• by Wendy Davis  @wendyndavis, May 6, 2005

In its first quarter as a public company, online ad network Fastclick Thursday reported adjusted first-quarter net income of $1.5 million, or 11 cents per share--down from adjusted net income of $1.8 million, 17 cents per share in the first quarter of 2004. Quarterly revenues were $19.6 million--an 80 percent increase from the previous year's $10.9 million.

Fastclick stated that it expects second-quarter revenues to range from $20 million to $21 million, and annual revenues to reach $88 million to $92 million. The company also reported that it now has more than 9,000 Web sites in its network, and that it delivered more than 8.8 billion impressions in March.

Fastclick went public in April, but the initial offering didn't do as well as anticipated; on the first day of trading, the stock closed at its offering price of $12 per share. Yesterday, the share price hovered around $9.

Earlier this week, Fastclick began offering contextually relevant text ads, similar to Google's AdSense.