FindWhat.com, the paid search advertising of performance-based marketing and commerce enabling services, today reported record financial results for the three months ended March 31, 2004. Revenue in Q1 2004 increased 56% versus Q1 2003, and was approximately $2.7 million ahead of the Company’s previously-announced guidance. FindWhat.com has increased revenue sequentially for 18 consecutive quarters.
Full year financial guidance for 2004 has been raised, in part due to the acquisition of Comet Systems which closed on March 22, 2004, and the expected closing of the merger with Espotting in July 2004. Cash and cash equivalents at March 31, 2004 were approximately $55.2 million. FindWhat.com has $158,000 of long-term debt, and $10.0 million available to borrow under its new line of credit.
FindWhat.com reported record revenue in Q1 2004 of $24.7 million, an increase of 56% versus Q1 2003 revenue of $15.8 million.
FindWhat.com reported net income in Q1 2004 of $3.8 million, or $0.16 per diluted share, an increase of 41% versus Q1 2003 net income of $2.7 million, or $0.13 per share.
FindWhat.com’s Q1 2004 results include a full quarter of results from Miva(R), which was acquired on January 1, 2004, and nine full days of results from Comet Systems, which was acquired on March 22, 2004.
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