Revenue Falls at DoubleClick But 2002 Loss Is Smaller
DoubleClick reported fourth quarter revenue of $66.3 million, down from $96.1 million in the 2001 Q4. Its GAAP (Generally Accepted Accounting Principles) net loss for the quarter was $53.9 million, while pro forma net income for the quarter was $7.3 million.
The difference between the GAAP net loss and pro forma net income was due to a $65.8 million restructuring charge, gains of $7.9 million from the sale of a portion of the company's holdings in DoubleClick Japan and minority interest positions and other non-cash and non-recurring items, the company said.
Full year 2002 revenue was $300.2 million, down 26 percent from 2001. The GAAP net loss was $117.9 million for 2002, better than a 2001 net loss of $265.8 million. DoubleClick said it had its first full year of pro forma profitability in 2002 with pro forma net income of $17.9 million.
The global TechSolutions division reported fourth quarter revenues of $43.6 million, and annual revenues of $187.2 million, a decline of 9.6 percent versus 2001
The Data division reported quarterly revenue of $20.4 million and annual revenues of $83.3 million up 2.5 percent year-over-year.
DoubleClick said it expects 2003 revenue to be $250 million to $300 million. The Data division is expected to represent 35 percent of revenue with the remainder coming from TechSolutions. Within the TechSolutions division: email is expected to generate approximately 17percent of total revenue, ad management is expected to represent 45 percent, and 3 percent is expected to come from new initiatives.