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Online Advertising Articles
(April 2001)

ValueClick Exceeds Q1 Earnings Estimates

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--April 27, 2001--ValueClick, Inc. (Nasdaq: VCLK), the world's leading provider of performance-based internet advertising solutions, today announced financial results for the first quarter ended March 31, 2001. ValueClick extended its record for exceeding earnings expectations, having done so for the fourth straight quarter since becoming a public company.

Including interest income and exclusive of certain non-cash accounting items and non-recurring merger-related costs, pro forma operating income was $267,000 for the first quarter, with pro forma operating EPS of $0.01, compared to a consensus estimate of breakeven. This performance is in spite of a 16% decrease in revenue to $12.7 million, compared to $15.2 million in the same period last year.

"ValueClick's consistent earnings success in difficult market conditions is attributed to three main reasons," said Jim Zarley, Chairman and CEO. "First, effective cost control, which has always been a ValueClick strength. Second, relentless management of industry-leading gross profit margins, as evidenced by the realization of $6.6 million in gross profit, or 52% of revenues, for the first quarter of 2001. Third, ValueClick's strong financial position, confirmed by the $121.9 million in cash and marketable securities balance we had at the end of the quarter."

"ValueClick's strong profit margins reflect our ability to maintain pricing structures while continuing to reduce costs and achieve operating synergies," continued Zarley. "While we're certainly pleased with our performance in these respects, we still have a great deal of work to do in terms of top-line revenue growth in this challenging environment."

The company also provided certain financial projections for 2001. In announcing guidance for Q2 and full-year 2001, ValueClick stated that it expects to generate revenue between $10.5 and $11 million in the second quarter of 2001, with gross margins between 49% and 51%. Correspondingly, the company projects a pro forma operating loss of approximately $.02 per share in the second quarter.

For the full year of 2001, ValueClick projects revenue to be between $47 and $49 million, with gross margins in the 48% to 50% range. ValueClick's pro forma operating loss per share is projected to be between $.01 and $.02 for the full year, as the company continues to execute its integration strategy and achieve added cost efficiencies from operations.

The ValueClick Conference Call to discuss this earnings press release is scheduled for: Friday, April 27, 2001 at 1:00pm EST. Investors who would like to listen to the call may dial (888) 231-1705 domestically, or (706) 634-7040 internationally. Investors who are interested in accessing the live webcast are invited to visit the investor relations section of the company's website at www.valueclick.com.


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