interCLICK, Inc. Announces Record Revenue and Gross Profit
Revenue Increased 128% Year-over-Year and 26% Sequentially
Gross Profit Rose 235% Year-over-Year and 26% Sequentially
Company Raises 2009 Full-Year Revenue Forecast
Removal of “Going Concern” Reflects Strong Performance and Improved Balance Sheet
NEW YORK--(BUSINESS WIRE)-- interCLICK, Inc. (the "Company") (OTCBB: ICLK), a leading behavioral targeting company, announced today its results for the quarter ended June 30, 2009.
Revenue of $10.6 million rose 128% from 2008 second quarter revenue of $4.7 million, and increased 26% sequentially from the 2009 first quarter. Growth was driven by increased demand from existing advertisers as well as strong penetration into new key accounts. A critical change brought about from the downturn in the economy has been the shift in online display advertising budgets away from less efficient site-based buys and towards more efficient audience-based buys, as provided by top ad networks like interCLICK. interCLICK’s proprietary technology has fueled its growth by delivering highly efficient results at greater scale to its clients.
Gross profit of $5.0 million grew 235% from pro forma 2008 second quarter gross profit of $1.3 million, and increased 26% from 2009 first quarter gross profit of $4.0 million. Gross margin of 47.2% compared with pro forma gross margin of 27.0% in the year-earlier period and 47.3% in the prior quarter. Gross margin strength continued to be driven by supply chain management improvements and efficiencies generated through the Company’s advanced proprietary technology platform.
EBITDA was $0.2 million, compared to an EBITDA loss of ($1.6) million in the year-earlier period. Free Cash Flow was $0.1 million, compared to negative Free Cash Flow of ($1.7) million in the year-earlier period. Definitions of EBITDA and Free Cash Flow, both non-GAAP measures, can be found beginning on page 2, and reconciliations to GAAP measures can be found in the financial tables.
Net loss was ($1.0) million, or ($0.03) per share, compared to a net loss of ($3.9) million, or ($0.11) per share in the year earlier period. The results included $0.3 million of one-time expenses consisting of $0.1 million in non-cash expenses for waivers associated with certain outstanding warrants, as well as $0.2 million in legal and accounting costs primarily arising from our recent private placement and fees relating to the 2008 Options Media divestiture. The 2008 second quarter results included a loss of $0.8 million in connection with the sale of a discontinued operation.
“Q2 was a very important quarter for us. We saw increased advertiser demand at unprecedented levels which further validated our unique approach,” said Michael Mathews, interCLICK’s CEO. “We decided to capitalize on this opportunity by investing in our future and building out the infrastructure required to support sustainable growth into 2010 and beyond. We invested heavily in the development of our core technology platform and also built out the operations team required to support the platform. We are very excited to announce that we have already seen tremendous efficiencies created by our approach that sets the stage for very exciting things to come.”
For the six months ended June 30, 2009, interCLICK had revenue of $19.1 million, an increase of 132% compared to revenue of $8.2 million in the year-earlier period. The Company generated gross profit of $9.0 million, an increase of 326% compared to $2.1 million in the six months ended June 30, 2008. interCLICK recorded a net loss of $(1.0) million, or $(0.03) per share, compared to a net loss of $(7.7) million, or $(0.21) per share in the same six months in 2008.
The Company ended the second quarter with cash and cash equivalents of $2.8 million. During the second quarter, the Company closed a private placement and raised gross proceeds of $2.5 million through the issuance of common stock and warrants. Proceeds from the transaction are being used for working capital and general corporate purposes. For the first time, the Company’s financial statements did not contain a going-concern footnote.
Business Outlook:
interCLICK expects third quarter revenue to exceed $12.5 million and gross margin to approach 50%. The Company raised its full-year revenue forecast today to exceed $44 million, an increase of at least 96% compared to 2008. Previously, the Company forecast that revenue would exceed $40 million. For the month of July, interCLICK had revenue in excess of $4 million.
Conference Call:
The Company will hold a conference call at 4:30 p.m. eastern time today to discuss the results. Interested parties should dial (866) 550-6338 (domestically) or (347) 284-6930 (internationally) and use conference ID 6596014. There will be a replay of the call available for 30 days. To access the replay, interested parties should dial (888) 203-1112 (domestically) or (719) 457-0820 (internationally) and use conference ID 6596014.
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. As is common in the industry, the Company uses EBITDA as a measure of performance to demonstrate operating income exclusive of interest, taxes, depreciation, and amortization including stock-based compensation. The Company, in its daily management of its business affairs and analysis of its monthly, quarterly and annual performance, makes certain of its decisions based on EBITDA and Free Cash Flow. Since an outside investor may base its evaluation of the Company's performance on the Company's net income or loss, there is a limitation to the EBITDA measurement. EBITDA is not, and should not be considered, an alternative to net income or loss, income or loss from operations or any other measure for determining operating performance of liquidity, as determined under GAAP.
Pro Forma Information. Pro forma information is used for the second quarter of 2008 revenues in order to back out the revenue of a subsidiary the Company sold in June 2008 so that investors can evaluate and compare interCLICK’s continuing operations.
Free Cash Flow. Free Cash Flow measures EBITDA less capital expenditures. Management believes that Free Cash Flow provides meaningful information about the Company’s liquidity and future cash availability to fund its operations. A limitation of using Free Cash Flow versus the GAAP measure of net cash provided by operating activities is that the Free Cash Flow does not represent the total increase or decreases in the cash balance from operations for the period.
To comply with Regulation G of the Securities and Exchange Commission, interCLICK, Inc. attaches to this press release and will post to the Company's website (www.interclick.com) any reconciliations of certain non-GAAP measures to the nearest comparable GAAP measures that are presented in this press release.
About interCLICK
interCLICK, Inc. operates the interCLICK Network, an online advertising platform that combines advanced behavioral targeting with complete data and inventory transparency, 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.
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 the enhancement of our competitive position resulting from investments in the Company’s infrastructure, our expectations regarding growth in 2009, revenue for the third quarter and year of 2009 and gross margin for the third quarter and year of 2009. 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-K filed on March 31, 2009 excluding the going concern risk factor. interCLICK does not undertake any duty nor does it intend to update the results of these forward-looking statements.
| interCLICK, Inc. | For the Three | For the Three | For the Three | For the Three | For the Three | For the Three | ||||||||||||||||||
| (formerly Customer Acquisition Network Holdings, Inc.) | Months Ended | Months Ended | Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||||||||||
| Quarterly Consolidated Statements of Operations: 1Q08 to 2Q09 | June 30, 2009 | March 31, 2009 | Dec. 31, 2008 | Sept. 30, 2008 | June 30, 2008 | March 31, 2008 | ||||||||||||||||||
| Revenues | $ | 10,648,686 | $ | 8,423,291 | $ | 8,460,030 | $ | 5,756,707 | $ | 4,673,629 | $ | 3,561,967 | ||||||||||||
| Cost of revenue | 5,624,005 | 4,440,598 | 5,259,870 | 3,964,388 | 3,412,541 | 2,707,537 | ||||||||||||||||||
| Gross profit | 5,024,681 | 3,982,693 | 3,200,160 | 1,792,319 | 1,261,088 | 854,430 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Sales and marketing | 2,691,096 | 2,042,306 | 1,332,126 | 1,282,205 | 1,445,894 | 824,746 | ||||||||||||||||||
| General and administrative | 1,637,082 | 903,662 | 1,241,981 | 923,456 | 908,228 | 1,254,923 | ||||||||||||||||||
| Stock-based compensation | 777,173 | 576,570 | 524,160 | 439,768 | 502,379 | 474,173 | ||||||||||||||||||
| Technology support | 420,958 | 332,049 | 296,403 | 256,370 | 231,371 | 277,038 | ||||||||||||||||||
| Merger, acquisition, and divestiture costs | 113,156 | 65,379 | 82,627 | 57,415 | 274,903 | 237,160 | ||||||||||||||||||
| Amortization of intangible assets | 49,760 | 49,760 | 104,570 | 104,571 | 104,630 | 104,738 | ||||||||||||||||||
| Bad debt expense | 47,375 | (207,767 | ) | 162,501 | 150,000 | 97,436 | 4,800 | |||||||||||||||||
| Total operating expenses | 5,736,600 | 3,761,959 | 3,744,368 | 3,213,785 | 3,564,841 | 3,177,578 | ||||||||||||||||||
| Operating income/(loss) from continuing operations | (711,919 | ) | 220,734 | (544,208 | ) | (1,421,466 | ) | (2,303,753 | ) | (2,323,148 | ) | |||||||||||||
| Other income (expense): | ||||||||||||||||||||||||
| Interest income | - | 12 | 2,192 | 8,140 | 3,329 | 3,433 | ||||||||||||||||||
| Loss on settlement of debt | - | - | - | - | (20,121 | ) | - | |||||||||||||||||
| Loss on sale of available-for-sale securities | (36,349 | ) | - | - | (116,454 | ) | - | - | ||||||||||||||||
| Loss on disposal of fixed assets | - | - | 1,750 | (15,385 | ) | - | - | |||||||||||||||||
| Loss on change in warrant derivative liability | (159,294 | ) | (72,767 | ) | - | - | - | - | ||||||||||||||||
| Interest expense | (126,681 | ) | (113,592 | ) | (103,413 | ) | (189,382 | ) | (534,887 | ) | (698,616 | ) | ||||||||||||
| Total other income (expense) | (322,324 | ) | (186,347 | ) | (99,471 | ) | (313,081 | ) | (551,679 | ) | (695,183 | ) | ||||||||||||
| Income/(loss) from continuing operations before income taxes | (1,034,243 | ) | 34,387 | (643,679 | ) | (1,734,547 | ) | (2,855,432 | ) | (3,018,331 | ) | |||||||||||||
| Income tax benefit | 1,687,305 | |||||||||||||||||||||||
| Equity in investee's loss, net of taxes | - | - | - | (404,103 | ) | (249,128 | ) | - | ||||||||||||||||
| Income/(loss) from continuing operations | (1,034,243 | ) | 34,387 | 1,043,626 | (2,138,650 | ) | (3,104,560 | ) | (3,018,331 | ) | ||||||||||||||
| Discontinued operations: | ||||||||||||||||||||||||
| Loss from discontinued operations, net of tax | - | - | 752,292 | (1,053,059 | ) | (218,187 | ) | (716,986 | ) | |||||||||||||||
| Loss on sale of discontinued operations, net of tax | - | (1,220 | ) | (2,448,147 | ) | (498,554 | ) | (624,981 | ) | - | ||||||||||||||
| Net loss from discontinued operations | - | (1,220 | ) | (1,695,855 | ) | (1,551,613 | ) | (843,168 | ) | (716,986 | ) | |||||||||||||
| Net income/(loss) | (1,034,243 | ) | 33,167 | (652,229 | ) | (3,690,263 | ) | (3,947,728 | ) | (3,735,317 | ) | |||||||||||||
| Other comprehensive loss: | ||||||||||||||||||||||||
| Loss on sale of available-for-sale securities | - | - | - | (197,704 | ) | - | - | |||||||||||||||||
| Net loss from discontinued operations | - | - | - | (197,704 | ) | - | - | |||||||||||||||||
| Comprehensive income/(loss) | $ | (1,034,243 | ) | $ | 33,167 | $ | (652,229 | ) | $ | (3,887,967 | ) | $ | (3,947,728 | ) | $ | (3,735,317 | ) | |||||||
| Loss per share from continuing operations - basic and diluted | $ | (0.03 | ) | $ | 0.00 | $ | 0.03 | $ | (0.06 | ) | $ | (0.09 | ) | $ | (0.08 | ) | ||||||||
| Loss per share from discontinued operations - basic and diluted | $ | - | $ | - | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.02 | ) | ||||||||
| Net loss per share - basic and diluted | $ | (0.03 | ) | $ | 0.00 | $ | (0.02 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.10 | ) | |||||||
| Weighted average shares outstanding - basic and diluted | 38,329,875 | 37,845,167 | 37,845,167 | 37,808,210 | 36,940,689 | 35,946,334 | ||||||||||||||||||
| Reconciliation of non-GAAP results of operations measures to nearest comparable GAAP measures. | ||||||||||||||||||||||||
| Operating income/(loss) from continuing operations | (711,919 | ) | 220,734 | (544,208 | ) | (1,421,466 | ) | (2,303,753 | ) | (2,323,148 | ) | |||||||||||||
| Stock-based compensation | 777,173 | 576,570 | 524,160 | 439,768 | 502,379 | 474,173 | ||||||||||||||||||
| Amortization of intangible assets | 49,760 | 49,760 | 104,570 | 104,571 | 104,630 | 104,738 | ||||||||||||||||||
| Depreciation | 74,978 | 72,386 | 72,817 | 66,448 | 49,476 | 56,747 | ||||||||||||||||||
| EBITDA | 189,992 | 919,450 | 157,339 | (810,679 | ) | (1,647,268 | ) | (1,687,490 | ) | |||||||||||||||
| Capital expenditures | (54,620 | ) | (19,263 | ) | (34,458 | ) | (151,398 | ) | (42,589 | ) | (128,561 | ) | ||||||||||||
| Free Cash Flow | 135,372 | 900,187 | 122,881 | (962,077 | ) | (1,689,857 | ) | (1,816,051 | ) | |||||||||||||||
| interCLICK, Inc. | ||||||||||||||||||||||||
| (formerly Customer Acquisition Network Holdings, Inc.) | ||||||||||||||||||||||||
| Consolidated Balance Sheet: 1Q08 to 2Q09 | Jun. 30, 2009 | Mar. 31, 2009 | Dec. 31, 2008 | Sep. 30, 2008 | Jun. 30, 2008 | Mar. 31, 2008 | ||||||||||||||||||
| Assets | ||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 2,784,986 | $ | 191,002 | $ | 183,871 | $ | 611,189 | $ | 448,024 | $ | 1,142,369 | ||||||||||||
| Accounts receivable, gross | 10,434,167 | 8,651,433 | 7,545,311 | 5,049,037 | 3,625,713 | 2,549,594 | ||||||||||||||||||
| Allowance for doubtful accounts | (185,032 | ) | (216,532 | ) | (425,000 | ) | (345,208 | ) | (201,248 | ) | (150,000 | ) | ||||||||||||
| Accounts receivable, net of allowance | 10,249,135 | 8,434,901 | 7,120,311 | 4,703,829 | 3,424,465 | 2,399,594 | ||||||||||||||||||
| Note receivable | - | - | - | - | 1,000,000 | - | ||||||||||||||||||
| Due from factor | 1,034,712 | 798,424 | 637,705 | - | - | - | ||||||||||||||||||
| Prepaid expenses and other current assets | 372,187 | 186,851 | 94,164 | 205,796 | 43,291 | 78,329 | ||||||||||||||||||
| Total current assets | 14,441,020 | 9,611,178 | 8,036,051 | 5,520,814 | 4,915,780 | 3,620,292 | ||||||||||||||||||
| Property and equipment, net | 523,432 | 543,790 | 596,913 | 633,523 | 570,799 | 583,845 | ||||||||||||||||||
| Intangible assets, net | 510,593 | 560,353 | 610,113 | 714,683 | 819,254 | 923,883 | ||||||||||||||||||
| Goodwill | 7,909,571 | 7,909,571 | 7,909,571 | 7,909,571 | 7,909,571 | 7,909,571 | ||||||||||||||||||
| Investment in OPMG | 728,572 | 1,650,000 | 1,650,000 | 1,694,000 | 3,500,872 | - | ||||||||||||||||||
| Deferred deferred debt issue costs, gross | 40,000 | 40,000 | 40,000 | - | - | 91,437 | ||||||||||||||||||
| Accumulated amortization | (28,250 | ) | (21,111 | ) | (6,667 | ) | - | - | (60,959 | ) | ||||||||||||||
| Deferred debt issue costs, net | 11,750 | 18,889 | 33,333 | - | - | 30,478 | ||||||||||||||||||
| Deferred acquisition costs | - | - | - | - | - | - | ||||||||||||||||||
| Other assets | 191,664 | 191,664 | 191,664 | 211,943 | 105,602 | 66,937 | ||||||||||||||||||
| Assets held for sale - discontinued operations | - | - | - | - | - | 8,302,381 | ||||||||||||||||||
| Total assets | $ | 24,316,602 | $ | 20,485,445 | $ | 19,027,645 | $ | 16,684,534 | $ | 17,821,878 | $ | 21,437,387 | ||||||||||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||
| Accounts payable | $ | 6,372,241 | $ | 5,123,171 | $ | 5,288,807 | $ | 3,937,095 | $ | 2,711,468 | $ | 2,434,127 | ||||||||||||
| Line of credit | 5,160,291 | 3,992,119 | 3,188,425 | - | - | - | ||||||||||||||||||
| Senior secured notes payable, net of debt discount | - | - | - | - | 1,652,754 | 4,549,164 | ||||||||||||||||||
| Note Payable, current portion | 288,500 | 400,000 | 400,000 | 1,300,000 | - | - | ||||||||||||||||||
| Settlement payable | - | - | 248,780 | 1,090,230 | - | - | ||||||||||||||||||
| Accrued expenses | 603,501 | 599,915 | 310,685 | 610,390 | 1,602,154 | 1,137,981 | ||||||||||||||||||
| Warrant derivative liability | 143,578 | 492,781 | - | - | - | - | ||||||||||||||||||
| Deferred Revenue | 143,548 | 95,098 | 9,972 | 100,935 | 83 | - | ||||||||||||||||||
| Accrued interest expense | 5,028 | 22,866 | 16,948 | 1,068 | 121,964 | 101,470 | ||||||||||||||||||
| Capital lease obligation, current portion | 10,098 | 9,959 | 10,615 | 10,319 | 10,319 | 9,290 | ||||||||||||||||||
| Deferred rent, current portion | 2,906 | 2,605 | - | - | - | - | ||||||||||||||||||
| Total current liabilities | 12,729,691 | 10,738,514 | 9,474,232 | 7,050,037 | 6,098,742 | 8,232,032 | ||||||||||||||||||
| Deferred rent | 81,047 | 79,033 | - | - | - | - | ||||||||||||||||||
| Capital lease obligation | 4,376 | 6,953 | 82,191 | 10,286 | 14,474 | 17,791 | ||||||||||||||||||
| Deferred tax liability | - | - | - | - | - | - | ||||||||||||||||||
| Liabilities held for sale - discontinued operations | - | - | - | - | - | 768,631 | ||||||||||||||||||
| Total liabilities | 12,815,114 | 10,824,500 | 9,556,423 | 7,060,323 | 6,113,216 | 9,018,454 | ||||||||||||||||||
| Stockholders’ equity (deficit) | ||||||||||||||||||||||||
| Common Stock, $0.001 par value | 41,221 | 37,846 | 37,846 | 37,846 | 37,646 | 36,180 | ||||||||||||||||||
| Additional paid-in capital | 27,336,751 | 23,601,690 | 24,889,586 | 24,390,346 | 22,737,949 | 19,450,713 | ||||||||||||||||||
| Accumulated other comprehensive loss | (1,061,354 | ) | (197,704 | ) | (197,704 | ) | (197,704 | ) | - | - | ||||||||||||||
| Deferred equity-based expense | - | - | - | - | (150,919 | ) | (99,676 | ) | ||||||||||||||||
| Accumulated deficit | (14,815,130 | ) | (13,780,887 | ) | (15,258,506 | ) | (14,606,277 | ) | (10,916,014 | ) | (6,968,284 | ) | ||||||||||||
| Total stockholders’ equity | 11,501,488 | 9,660,945 | 9,471,222 | 9,624,211 | 11,708,662 | 12,418,933 | ||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 24,316,602 | $ | 20,485,445 | $ | 19,027,645 | $ | 16,684,534 | $ | 17,821,878 | $ | 21,437,387 | ||||||||||||
| interCLICK, Inc. |
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| (formerly Customer Acquisition Network Holdings, Inc.) | For the | For the | For the | For the | For the | For the |
For the period from June 14, 2007 |
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| Consolidated Statement of Cash Flows: 1Q08 to 2Q09 |
Six Months Ended Jun. 30, 2009 |
Three Months Ended Mar. 31, 2009 |
Year Ended Dec. 31, 2008 |
Nine Months Ended Sep. 30, 2008 |
Six Months Ended Jun. 30, 2008 |
Three Months Ended Mar. 31, 2008 |
(Inception) to Dec. 31, 2007 |
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| Cash flows from operating activities: | ||||||||||||||||||||||||||||
| Net income (loss) | $ | (1,001,076 | ) | $ | 33,167 | $ | (11,856,468 | ) | $ | (11,373,310 | ) | $ | (7,683,047 | ) | $ | (3,735,317 | ) | $ | (3,232,967 | ) | ||||||||
| Add back loss from discontinued operations | 1,220 | 1,220 | 3,120,317 | 3,111,767 | 1,560,154 | 716,986 | - | |||||||||||||||||||||
| Loss from continuing operations | (999,856 | ) | 34,387 | (8,736,151 | ) | (8,261,543 | ) | (6,122,893 | ) | (3,018,331 | ) | (3,232,967 | ) | |||||||||||||||
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Adjustments to reconcile loss from continuing operations to net cash used in operating activities: |
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| Stock-based compensation | 1,353,743 | 576,570 | 2,695,528 | 2,196,288 | 976,553 | 408,766 | 954,167 | |||||||||||||||||||||
| Change in fair value of warrant derivative liability | 232,061 | 72,767 | - | - | - | - | - | |||||||||||||||||||||
| Amortization of debt discount | 500 | - | 1,239,061 | 1,239,061 | 1,118,242 | 676,248 | 225,416 | |||||||||||||||||||||
| Equity method pick up from investment | - | - | 653,231 | 653,231 | 249,128 | - | - | |||||||||||||||||||||
| Amortization of intangible assets | 99,520 | 49,760 | 418,508 | 313,938 | 209,367 | 104,738 | 301,379 | |||||||||||||||||||||
| Provision for bad debts | (160,392 | ) | (207,767 | ) | 414,737 | 252,236 | 102,236 | 4,800 | 116,055 | |||||||||||||||||||
| Depreciation | 147,364 | 72,386 | 245,489 | 172,671 | 106,223 | 53,461 | 44,896 | |||||||||||||||||||||
| Common stock issued for services | - | - | 189,000 | 189,000 | - | - | ||||||||||||||||||||||
| Amortization of deferred equity based expense | - | - | 178,481 | 178,481 | - | 65,408 | ||||||||||||||||||||||
| Loss on sale of marketable securities | 36,349 | - | 116,454 | 116,454 | - | - | - | |||||||||||||||||||||
| Write off of deferred acquisition costs | - | - | 96,954 | 96,954 | 96,954 | 96,954 | - | |||||||||||||||||||||
| Amortization of debt issue costs | 21,583 | 14,444 | 44,172 | 77,505 | 77,505 | 47,027 | 13,932 | |||||||||||||||||||||
| Loss on settlement of debt | - | - | 20,121 | 20,121 | 20,121 | - | ||||||||||||||||||||||
| Loss on disposal of property and equipment | - | - | 13,635 | 15,385 | - | - | - | |||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
| Accounts receivable | (2,968,432 | ) | (1,106,823 | ) | (4,177,595 | ) | (1,565,763 | ) | (136,399 | ) | 985,908 | (1,785,866 | ) | |||||||||||||||
| Prepaid expenses and other current assets | (107,523 | ) | (92,687 | ) | (38,414 | ) | (150,046 | ) | 12,459 | (22,579 | ) | (55,750 | ) | |||||||||||||||
| Other assets | - | - | (124,727 | ) | (145,006 | ) | (38,665 | ) | - | (31,064 | ) | |||||||||||||||||
| Accounts payable | 1,083,434 | (165,636 | ) | 2,720,506 | 1,492,102 | 211,864 | (65,477 | ) | 955,235 | |||||||||||||||||||
| Accrued expenses | 292,816 | 289,230 | (775,433 | ) | (436,329 | ) | 53,989 | (188,441 | ) | 219,163 | ||||||||||||||||||
| Accrued interest | 1,346 | 5,918 | (19,225 | ) | (35,105 | ) | 85,791 | 65,297 | 36,173 | |||||||||||||||||||
| Deferred rent | 11,257 | 8,942 | - | - | - | - | - | |||||||||||||||||||||
| Deferred revenue | 133,576 | 85,126 | 109,153 | 100,935 | 83 | - | ||||||||||||||||||||||
| Net cash used in operating activities | (822,654 | ) | (363,383 | ) | (4,716,515 | ) | (3,479,430 | ) | (2,977,442 | ) | (786,221 | ) | (2,239,231 | ) | ||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||||||||||
| Purchases of property & equipment | (73,883 | ) | (19,263 | ) | (357,006 | ) | (322,548 | ) | (177,991 | ) | (138,275 | ) | (464,371 | ) | ||||||||||||||
| Proceeds from sales of property & equipment | - | - | 13,000 | 13,000 | 13,000 | 13,000 | - | |||||||||||||||||||||
| Acquisition of business, net of cash acquired | - | - | - | - | - | - | (5,120,540 | ) | ||||||||||||||||||||
| Proceeds from sales of marketable securities | 21,429 | - | 1,078,000 | 1,034,000 | - | - | - | |||||||||||||||||||||
| Deferred acquisition costs | - | - | (10,619 | ) | (10,619 | ) | (10,619 | ) | (10,619 | ) | (129,333 | ) | ||||||||||||||||
| Net cash provided by investing activities | (52,454 | ) | (19,263 | ) | 723,375 | 713,833 | (175,610 | ) | (135,894 | ) | (5,714,244 | ) | ||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||||||||||
| Proceeds from issuance of notes payable | - | - | 1,300,000 | 1,300,000 | - | - | 4,450,000 | |||||||||||||||||||||
| Principal payments on notes payable | (100,000 | ) | - | (5,423,573 | ) | (4,523,573 | ) | (2,750,000 | ) | - | - | |||||||||||||||||
| Proceeds from common stock and warrants issued for cash | 2,257,000 | - | 2,912,500 | 2,912,500 | 2,536,500 | 475,000 | 6,998,547 | |||||||||||||||||||||
| Proceeds from line of credit, net | 1,574,859 | 642,975 | 2,550,720 | - | - | - | - | |||||||||||||||||||||
| Debt issue costs | - | - | - | - | - | - | (91,438 | ) | ||||||||||||||||||||
| Proceeds from convertible promissory notes | - | - | - | - | - | - | 250,000 | |||||||||||||||||||||
| Proceeds from issuance of common stock to founders | - | - | - | - | - | - | 16,600 | |||||||||||||||||||||
| Proceeds from exercise of warrants | - | - | - | - | - | - | 6,000 | |||||||||||||||||||||
| Principal payments on capital leases | (5,636 | ) | (3,198 | ) | (8,497 | ) | (8,002 | ) | (3,814 | ) | (1,526 | ) | (751 | ) | ||||||||||||||
| Net cash provided by financing activities | 3,726,223 | 639,777 | 1,331,150 | (319,075 | ) | (217,314 | ) | 473,474 | 11,628,958 | |||||||||||||||||||
| Cash flows from discontinued operations: | ||||||||||||||||||||||||||||
| Cash flows from operating activities | - | - | (2,685,674 | ) | (2,685,674 | ) | (1,251,172 | ) | (435,553 | ) | - | |||||||||||||||||
| Cash flows from investing activities-acquisition | - | - | (1,885,624 | ) | (1,885,624 | ) | (1,605,921 | ) | (1,648,920 | ) | - | |||||||||||||||||
| Cash flows from investing activities-divestiture | (250,000 | ) | (250,000 | ) | 3,741,676 | 4,591,676 | 3,000,000 | - | - | |||||||||||||||||||
| Net cash used in discontinued operations | (250,000 | ) | (250,000 | ) | (829,622 | ) | 20,378 | 142,907 | (2,084,473 | ) | - | |||||||||||||||||
| Net (decrease) increase in cash and cash equivalents | 2,601,115 | 7,131 | (3,491,612 | ) | (3,064,294 | ) | (3,227,459 | ) | (2,533,114 | ) | 3,675,483 | |||||||||||||||||
| Cash and cash equivalents at beginning of period | 183,871 | 183,871 | 3,675,483 | 3,675,483 | 3,675,483 | 3,675,483 | ||||||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 2,784,986 | $ | 191,002 | $ | 183,871 | $ | 611,189 | $ | 448,024 | $ | 1,142,369 | $ | 3,675,483 | ||||||||||||||
Contacts
interCLICK, Inc.
Michael Mathews, CEO
646-558-1224
or
Investor
Relations:
CEOCast, Inc.
Dan Schustack, 212-732-4300
dschustack@ceocast.com
Source: interCLICK, Inc.
View this news release online at:
http://www.businesswire.com/news/home/20090811000000/en