Outsourced ad management and delivery company AdForce Inc. posted a net loss for the third quarter ending Sept. 30 of $6.46 million, compared to a loss of $3.96 million a year earlier, on higher revenues.
Revenues were a record $5.1 million for the third quarter of 1999, up from $1.06 million in the same period a year ago.
The net loss from the third quarter was $0.34 per share, and compares to a net loss of $1.30 per share for the same quarter last year.
During the third quarter, AdForce said it added over 45 domestic and international customers, including Uproar, Medscape, 24/7 Media Asia, Carat Freeman/AOL outbound, Virtual Billboard Network, emaildirect, Inc., Artist Direct, Football.com, iXL, Kids Net Connect, Brand Dialogue and Vickers Benson Direct and Interactive.
AdForce has signed a definitive agreement to be acquired by Internet holding company CMGI Inc. in a deal valued at about $500 million in CMGI stock.
Although there was no word on when AdForce may attain profitability, David Andonian, president of corporate development for CMGI, said in a statement: “CMGI remains confident in the fundamental strength of AdForce’s business and technology and looks forward to closing the pending acquisition of AdForce.”
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