NEW YORK, Nov. 18, 2009 (GLOBE NEWSWIRE) -- interCLICK, Inc. (Nasdaq:ICLK), the leading ad network in data and inventory transparency, today announced it has filed a Form S-3 shelf registration statement with the Securities and Exchange Commission for a proposed offering of 2,500,000 shares of interCLICK's common stock. No underwriter has been engaged for the purpose of the offering.
The Company anticipates that any net proceeds from the sale of common stock will be used for general working capital and to support the strong growth rate experienced by interCLICK during 2009 into future periods, including investment in capital equipment and related technology. Proceeds may additionally be used to reduce borrowing costs under our working capital credit facility, and to continue hiring exceptional talent throughout the organization.
Concurrent with interCLICK's proposed primary offering, interCLICK included in the registration statement 1,000,000 shares owned by certain members of interCLICK's Board of Directors which are being offered in a proposed secondary offering. The Company's two co-chairmen have indicated a willingness to reduce the concentration of their holdings, which may provide a means to increase shares available for sale in open market transactions and provide a pathway for attracting seasoned industry veterans to replace them as the Company pursues its next phase.
As previously announced, following a strong first half of the fourth quarter, interCLICK expects fourth quarter revenue to exceed $18 million, which would represent year-over-year growth of 110%, and EBITDA, a non-GAAP measure, to exceed $1.5 million. Full year revenue is expected to exceed $51 million, an increase of at least 125% compared to 2008, and full year EBITDA to exceed $4 million. interCLICK also previously announced its preliminary guidance for 2010, including revenue growth of at least 55% to $80 million, and EBITDA of at least $9 million.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. A copy of any written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from Roger Clark, interCLICK, Inc., 257 Park Avenue South, Suite 602, New York, NY 10010.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures in evaluating its financial and operational decision making and as a means to evaluate period-to period comparison. Company management believes that the non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of the performance of our core cash operations. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. The Company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key metrics used by management. EBITDA, a non-GAAP measure, is defined by the Company as operating income exclusive of interest, taxes, depreciation, and amortization including stock-based compensation.
About interCLICK
interCLICK, Inc. (Nasdaq:ICLK) provides a transparent platform enabling digital advertisers and agencies to maximize return on investment at unprecedented scale. The company's platform applies traditional supply chain methodologies leveraging premium publisher inventory and third party data sources to maximize the effectiveness along the online advertising value chain.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including our expectations regarding revenue growth and EBITDA for the fourth quarter and full year 2009, and preliminary guidance for 2010 including revenue growth and EBITDA. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets. Further information on interCLICK's risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-Q for the period ended September 30, 2009. interCLICK does not undertake any duty nor does it intend to update the results of these forward-looking statements.