Fastclick files for IPO

| About: First Corp. (FSTC)
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Internet advertising company Fastclick filed for an IPO today. Lead underwriters are CSFB and Citigroup, secondary underwriters are Thomas Weisel and Jefferies. You can view the full S-1 filing here.

Fastclick pays website publishers for advertising space on a CPM (impressions) basis, and then places ads using its proprietary optimization technology, billing advertisers on a CPM or CPC (cost-per-click) basis. Advertisers bid in an auction for advertising space on the Fastclick network.

According to the S-1, Fastclick competes with other operators of advertising networks including (acquired by AOL), ValueClick and Burst Media.

Ten publisher customers account for about 23% of Fastclick's revenue-generating ads by dollar value.

Fastclick generated $29 million in revenue in 2003 and $39 million in the first nine months of 2004. Gross margins were 34% in 2004, and the company generated net income of $3.3 million.

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