Overture CEO Says More Profit Expected in 2004

Overture Services Inc. Chief Executive Ted Meisel said he expects a “nice uptick” in 2004 net income from 2003 as more Internet sites based outside the United States use Overture’s search engine.

Overture’s 2003 net income will be “flat to slightly down” from this year, Meisel said at a Salomon Smith Barney investment conference in New York.

Pasadena-based Overture, whose search engine is used on popular U.S.-based Web sites including Yahoo Inc. and Microsoft Corp.’s MSN, is investing in operations outside the U.S., where Internet-usage is growing more rapidly, Meisel said.

He expects 10% of Overture’s sales to come from overseas by 2004.

Shares rose 70 cents to $20.20 on Nasdaq.