ValueClick Inc. (VCLK) announced updated expectations for financial results for the second quarter ended June 30, 2012, an update on its stock repurchase program, and a $50 million increase to its credit facility.
For the second quarter, the company currently anticipates revenue at the high-end of its previously-issued guidance range of $155 million to $160 million. Analysts polled by Thomson Reuters expect the company to report revenues of $157.28 million for the second-quarter. Analysts' estimates typically exclude special items.
The company said the updated revenue expectations for second quarter 2012 included Media segment revenue growth at or above the previously-issued guidance for the segment.
The company also expects second-quarter Adjusted-EBITDA at the high-end of its previously-issued guidance range of $46 million to $48 million.
The company said it expects to announce final financial results for the second quarter of 2012 and guidance for the third quarter of 2012 during the week of July 30.
The company noted that since May 2, it has repurchased approximately 5.9 million shares of the Company's outstanding common stock for approximately $99.6 million.The company's board of directors has authorized a $100 million increase to the program, such that an additional $100.5 million of the Company's capital may be used to repurchase shares of the Company's common stock going forward.
The company stated that it has increased the amount available under its credit facility by $50 million. The Company's total credit facility now consists of: 1) a $200 million revolver (previously $150 million) with an expected outstanding balance as of the end of the second quarter of $130 million; and 2) a term loan with an expected outstanding balance as of the end of the second quarter of $42.5 million.
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