interCLICK, Inc. Secures $3 Million Revolving Credit Facility
Company Announces Preliminary Record 2008 Third Quarter Results
NEW YORK – interCLICK, Inc. (OTCBB: ICLK), the fastest growing ad network in the US(1), announced that the Company has entered into a $3 million revolving credit facility with Silicon Valley Bank to finance up to $3.75 million of its accounts receivable. The credit facility’s interest rate is Prime Rate plus 2%. This financing is expected to support working capital requirements as the Company enters the seasonally strongest fourth quarter of its fiscal year as well as provide a foundation for continued growth in 2009.
Recently the Company improved its balance sheet through the repayment of a 12% senior secured promissory note issued by interCLICK which had a face value of approximately $1.7 million as of June 30, 2008, with the new credit facility and a $1.3 million 6% subordinated note.
“We believe this new credit agreement, at a time when capital has been very difficult to secure for small companies, will help support our growth and working capital needs during the fourth quarter and beyond,” said Michael Mathews, interCLICK’s Chief Executive Officer. “interCLICK now has not only the financial strength to pursue revenue growth in the fourth quarter but also to execute its 2009 strategic plan that calls for sustaining its growth trajectory.”
The Company also announced preliminary revenue and results for its third quarter ended September 30, 2008. The Company expects to report revenue exceeding $5.7 million, representing a 22% sequential quarterly increase compared to the 2008 second quarter. Gross margin is expected to exceed 30%, compared to 27% in the 2008 second quarter.
“During a highly challenging economic environment, we are pleased to report another record quarter of results,” said Michael Mathews, interCLICK’s Chief Executive Officer. “Our impressive growth and improved margins were a result of interCLICK’s reach now extending to 65% of the U.S. Internet population from 60% in the 2008 second quarter, the Company’s national sales force expansion, and the continued shift towards higher margin CPC and CPM revenues, which were more than 85% of total revenue in the quarter.”
The Company expects to announce third quarter results during the first two weeks of November.
(1)According to comScore Media Metrix, June 2008
About interCLICK
interCLICK, Inc., operates the interCLICK Network, an online ad network that combines advanced behavioral targeting with site by site reporting, allowing advertisers to identify and track their desired audience on an unprecedented level. interCLICK offers advanced proprietary demographic, behavioral, contextual, geographic and retargeting technologies across a network of name brand publishers to ensure the right message is delivered to a precise audience in a brand friendly environment. For more information about the interCLICK Network, visit http://www.interclick.com.
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Category: Ad & Media Strategies, Ad Networks and Platforms, interCLICK
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