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Delaware
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001-34523
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01-0692341
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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11 West 19th Street
10th Floor
New York, NY
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10011
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(Address of principal executive offices)
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(Zip Code)
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(Former name or former address, if changed since last report)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press Release dated August 10, 2011
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interclick, inc.
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By:
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/s/ Roger Clark
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Roger Clark
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Chief Financial Officer
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Exhibit No.
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Description
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Press Release dated August 10, 2011
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www.interclick.com
NASDAQ: ICLK
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||||
New York
646 395 1812 P
11 West 19 th Street
10th floor
New York, NY 10011
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Chicago
100 W Kinzie Street
Suite 275
Chicago, IL 60654
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San Franciso
111 Pine Street
Suite 1620
San Francisco, CA 94111
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Los Angles
3000 Ocean Park Blvd
Suite 1010
Santa Monica , CA 90405
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Miami
4800 T-Rex Avenue
Suite 120
Boca Raton, FL 33431
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Summary Results
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|||||||||||||
$ in millions (except per share amounts); Unaudited
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|||||||||||||
Q2 2011 | Q2 2010 |
Growth
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|||||||||||
Revenue
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$ | 29.0 | $ | 21.7 | 34 | % | |||||||
Gross profit
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$ | 11.9 | $ | 9.6 | 24 | % | |||||||
EBITDA
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$ | 2.6 | $ | 2.4 | 7 | % | |||||||
Operating expenses
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$ | 10.8 | $ | 8.4 | 29 | % | |||||||
Operating income
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$ | 1.1 | $ | 1.2 | -8 | % | |||||||
Net income (loss)
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$ | 0.6 | $ | (0.1 | ) |
nm
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|||||||
Earnings per share - diluted
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$ | 0.02 | $ | - |
nm
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·
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Revenue was $29.0 million, an increase of 34% year-over-year, meeting the Company’s most recent guidance.
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·
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Growth was driven by strong demand for interclick’s proprietary OSM platform and data valuation capabilities, resulting in an increase in the number of advertisers and higher average revenue per campaign.
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·
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EBITDA was $2.6 million, up 7% year-over-year, exceeding guidance.
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·
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Operating expenses increased only 1% sequentially from Q1 2011, comparing favorably to sequential revenue growth of 22%.
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www.interclick.com
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||||
New York
646 395 1812 P
11 West 19 th Street
10th floor
New York, NY 10011
|
Chicago
100 W Kinzie Street
Suite 275
Chicago, IL 60654
|
San Franciso
111 Pine Street
Suite 1620
San Francisco, CA 94111
|
Los Angles
3000 Ocean Park Blvd
Suite 1010
Santa Monica , CA 90405
|
Miami
4800 T-Rex Avenue
Suite 120
Boca Raton, FL 33431
|
www.interclick.com
NASDAQ: ICLK
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||||
New York
646 395 1812 P
11 West 19 th Street
10th floor
New York, NY 10011
|
Chicago
100 W Kinzie Street
Suite 275
Chicago, IL 60654
|
San Franciso
111 Pine Street
Suite 1620
San Francisco, CA 94111
|
Los Angles
3000 Ocean Park Blvd
Suite 1010
Santa Monica , CA 90405
|
Miami
4800 T-Rex Avenue
Suite 120
Boca Raton, FL 33431
|
www.interclick.com
NASDAQ:ICLK
|
||||
New York
646 395 1812 P
11 West 19 th Street
10th floor
New York, NY 10011
|
Chicago
100 W Kinzie Street
Suite 275
Chicago, IL 60654
|
San Franciso
111 Pine Street
Suite 1620
San Francisco, CA 94111
|
Los Angles
3000 Ocean Park Blvd
Suite 1010
Santa Monica , CA 90405
|
Miami
4800 T-Rex Avenue
Suite 120
Boca Raton, FL 33431
|
Company Contact | Investor Relations Contact |
Roger Clark, CFO | Brett Maas, Hayden IR |
(646) 395-1776 | (646) 536-7331 |
roger.clark@interclick.com | brett@haydenir.com |
interclick, inc. and Subsidiary
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For the Three
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For the Three
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For the Six
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For the Six
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||||||||||||
Condensed Consolidated Statements of Operations
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Months Ended
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Months Ended
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Months Ended
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Months Ended
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||||||||||||
Unaudited
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June 30, 2011
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June 30, 2010
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June 30, 2011
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June 30, 2010
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||||||||||||
Revenues
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$ | 29,031,119 | $ | 21,659,883 | $ | 52,817,270 | $ | 35,861,740 | ||||||||
Cost of revenues
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17,097,653 | 12,034,487 | 29,779,098 | 19,853,668 | ||||||||||||
Gross profit
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11,933,466 | 9,625,396 | 23,038,172 | 16,008,072 | ||||||||||||
Operating expenses:
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||||||||||||||||
General and administrative
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4,985,318 | 3,873,745 | 10,503,214 | 7,104,273 | ||||||||||||
Sales and marketing
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4,164,583 | 3,087,183 | 7,963,771 | 5,203,897 | ||||||||||||
Technology support
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1,596,462 | 1,419,362 | 2,971,448 | 2,758,940 | ||||||||||||
Amortization of intangible assets
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83,186 | 39,500 | 132,801 | 79,000 | ||||||||||||
Total operating expenses
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10,829,549 | 8,419,790 | 21,571,234 | 15,146,110 | ||||||||||||
Operating income
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1,103,917 | 1,205,606 | 1,466,938 | 861,962 | ||||||||||||
Other income (expense):
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||||||||||||||||
Interest income
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1,909 | 8,151 | 4,260 | 17,019 | ||||||||||||
Warrant derivative liability income (expense)
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- | (272 | ) | - | 21,413 | |||||||||||
Other than temporary impairment of available-for-sale securities
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- | - | - | (458,538 | ) | |||||||||||
Interest expense
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(134,133 | ) | (74,537 | ) | (316,334 | ) | (176,946 | ) | ||||||||
Total other expense, net
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(132,224 | ) | (66,658 | ) | (312,074 | ) | (597,052 | ) | ||||||||
Income before income taxes
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971,693 | 1,138,948 | 1,154,864 | 264,910 | ||||||||||||
Income tax expense
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(335,601 | ) | (1,218,234 | ) | (409,219 | ) | (139,126 | ) | ||||||||
Net income (loss)
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636,092 | (79,286 | ) | 745,645 | 125,784 | |||||||||||
Other comprehensive income (loss):
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||||||||||||||||
Unrealized loss on available-for-sale-securities
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- | (20,427 | ) | - | (20,427 | ) | ||||||||||
Total comprehensive income (loss)
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$ | 636,092 | $ | (99,713 | ) | $ | 745,645 | $ | 105,357 | |||||||
Earnings per share:
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||||||||||||||||
Basic
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$ | 0.03 | $ | - | $ | 0.03 | $ | 0.01 | ||||||||
Diluted
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$ | 0.02 | $ | - | $ | 0.03 | $ | 0.01 | ||||||||
Weighted average number of common shares:
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||||||||||||||||
Basic
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24,151,081 | 23,683,252 | 24,093,739 | 23,646,178 | ||||||||||||
Diluted
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26,545,822 | 23,683,252 | 26,233,038 | 24,820,111 | ||||||||||||
Reconciliation of GAAP to non-GAAP measure:
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||||||||||||||||
Operating income
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$ | 1,103,917 | $ | 1,205,606 | $ | 1,466,938 | $ | 861,962 | ||||||||
Stock-based compensation
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1,122,228 | 972,488 | 2,283,611 | 1,822,070 | ||||||||||||
Amortization of intangible assets
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83,186 | 39,500 | 132,801 | 79,000 | ||||||||||||
Depreciation
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254,568 | 177,394 | 455,876 | 320,356 | ||||||||||||
EBITDA
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$ | 2,563,899 | $ | 2,394,988 | $ | 4,339,226 | $ | 3,083,388 |
interclick, inc. and Subsidiary
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
Unaudited
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June 30, 2011
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December 31, 2010
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||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 12,723,559 | $ | 12,450,650 | ||||
Short-term investment
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499,508 | 498,132 | ||||||
Restricted cash
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500,815 | 500,388 | ||||||
Accounts receivable, net of allowance
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31,561,892 | 44,517,434 | ||||||
Deferred taxes, current portion
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463,975 | 457,185 | ||||||
Prepaid expenses and other current assets
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3,840,955 | 763,680 | ||||||
Total current assets
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49,590,704 | 59,187,469 | ||||||
Restricted cash
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297,633 | 296,610 | ||||||
Property and equipment, net
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3,582,216 | 2,283,721 | ||||||
Intangible assets, net
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1,140,026 | 263,333 | ||||||
Goodwill
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7,909,571 | 7,909,571 | ||||||
Deferred line of credit costs, net
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75,573 | 106,732 | ||||||
Deferred taxes, net of current portion
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2,915,809 | 2,715,655 | ||||||
Other assets
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567,588 | 208,182 | ||||||
Total assets
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$ | 66,079,120 | $ | 72,971,273 | ||||
Current liabilities:
|
||||||||
Accounts payable
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$ | 13,606,940 | $ | 20,147,129 | ||||
Accrued expenses
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3,830,003 | 4,772,188 | ||||||
Line of credit payable
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4,000,000 | 8,500,000 | ||||||
Obligations under capital leases, current portion
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939,985 | 483,583 | ||||||
Deferred rent, current portion (includes cease-use liability)
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130,192 | 89,325 | ||||||
Total current liabilities
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22,507,120 | 33,992,225 | ||||||
Obligations under capital leases, net of current portion
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1,584,486 | 932,451 | ||||||
Deferred rent (includes cease-use liability)
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569,363 | 630,124 | ||||||
Other liabilities
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348,915 | - | ||||||
Total liabilities
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25,009,884 | 35,554,800 | ||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $0.001 par value
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- | - | ||||||
Common stock, $0.001 par value
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24,699 | 24,065 | ||||||
Additional paid-in capital
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49,532,768 | 46,626,284 | ||||||
Accumulated deficit
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(8,488,231 | ) | (9,233,876 | ) | ||||
Total stockholders’ equity
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41,069,236 | 37,416,473 | ||||||
Total liabilities and stockholders’ equity
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$ | 66,079,120 | $ | 72,971,273 |
For the Six
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For the Six
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|||||||
Condensed Consolidated Statements of Cash Flows
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Months Ended
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Months Ended
|
||||||
Unaudited
|
June 30, 2011
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June 30, 2010
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
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$ | 745,645 | $ | 125,784 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Stock-based compensation
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2,283,611 | 1,822,070 | ||||||
Other than temporary impairment of available-for-sale securities
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- | 458,538 | ||||||
Accrued interest income
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(2,826 | ) | - | |||||
Depreciation and amortization of property and equipment
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455,876 | 320,356 | ||||||
Amortization of intangible assets
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132,801 | 79,000 | ||||||
Recovery of bad debts
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- | (140,077 | ) | |||||
Amortization of deferred line of credit costs
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31,159 | - | ||||||
Deferred tax benefit
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(146,405 | ) | (594,417 | ) | ||||
Change in warrant derivative liability
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- | (21,413 | ) | |||||
Amortization of debt discount
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- | 4,972 | ||||||
Excess tax benefits from stock-based compensation
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(60,539 | ) | - | |||||
Changes in cash and cash equivalents attributable to changes in operating assets and liabilities:
|
||||||||
Accounts receivable
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12,955,542 | (35,613 | ) | |||||
Prepaid expenses and other current assets
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(2,717,563 | ) | 45,402 | |||||
Other assets
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- | (15,394 | ) | |||||
Accounts payable
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(6,540,189 | ) | (442,026 | ) | ||||
Accrued expenses
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(1,312,388 | ) | (672,039 | ) | ||||
Income taxes payable
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- | (515,306 | ) | |||||
Deferred rent
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(19,894 | ) | 525,302 | |||||
Net cash provided by operating activities
|
5,804,830 | 945,139 | ||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sale of available-for-sale securities
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- | 11,250 | ||||||
Transfers to restricted cash
|
- | (1,292,960 | ) | |||||
Purchases of property and equipment
|
(286,810 | ) | (573,929 | ) | ||||
Costs incurred for development of internal use software
|
(1,009,494 | ) | - | |||||
Net cash used in investing activities
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(1,296,304 | ) | (1,855,639 | ) | ||||
Cash flows from financing activities:
|
||||||||
Repayments of current line of credit, net
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(4,500,000 | ) | - | |||||
Repayments of former line of credit, net
|
- | (1,981,113 | ) | |||||
Proceeds from stock options and warrants exercised
|
562,968 | 228,732 | ||||||
Principal payments on capital leases
|
(359,124 | ) | (68,307 | ) | ||||
Excess tax benefits from stock-based compensation
|
60,539 | - | ||||||
Net cash used in financing activities
|
(4,235,617 | ) | (1,820,688 | ) | ||||
Net increase (decrease) in cash and cash equivalents
|
272,909 | (2,731,188 | ) | |||||
Cash and cash equivalents at beginning of period
|
12,450,650 | 12,653,958 | ||||||
Cash and cash equivalents at end of period
|
$ | 12,723,559 | $ | 9,922,770 | ||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid
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$ | 286,657 | $ | 203,191 | ||||
Income taxes paid
|
$ | 3,000,211 | $ | 1,219,583 | ||||
Non-cash investing and financing activities:
|
||||||||
Property and equipment acquired through capital leases
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$ | 1,467,560 | $ | 495,600 | ||||
Leasehold improvements increased for deferred rent
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$ | - | $ | 83,070 |