Findwhat Raises Earnings Estimates 8 Percent

FindWhat Raises Guidance for 2003
By Susan Kuchinskas

FindWhat.com (Quote, Chart) 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.