ValueClick Inc. said it turned from a loss to a profit in its fourth quarter despite only a small increase in revenue in the poor economy. The Internet advertising company took a large write-down a year ago.

The Westlake Village Internet advertising company late Tuesday reported net income of $15.5 million (18 cents per share) compared with a net loss of nearly $252 million (-$2.90) in the same quarter a year earlier. The 2008 quarter included a $327 million goodwill impairment charge.

Revenue rose less than 1 percent to $110 million. ValueClick earlier had forecast $130 million in revenue, but that included revenue from its Web Clients business segment, which it is divesting.

“This was an important quarter for the company, as we exited a non-core business, launched the ValueClick Brands sites segment, and delivered growth and margin expansion from our continuing operations,” said Chief Executive Tom Vadnais in a press release.

For the full year, net income was $68.6 million (71 cents), compared with a 2008 loss of $214 million (-$2.32). Revenue fell 7 percent to less than $423 million.

The company in the current quarter expects to earn 10 cents to 11 cents per share on $93 million to $97 million in revenue, reflecting the expected loss of Web Clients revenue.

An analyst at Canaccord Adams on Wednesday downgraded shares from “buy” to “hold”.

Shares were down 25 cents, to nearly 3 percent, to $8.88 in midday trading on the New York Stock Exchange.