New York, New York – (The Hosting News) – July 28, 2006 – Performance marketing network, MIVA, expects to report revenue of approximately $41.4 million, for the second quarter ended June 30, 2006, compared to the Company’s prior guidance for revenue of $44 to $45 million.
Additionally, the Company anticipates reporting final financial results below the ranges given in its prior second quarter guidance with respect to GAAP EPS, Adjusted EBITDA and Adjusted EPS. The Company expects to report final second quarter 2006 financial results on Monday, August 7, 2006, at approximately 4:15 p.m. ET.
Peter Corrao, Chief Executive Officer of MIVA explained, ”The disappointing results are due primarily to lower than anticipated click-through revenue from MIVA Media Europe. The lower European revenue was the result of an overall decrease in traffic volume and a decline in revenue per click. We recognize we have a lot of work ahead of us to make progress on the revenue front, however, our turnaround effort on the expense front is tracking to plan. During the second quarter we initiated a global restructuring and integration plan, which is expected to reduce annualized cash expenses by approximately $6 million ($4 to $5 million on a net basis). By continuing to manage our cost structure, we believe we will be better positioned to drive margin expansion in the longer-term.”
Management will participate in a conference call to discuss the full results for the Company on August 7, 2006, at approximately 5:00 p.m. ET. A replay of the conference call will be available on the investor relations area of MIVA’s website.
MIVA is an independent Performance Marketing Network with a media platform for marketing for partners (publishers), advertisers and consumers (end-users). MIVA’s primary focus is on providing its partners with a complete set of solutions enabling the acquisition, retention and monetization of their online audiences. It also provides solutions to manage, optimize and measure return on investment from keyword-targeted and context-related performance marketing programs. MIVA aims to generate traffic and leads to advertisers through its network of publisher partners.
To learn more about the conference call, please visit: http://ir.miva.com/medialist.cfm.
For more information about MIVA, please visit: www.miva.com.