, which was immaterial.

Income before income taxes for the fourth quarter of 2006 was a record $38.5 million compared to $24.7 million for the fourth quarter of 2005. Adjusted-EBITDA for the fourth quarter of 2006 was a record $46.1 million, above the high end of the Company's previously issued guidance and an increase of $12.4 million, or 37 percent, from $33.7 million for the fourth quarter of 2005.

Net income for the fourth quarter of 2006 was $22.1 million, or $0.22 per diluted common share, compared to $14.2 million, or $0.14 per diluted common share, for the fourth quarter of 2005. Fourth quarter 2006 diluted net income per common share exceeded the high end of the Company's previously issued guidance range by $0.04.

For the fiscal year ended December 31, 2006, ValueClick reported revenue of $545.6 million, an increase of $241.6 million, or 79 percent, from revenue of $304.0 million for fiscal year 2005. Assuming acquisitions in 2005 and 2006 had been completed on January 1, 2005, year-over-year organic revenue growth was 34 percent for fiscal year 2006(2).

Fiscal year 2006 income before taxes was $110.1 million compared to $69.5 million for fiscal year 2005. Fiscal year 2006 adjusted-EBITDA was $145.1 million compared to $85.6 million for fiscal year 2005. Net income for fiscal year 2006 was $63.1 million, or $0.62 per diluted common share, compared to $40.6 million, or $0.45 per diluted common share, for fiscal year 2005. Fiscal year 2006 net income includes $8.0 million of stock-based compensation expense, net of tax, largely due to the impact of SFAS 123®. Stock-based compensation expense reduced fiscal year 2006 diluted net income per common share by $0.08.

The consolidated balance sheet as of December 31, 2006 includes $282 million in cash, cash equivalents and marketable securities, approximately $640 million in total stockholders' equity and no long-term debt. In fiscal year 2006, the Company repurchased 6.9 million shares of its outstanding common stock for $103.4 million.

Starting with its fourth quarter 2006 results, ValueClick is providing operating results across four worldwide reporting segments: Media; Comparison Shopping; Affiliate Marketing; and Technology. For comparative information purposes, the Company has included segment financial performance for the past eight quarters at the end of this press release.

Business Outlook

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. Actual stock-based compensation expense may differ from these estimates based on the timing and amount of options granted, the assumptions used in option valuation and other factors. Actual income tax expense may differ from these estimates based on tax planning, changes in tax accounting rules and laws, and other factors.

Today, ValueClick is providing its initial fiscal year 2007 guidance
 ranges:
Fiscal Year 2007                                 Initial Guidance
----------------------------------------------------------------------
Revenue                                          $645-$665 million
----------------------------------------------------------------------
Adjusted-EBITDA                                  $175-$180 million
----------------------------------------------------------------------
Diluted net income per common share                $0.78-$0.80
----------------------------------------------------------------------

Fiscal year 2007 guidance for diluted net income per common share includes a reduction of $0.11 per diluted common share for stock-based compensation expense, and assumes a 42.5 percent effective tax rate.

Additionally, ValueClick is announcing guidance for the first quarter
 of 2007:
First Quarter 2007                                     Guidance
----------------------------------------------------------------------
Revenue                                           $148-$149 million
----------------------------------------------------------------------
Adjusted-EBITDA                                    $38-$39 million
----------------------------------------------------------------------
Diluted net income per common share                     $0.17
----------------------------------------------------------------------

First quarter 2007 diluted net income per common share guidance includes a reduction of $0.02 per diluted common share for stock-based compensation expense and assumes a 42.5 percent effective tax rate.

Conference Call Today

James Zarley, chairman and chief executive officer, and Sam Paisley, chief administrative officer, will present an overview of the results and other factors affecting ValueClick's financial performance for the fourth quarter during a conference call and webcast on February 21, 2007 at 1:30PM PT. Investors and analysts may obtain the dial-in information through StreetEvents (www.streetevents.com).

The live webcast and other information of potential interest to investors will be available to the public in the Investor Relations section of the Company's website (www.valueclick.com). Replay information will be available for seven days after the call and may be accessed at (888) 203-1112 for domestic callers and (719) 457-0820 for international callers. The passcode is 4871755.

About ValueClick

ValueClick, Inc. (Nasdaq: VCLK) is one of the world's largest integrated online marketing companies, offering comprehensive and scalable solutions to deliver cost-effective customer acquisition for advertisers and transparent revenue streams for publishers. ValueClick's performance-based solutions allow its customers to reach their potential through multiple online marketing channels, including affiliate and search marketing, display advertising, lead generation, ad serving and related technologies, and comparison shopping. ValueClick brands include Commission Junction, ValueClick Media, Mediaplex, and PriceRunner. For more information, please visit www.valueclick.com.

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, but not limited to: its annual report on Form 10-K filed on March 31, 2006 and an amendment to its annual report on Form 10-K/A filed on April 21, 2006; recent quarterly reports on Form 10-Q and Form 10-Q/A; and other current reports on Form 8-K. 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.

(1) Adjusted-EBITDA is defined as GAAP (Generally Accepted Accounting Principles) net income before interest, income taxes, depreciation, amortization, and stock-based compensation. Please see the attached schedule for a reconciliation of GAAP net income to adjusted-EBITDA, and a discussion of why the Company believes adjusted-EBITDA is a useful financial measure to investors and how Company management uses this financial measure.

(2) Please see Note 1 of the Condensed Consolidated Statements of Operations for the Year Ended December 31, 2006 for additional information.

                           VALUECLICK, INC.
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (In thousands, except per share data)
                                                  Three-month Period
                                                  Ended December 31,
                                                 ---------------------
                                                   2006       2005
                                                 ---------- ----------
                                                      (Unaudited)
                                                       (Note 1)
Revenue                                           $160,436   $116,607
Cost of revenue                                     47,789     39,270
                                                 ---------- ----------
  Gross profit                                     112,647     77,337
Operating expenses:
  Sales and marketing (Note 2)                      47,620     27,207
  General and administrative (Note 2)               15,594     13,341
  Technology (Note 2)                                8,183      7,356
  Amortization of intangible assets                  5,234      6,387
    Restructuring benefit, net                          --        (77)
                                                 ---------- ----------
       Total operating expenses                     76,631     54,214
                                                 ---------- ----------
Income from operations                              36,016     23,123
  Interest income, net                               2,440      1,610
                                                 ---------- ----------
Income before income taxes                          38,456     24,733
    Income tax expense (Note 3)                     16,351     10,541
                                                 ---------- ----------
Net income                                         $22,105    $14,192
                                                 ========== ==========
Basic net income per common share                    $0.22      $0.14
                                                 ========== ==========
Weighted-average shares used to compute basic net
 income per common share                            98,567    101,177
                                                 ========== ==========
Diluted net income per common share                  $0.22      $0.14
                                                 ========== ==========
Weighted-average shares used to compute diluted
 net income per common share                       100,175    105,390
                                                 ========== ==========
Note 1 - The condensed consolidated statements of operations include
 the results of Shopping.net from acquisition consummation date
 (December 1, 2006). Had this transaction been completed as of January
 1, 2005, on an unaudited pro-forma basis, revenue would have been
 $161.2 million and $117.1 million, and net income would have been
 $21.9 million, or $0.22 per diluted common share, and $13.8 million,
 or $0.13 per diluted common share, for the three-month periods ended
 December 31, 2006 and December 31, 2005, respectively. These
 unaudited pro-forma results are for information purposes only, are
 not necessarily indicative of what the actual results would have been
 had this transaction occurred on January 1, 2005, and are not
 necessarily indicative of future results.
Note 2 - Includes stock-based compensation expense
 as follows (the increase in 2006 compared to 2005  Three-month Period
 is primarily due to the adoption of SFAS 123(R)):  Ended December 31,
                                                    ------------------
                                                      2006     2005
                                                    --------- --------
                                                       (Unaudited)
Sales and marketing                                     $835     $744
General and administrative                             1,231      321
Technology                                               366      788
                                                    --------- --------
  Total stock-based compensation expense              $2,432   $1,853
                                                    ========= ========
Note 3 - The Company's income tax expense for the quarter ended
 December 31, 2006 is preliminary and subject to change based upon the
 completion of the Company's final year-end tax-related procedures.
                           VALUECLICK, INC.
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (In thousands, except per share data)
                                                      Year Ended
                                                      December 31,
                                                  --------------------
                                                    2006      2005
                                                  --------- ----------
                                                      (Unaudited)
                                                        (Note 1)
Revenue                                           $545,616   $304,007
Cost of revenue                                    167,861     88,839
                                                  --------- ----------
  Gross profit                                     377,755    215,168
Operating expenses:
  Sales and marketing (Note 2)                     162,905     75,640
  General and administrative (Note 2)               58,128     40,908
  Technology (Note 2)                               32,797     22,137
  Amortization of intangible assets                 21,801     12,179
 Restructuring benefit, net                             --        (73)
                                                  --------- ----------
       Total operating expenses                    275,631    150,791
                                                  --------- ----------
Income from operations                             102,124     64,377
  Interest income, net                               8,005      5,077
                                                  --------- ----------
Income before income taxes                         110,129     69,454
    Income tax expense (Note 3)                     47,000     28,810
                                                  --------- ----------
Net income                                         $63,129    $40,644
                                                  ========= ==========
Basic net income per common share                    $0.63      $0.46
                                                  ========= ==========
Weighted-average shares used to compute basic net
 income per
common share                                        99,600     87,722
                                                  ========= ==========
Diluted net income per common share                  $0.62      $0.45
                                                  ========= ==========
Weighted-average shares used to compute diluted
 net income per common share                       101,721     90,857
                                                  ========= ==========
Note 1 - The condensed consolidated statements of operations include
 the results of E-Babylon, Webclients, Fastclick, and Shopping.net
 from the beginning of the accounting period nearest to their
 acquisition consummation dates (June 13, 2005, June 24, 2005,
 September 29, 2005, and December 1, 2006, respectively). Had these
 transactions been completed as of January 1, 2005, on an unaudited
 pro-forma basis, revenue would have been $549.3 million and $409.8
 million, and net income would have been $62.6 million, or $0.61 per
 diluted common share, and $38.6 million, or $0.37 per diluted common
 share, for the years ended December 31, 2006 and December 31, 2005,
 respectively. These unaudited pro-forma results are for information
 purposes only, are not necessarily indicative of what the actual
 results would have been had these transactions occurred on January 1,
 2005, and are not necessarily indicative of future results.
Note 2 - Includes stock-based compensation expense as
 follows (the increase in 2006 compared to 2005 is       Year Ended
 primarily due to the adoption of SFAS 123(R)):         December 31,
                                                      ----------------
                                                       2006     2005
                                                      -------- -------
                                                        (Unaudited)
Sales and marketing                                    $4,429    $817
General and administrative                              5,258     382
Technology                                              2,253     823
                                                      -------- -------
  Total stock-based compensation expense              $11,940  $2,022
                                                      ======== =======

Note 3 - The Company's income tax expense for the year ended December
 31, 2006 is preliminary and subject to change based upon the
 completion of the Company's final year-end tax-related procedures.
                           VALUECLICK, INC.
       RECONCILIATION OF NET INCOME TO ADJUSTED-EBITDA (Note 1)
                            (In thousands)
                                                    Three-month Period
                                                    Ended December 31,
                                                    ------------------
                                                      2006     2005
                                                    --------- --------
                                                       (Unaudited)
Net Income                                           $22,105  $14,192
     Less interest income, net                        (2,440)  (1,610)
     Plus income tax expense                          16,351   10,541
     Plus amortization of intangible assets            5,234    6,387
     Plus depreciation and leasehold amortization      2,413    2,325
     Plus stock-based compensation                     2,432    1,853
                                                    --------- --------
Adjusted-EBITDA                                      $46,095  $33,688
                                                    ========= ========
                                                       Year Ended
                                                       December 31,
                                                    ------------------
                                                      2006     2005
                                                    --------- --------
                                                       (Unaudited)
Net Income                                           $63,129  $40,644
     Less interest income, net                        (8,005)  (5,077)
     Plus income tax expense                          47,000   28,810
     Plus amortization of intangible assets           21,801   12,179
     Plus depreciation and leasehold amortization      9,264    7,067
     Plus stock-based compensation                    11,940    2,022
                                                    --------- --------
Adjusted-EBITDA                                     $145,129  $85,645
                                                    ========= ========
Note 1 - "Adjusted-EBITDA" (earnings before interest, income taxes,
 depreciation, amortization, and stock-based compensation) included in
 this press release is a non-GAAP financial measure.
Adjusted-EBITDA, as defined above, may not be similar to adjusted-
 EBITDA measures used by other companies and is not a measurement
 under GAAP. Management believes that adjusted-EBITDA provides useful
 information to investors about the Company's performance because it
 eliminates the effects of period-to-period changes in income from
 interest on the Company's cash and marketable securities and the
 costs associated with income tax expense, capital investments, and
 stock-based compensation expense which are not directly attributable
 to the underlying performance of the Company's business operations.
 Management uses adjusted-EBITDA in evaluating the overall performance
 of the Company's business operations.
Though management finds adjusted-EBITDA useful for evaluating aspects
 of the Company's business, its reliance on this measure is limited
 because excluded items often have a material effect on the Company's
 earnings and earnings per common share calculated in accordance with
 GAAP. Therefore, management always uses adjusted-EBITDA in
 conjunction with GAAP earnings and earnings per common share
 measures. The Company believes that adjusted-EBITDA provides
 investors with an additional tool for evaluating the Company's core
 performance, which management uses in its own evaluation of overall
 performance, and a base-line for assessing the future earnings
 potential of the Company. While the GAAP results are more complete,
 the Company prefers to allow investors to have this supplemental
 metric since, with a reconciliation to GAAP, it may provide greater
 insight into the Company's financial results.
                           VALUECLICK, INC.
                      SEGMENT OPERATING RESULTS
  (Prior periods have been restated for new reporting segmentation
     adopted in the fourth quarter of 2006. Amounts in thousands)
                              Three-month Period      Year Ended
                               Ended December 31,    December 31,
                              ------------------- -------------------
                                2006      2005      2006      2005
                              --------- --------- --------- ---------
                                  (Unaudited)         (Unaudited)
Media:
Revenue                       $111,647   $77,926  $382,973  $164,835
Cost of revenue                 39,763    33,973   141,457    66,966
                              --------- --------- --------- ---------
Gross profit                    71,884    43,953   241,516    97,869
Operating expenses              43,557    24,638   147,323    59,559
                              --------- --------- --------- ---------
Segment income from operations $28,327   $19,315   $94,193   $38,310
                              ========= ========= ========= =========
Comparison Shopping:
Revenue                         $8,849    $5,938   $26,217   $17,295
Cost of revenue                    903       222     2,165       664
                              --------- --------- --------- ---------
Gross profit                     7,946     5,716    24,052    16,631
Operating expenses               5,904     4,421    20,976    14,597
                              --------- --------- --------- ---------
Segment income from operations  $2,042    $1,295    $3,076    $2,034
                              ========= ========= ========= =========
Affiliate Marketing:
Revenue                        $32,728   $26,694  $112,150   $95,791
Cost of revenue                  6,047     4,004    19,770    17,116
                              --------- --------- --------- ---------
Gross profit                    26,681    22,690    92,380    78,675
Operating expenses               8,342     8,346    34,474    33,714
                              --------- --------- --------- ---------
Segment income from operations $18,339   $14,344   $57,906   $44,961
                              ========= ========= ========= =========
Technology:
Revenue                         $7,686    $6,405   $25,714   $27,015
Cost of revenue                  1,372     1,361     5,396     5,275
                              --------- --------- --------- ---------
Gross profit                     6,314     5,044    20,318    21,740
Operating expenses               3,239     3,096    12,696    12,437
                              --------- --------- --------- ---------
Segment income from operations  $3,075    $1,948    $7,622    $9,303
                              ========= ========= ========= =========
Total segment income from
 operations                    $51,783   $36,902  $162,797   $94,608
Corporate expenses              (8,101)   (5,616)  (26,932)  (16,103)
Stock-based compensation        (2,432)   (1,853)  (11,940)   (2,022)
Amortization of intangible
 assets                         (5,234)   (6,387)  (21,801)  (12,179)
Restructuring benefit
 (expense), net                      -        77         -        73
                              --------- --------- --------- ---------
Consolidated income from
 operations                    $36,016   $23,123  $102,124   $64,377
                              ========= ========= ========= =========
Reconciliation of segment
 revenue to consolidated
 revenue:
Media                         $111,647   $77,926   382,973  $164,835
Comparison Shopping              8,849     5,938    26,217    17,295
Affiliate Marketing             32,728    26,694   112,150    95,791
Technology                       7,686     6,405    25,714    27,015
Inter-segment eliminations        (474)     (356)   (1,438)     (929)
                              --------- --------- --------- ---------
Consolidated revenue          $160,436  $116,607  $545,616  $304,007
                              ========= ========= ========= =========
                           VALUECLICK, INC.
                      SEGMENT OPERATING RESULTS
  (Prior periods have been restated for new reporting segmentation
     adopted in the fourth quarter of 2006. Amounts in thousands)
                                      Three-month Period Ended
                                -------------------------------------
                                 March            September December
                                  31,    June 30,    30,       31,
                                  2005     2005     2005      2005
                                -------- -------- --------- ---------
                                             (Unaudited)
Media:
Revenue                         $17,042  $21,810   $48,057   $77,926
Cost of revenue                   7,534    8,458    17,001    33,973
                                -------- -------- --------- ---------
Gross profit                      9,508   13,352    31,056    43,953
Operating expenses                6,739    9,302    18,880    24,638
                                -------- -------- --------- ---------
Segment income from operations   $2,769   $4,050   $12,176   $19,315
                                ======== ======== ========= =========
Comparison Shopping:
Revenue                          $3,640   $3,607    $4,110    $5,938
Cost of revenue                     102      155       185       222
                                -------- -------- --------- ---------
Gross profit                      3,538    3,452     3,925     5,716
Operating expenses                2,628    3,862     3,686     4,421
                                -------- -------- --------- ---------
Segment income from operations     $910   $ (410)     $239    $1,295
                                ======== ======== ========= =========
Affiliate Marketing:
Revenue                         $23,508  $22,276   $23,313   $26,694
Cost of revenue                   4,344    4,524     4,244     4,004
                                -------- -------- --------- ---------
Gross profit                     19,164   17,752    19,069    22,690
Operating expenses                7,932    8,546     8,890     8,346
                                -------- -------- --------- ---------
Segment income from operations  $11,232   $9,206   $10,179   $14,344
                                ======== ======== ========= =========
Technology:
Revenue                          $7,290   $7,114    $6,206    $6,405
Cost of revenue                   1,391    1,254     1,269     1,361
                                -------- -------- --------- ---------
Gross profit                      5,899    5,860     4,937     5,044
Operating expenses                3,260    3,293     2,788     3,096
                                -------- -------- --------- ---------
Segment income from operations   $2,639   $2,567    $2,149    $1,948
                                ======== ======== ========= =========
Total segment income from
 operations                     $17,550  $15,413   $24,743   $36,902
Corporate expenses               (3,703)  (3,014)   (3,770)   (5,616)
Stock-based compensation            (54)     (45)      (70)   (1,853)
Amortization of intangible
 assets                          (1,237)  (1,448)   (3,107)   (6,387)
Restructuring benefit (expense),
 net                                202     (206)        -        77
                                -------- -------- --------- ---------
Consolidated income from
 operations                     $12,758  $10,700   $17,796   $23,123
                                ======== ======== ========= =========
Reconciliation of segment
 revenue to consolidated
 revenue:
Media                           $17,042  $21,810   $48,057   $77,926
Comparison Shopping               3,640    3,607     4,110     5,938
Affiliate Marketing              23,508   22,276    23,313    26,694
Technology                        7,290    7,114     6,206     6,405
Inter-segment eliminations          (66)    (235)     (272)     (356)
                                -------- -------- --------- ---------
Consolidated revenue            $51,414  $54,572   $81,414  $116,607
                                ======== ======== ========= =========
                           VALUECLICK, INC.
                      SEGMENT OPERATING RESULTS
  (Prior periods have been restated for new reporting segmentation
     adopted in the fourth quarter of 2006. Amounts in thousands)
                                     Three-month Period Ended
                              ---------------------------------------
                                                  September December
                              March 31, June 30,     30,       31,
                                2006      2006      2006      2006
                              --------- --------- --------- ---------
                                            (Unaudited)
Media:
Revenue                        $79,385   $93,542   $98,399  $111,647
Cost of revenue                 33,736    36,240    31,718    39,763
                              --------- --------- --------- ---------
Gross profit                    45,649    57,302    66,681    71,884
Operating expenses              27,054    34,416    42,296    43,557
                              --------- --------- --------- ---------
Segment income from operations $18,595   $22,886   $24,385   $28,327
                              ========= ========= ========= =========
Comparison Shopping:
Revenue                         $5,546    $5,948    $5,874    $8,849
Cost of revenue                    293       460       509       903
                              --------- --------- --------- ---------
Gross profit                     5,253     5,488     5,365     7,946
Operating expenses               5,373     4,972     4,727     5,904
                              --------- --------- --------- ---------
Segment income from operations  $ (120)     $516      $638    $2,042
                              ========= ========= ========= =========
Affiliate Marketing:
Revenue                        $26,862   $25,160   $27,400   $32,728
Cost of revenue                  4,111     4,328     5,284     6,047
                              --------- --------- --------- ---------
Gross profit                    22,751    20,832    22,116    26,681
Operating expenses               8,863     8,218     9,051     8,342
                              --------- --------- --------- ---------
Segment income from operations $13,888   $12,614   $13,065   $18,339
                              ========= ========= ========= =========
Technology:
Revenue                         $5,775    $5,728    $6,525    $7,686
Cost of revenue                  1,325     1,325     1,374     1,372
                              --------- --------- --------- ---------
Gross profit                     4,450     4,403     5,151     6,314
Operating expenses               3,082     3,130     3,245     3,239
                              --------- --------- --------- ---------
Segment income from operations  $1,368    $1,273    $1,906    $3,075
                              ========= ========= ========= =========
Total segment income from
 operations                    $33,731   $37,289   $39,994   $51,783
Corporate expenses              (8,612)   (3,476)   (6,743)   (8,101)
Stock-based compensation        (3,320)   (3,196)   (2,992)   (2,432)
Amortization of intangible
 assets                         (5,655)   (5,450 )  (5,462)   (5,234)
Restructuring benefit
 (expense), net                      -         -         -         -
                              --------- --------- --------- ---------
Consolidated income from
 operations                    $16,144   $25,167   $24,797   $36,016
                              ========= ========= ========= =========
Reconciliation of segment
 revenue to consolidated
 revenue:
Media                          $79,385   $93,542   $98,399  $111,647
Comparison Shopping              5,546     5,948     5,874     8,849
Affiliate Marketing             26,862    25,160    27,400    32,728
Technology                       5,775     5,728     6,525     7,686
Inter-segment eliminations        (281)     (350)     (333)     (474)
                              --------- --------- --------- ---------
Consolidated revenue          $117,287  $130,028  $137,865  $160,436
                              ========= ========= ========= =========

CONTACT: ValueClick, Inc.
Gary J. Fuges, CFA, 1-818-575-4677

SOURCE: ValueClick, Inc.