Online marketing services company ValueClick Inc. (VCLK), Tuesday reported a higher profit for the third quarter as operating expenses declined, off-setting lower revenues. Looking forward, the company guided fourth quarter earnings and revenues.
Westlake Village, California-based ValueClick's third-quarter net income increased to $25.03 million from $1.99 million last year. Earnings per share increased to $0.29 from $0.02 a year ago.
Excluding the contribution from discontinued operations, stock-based compensation and amortization of intangible assets, third quarter non-GAAP net income was $30.26 million or $0.34 per share compared with $30.41 million or $0.34 per share last year.
Proforma net income from continuing operations, however, decreased to $12.95 million from $13.15 million reported for the same period last year. Proforma net income per share was $0.15, same as in the prior-year period.
On average, 19 analysts polled by Thomson Reuters expected the company to report a profit of $0.14 per share for the quarter. Analysts' estimates typically exclude one-time items. Third quarter revenue decreased to $130.16 million from $148.06 million last year. Analysts expected revenue of $129.18 million for the quarter.
While Media segment's revenue was lower at $55.94 million compared with $76.19 million, Comparison shopping and sales posted an increase in net sales to $41.53 million from $36.58 million in the same period last year. Revenues were lower from the Affiliate marketing and Technology segments for the quarter.
Gross profit was lower at $91.12 million compared with $96.68 million, partially off-set by lower direct expenses for the quarter, which declined to $39.04 million from $51.38 million last year.
Operating expenses declined to $65.27 million from $106.89 million, helping the company to turn to an operating income of $22.33 million from a loss of $10.58 million year-ago.
For the nine-month period, the company reported net income of $53.12 million or $0.61 per share compared with $37.66 million or $0.40 per share one-year ago. Non-GAAP net income declined to $69.4 million or $0.79 per share from $82.50 million or $0.87 per share last year. Revenues for the nine-month period declined to $395.56 million from $475.72 million last year.
Looking ahead, the company expects fourth-quarter net income to be in the range of $0.15 to $0.16 per share, while non-GAAP net income per share is anticipated between $0.21 and $0.22 per share. Analysts expect the company to earn $0.17 per share for the period.
The company expects revenue to be in the range of $128 million to $138 million for the same period, below Wall street expectations of $142.11 million.
VCLK finished Tuesday's regular market trade at $12.52, down 19 cents or 1.49% on 1.36 million shares on the Nasdaq. In after-hours trading, shares lost 4.07% or 51 cents at $12.01.
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