Kevin Ryan, CEO of DoubleClick, said the results highlight the company's "unwavering focus on right-sizing our business," adding that in 2003 DoubleClick is focused on meeting customers' needs by "developing products and integrating those into our suite of solutions, while driving growth and profits."
The company reported revenues for the first quarter of $60.1 million, slightly above company guidance. Revenue declined 28.2% year-over-year largely due to the divestitures of the company's Media, DoubleClick Japan and Research businesses in 2002. Total GAAP operating expenses were $38.6 million, a decline of 32.6% versus $57.3 million in the first quarter of 2002, primarily resulting from divestitures and successful cost cutting initiatives. Pro forma operating expenses were $36.6 million, a decline of 30.7% versus the year ago period.
The company employed a total of 1,088 people at the end of first quarter 2003, down 2% from 1,111 at the end of fourth quarter 2002.
DoubleClick is expecting second quarter revenues to be between $60 million and $63 million. DoubleClick is also raising it full year 2003 earnings guidance, promising to achieve its first full year of profitability in 2003.
According to Bruce Dalziel, CFO of DoubleClick, several years of "unrelenting focus on cost-cutting and transition behind us, DoubleClick is well positioned to take advantage of more favorable economic conditions in the future in order to drive revenue growth, cash flow and profits."