FindWhat.com profits jump in Q3
Bulking up with Espotting
FindWhat.com, the pay-per-click ad specialist, saw a big jump in revenue thanks to acquisitions and organic growth.
For the three months ended 30 September 2004 the Florida-based firm brought in revenues of $58m - up sharply from $17.8m in Q3 2003. Net income for the period was $4.8m, 72 per cent up on last year (Q3 03: $2.8m).
Earnings before interest, tax, depreciation and amortization (EBITDA) for the third quarter was $11.2m, up 129 per cent on the $4.9m recorded in the third quarter of 2003. FindWhat says EBITDA for the full year will now be better than previously forecast.
Both US and Europe divisions grew revenue sequentially and espotting added to earnings.
In July, the firm bought the Espotting network which provides keyword targeted advertising in ten European countries. The enlarged company competes against Yahoo!-owned Overture and Google for search-based advertising. Unlike its much bigger rivals, FindWhat doesn't have a big internet property of its own, fighting instead for affiliate deals with third-party publishers. This may make it more vulnerable than its competitors; on the other hand, FindWhat is no threat to websites, some of which may balk at climbing into bed with Overture or Google.
Press release here. ®