24/7 Media Loss Rises on Higher Revenues

Ad network 24/7 Media Inc. (TSFM) posted a net loss for the third quarter of $11.7 million, or $0.55 per share, compared to a net loss attributable to common stockholders of $6.0 million, or $0.49 per share, in the year-ago period.

The company reported record revenues for the third quarter of $24.3 million, up from revenues of $5.8 million during the third quarter of 1998.

The net loss for the third quarter of 1999 excluding amortization of goodwill was $7.5 million, or $0.35 per share.

The company reported revenues of $52.9 million for the nine months ended September 30, up from revenues of $11 million for the nine months a year earlier.

The net loss for the nine months was $26.1 million, or $1.36 per share, compared to a net loss attributable to common stockholders of $18.7 million, or $2.24 per share, for the nine months ended Sept. 30, 1998.

The company said its 24/7 Mail division continued to experience dramatic growth, with revenue increasing by 297 percent from the second quarter of 1999 to $2.5 million in the third quarter. The number of opt-in names under management grew to more than 13 million.

24/7 Media Europe’s revenue increased by 132 percent from the second quarter to the third quarter of 1999.

“Our third quarter results continue to prove that the strategies we have put into place are succeeding in expanding our business and allowing us to exceed our growth objectives,” said David J. Moore, president and chief executive officer of 24/7 Media.

“We continue to diversify our portfolio of Internet advertising and marketing solutions and expand our network into international markets.”

24/7 Media said it delivered about 2.5 billion ad impressions during September 1999. There was no word on when profitability may be attained.

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