More NewsFindWhat Raises Guidance for 2003

FindWhat Raises Guidance for 2003

The search player says the fourth quarter has been booming.

FindWhat.com told Wall Street Wednesday that it will bring in 8 percent more revenues, or $1.5 million more, in 2003 than it had previously expected.

If it makes its new numbers, it will show an increase of 67 percent over its 2002 earnings, raking in over $71.5 million this year. The Fort Myers, Fla.-based pay-for-placement search service last made revenue projections on October 20.

Actual revenue for the first three quarters of the year was $52.1 million, according to the company. For the last quarter of this year — the hot holiday shopping season — the company expects revenue of $20.3 million, up 14 percent over Q3.

“We have seen a strong seasonal uplift in the FindWhat.com Network thus far in Q4 2003, leading to today’s increase in guidance,” said Craig Pisaris-Henderson, chairman and CEO of FindWhat.com, in a statement. The company also upped its guidance on earnings per share by a penny, saying it expects its diluted earnings per share for 2003 to be $0.51, with pre-tax EPS of $0.83 per share, up from $0.81.

Meanwhile, FindWhat.com has capitalized around $2 million in expenses for its troubled merger with Espotting, but the current projections assume that the merger will be neither completed nor terminated by the end of the year.

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