DoubleClick See Profits Jump 29 Percent in Q2
The New York marketing services and technology provider reported revenues for the second quarter of $63.6 million, a 5.8 percent increase over the first quarter, but a 16 percent decline year over year largely because of the divestitures of media, DoubleClick Japan and research businesses in 2002.
DoubleClick's operating expenses for the second quarter were $32.1 million, a decline of 45 percent versus $58.4 million in the second quarter of 2002. Total company headcount at the end of the second quarter was 1,082, down 15 percent from 1,270 at the end of the second quarter of 2002.
The company's expenses also declined in the second quarter of 2003 because of last year's business divestitures, as well as other cost-cutting initiatives, DoubleClick said.
The company ended the quarter with $873.2 million in cash and marketable securities and had a net cash position of $580.2 million.
"During the quarter, we were able to successfully complete a convertible bond offering, continue to build our suite of marketing technology tools through the acquisition of a data management company, as well as sign on large customers," DoubleClick CEO Kevin Ryan said in a statement. "In addition, we eliminated some excess real-estate exposure in New York, which will help cash flow in future quarters."