24/7 Media Inc. of New York posted a third-quarter loss of $5.8 million for the third quarter, despite growing revenues to $5.5 million from pro-forma revenues of $4.2 million in the preceding quarter.
The third quarter ended Sept. 30 was the company’s first full quarter as a public company.
The net loss for the third quarter was $5.8 million, compared to a pro forma net loss of $5.2 million for the second quarter of 1998. Pro forma data takes into account the company’s acquisitions earlier this year by consolidating the results of operations of the acquired entities with the results of operations of 24/7 Media for the periods presented.
The company reported pro forma revenues of $12.1 million for the nine months ended Sept. 30, up from $3.5 million a year ago. The pro forma net loss for the nine months was $15.5 million, compared to a pro forma loss of $13.4 million for the nine months ended Sept. 30, 1997.
“We continued to experience strong revenue growth during the third quarter, mainly due to continued rapid growth in ad impressions, the effectiveness of our sales force and the rapidly growing recognition of the 24/7 Media name in the marketplace,” said David J. Moore, president and chief executive officer of 24/7 Media.
Moore gave no indication on when the company might achieve profitability.
On an actual basis, the company reported revenues of $5.5 million and $10.3 million for the three-month and nine-month periods ended Sept. 30, respectively, as compared to $0.5 million and $2.7 million for the three-month and nine-month periods ended Sept. 30, 1997.
The company’s net loss was $5.8 million and $18.4 million for the three-month and nine-month periods ended Sept. 30, compared to $2.4 million and $4.6 million for the quarter and nine-month period a year earlier.
Actual results for the nine-month period ended Sept. 30, 1998 included an acquisition charge of about $5.5 million in connection with the company’s April purchase of Intelligent Interactions.
According to ad measuring firm Media Metrix, the 24/7 Media networks reached 44.1 percent of all Internet users and had 26.7 million unique users in September 1998.
The company operates the 24/7 Network of more than 100 high-profile Web sites, the CLIQNOW! network of more than 85 medium to large Web sites anchored by flagship sites and ContentZone, a network of 2,000 small to medium sites.
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