DoubleClick Reports Strong Second Quarter 2003 Financial Results

DoubleClick Reports Strong Second Quarter 2003 Financial Results

Post by Monty Solomo » Thu, 24 Jul 2003 10:22:31



Company Exceeds Its Total Revenue and EPS Guidance

NEW YORK, July 22 /PRNewswire-FirstCall/ -- DoubleClick Inc.  (Nasdaq:
DCLK), the leading provider of data and technology tools for direct
marketers, web publishers and advertisers, today announced financial
results for the second quarter ending June 30, 2003, and updated its
business outlook for full year 2003.

DoubleClick reported revenues for the second quarter of $63.6 million
versus $75.7 million in the year ago period.  Revenues increased
sequentially by 5.8%, though they declined 16.0% year-over-year
largely due to the divestitures of businesses in 2002.  Total GAAP
operating expenses were $32.1 million, a decline of 45% versus $58.4
million in the second quarter of 2002.

GAAP net income for the most recent quarter was $5.8 million, with a
GAAP EPS of $0.04, compared with $4.1 million and a GAAP EPS of $0.03
in the second quarter of 2002.  Total company headcount at the end of
the second quarter was 1,082, down 15% from 1,270 at the end of the
second quarter of 2002.

The Company's expenses declined in the second quarter of 2003 versus
the year ago period due to the divestitures of its Media, DoubleClick
Japan, and Research businesses, and because of ongoing cost-cutting
initiatives.  Second quarter 2003 GAAP earnings and expenses also
benefited from a net restructuring credit of $6.9 million, which
resulted from a $14.3 million reversal of DoubleClick's real estate
reserve for its New York facility offset by $7.4 million in additional
restructuring charges in connection with certain of the Company's
other facilities.  In addition, 2Q03 GAAP earnings were reduced by a
$4.4 million loss in connection with the redemption of the Company's
4.75% convertible subordinated notes and $1.0 million in equity losses
associated with the Company's minority investments. Last year's
second-quarter results included a $7.3 million restructuring charge
related to the Company's real estate and a $11.9 million gain related

The Company used $0.6 million in cash flow from operations during the
second quarter of 2003.  This figure included a payment of $14.4
million in connection with the termination of a portion of the lease
on the Company's New York headquarters.  The Company ended the quarter
with $873.2 million in cash and marketable securities, and had a net
cash position of $580.2 million, or $4.23 per share.(a) On June 23,
2003, the Company issued $135 million of zero coupon convertible
subordinated notes due 2023, the proceeds of which, together with
existing cash, will be used to redeem the Company's $154.8 million of
4.75% convertible subordinated notes due 2006 on July 24, 2003.

     - http://finance.lycos.com/home/news/story.asp?story=34949287

 
 
 

1. Nortel Networks Reports Results for Second Quarter of 2003

TORONTO--(BUSINESS WIRE)--July 24, 2003--Nortel Networks Corporation
(NYSE:NT)(TSX:NT):

    --  Revenues: US$2.33 billion, down sequentially approximately 3%

    --  Net loss of US$14 million; US$0.00 per common share

    --  Strong cash balance of US$4.2 billion, up sequentially
        approximately US$0.2 billion

Nortel Networks Corporation (NYSE:NT)(TSX:NT) today reported results
for the second quarter and the first six months of 2003 prepared in
accordance with United States generally accepted accounting
principles.

Second Quarter 2003 Results

Revenues were US$2.33 billion for the second quarter of 2003 compared
to US$2.40 billion for the first quarter of 2003 and US$2.77 billion
for the second quarter of 2002. Nortel Networks reported a net loss in
the second quarter of 2003 of US$14 million, or US$0.00 per common
share, compared to net earnings of US$54 million, or US$0.01 per
common share, in the first quarter of 2003 and a net loss of US$697
million, or US$0.20 per common share, in the second quarter of 2002.

Net loss in the second quarter of 2003 included an aggregate of US$37
million (net of tax) for the amortization of acquired technology and
deferred stock option compensation associated with acquisitions and
US$5 million of special charges for restructuring. The company's
results also included a benefit of approximately US$51 million
(pre-tax) related to the reduction in provisions associated with the
collection in the quarter of certain customer financing receivables.

     - http://finance.lycos.com/home/news/story.asp?story=34987931

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