K2 Design Inc. in New York City reported a net profit of $37,919, including interest and other income, for the first quarter ending March 31.
That compares with a net loss of $327,855 in the same period a year ago. Revenues for the quarter were approximately $2.6 million, an increase of approximately $975,000, or 60%, from the first quarter of 1997.
The company’s cash position also strengthened. Cash doubled from approximately $1.7 million on September 30, 1997 to more than $3.5 million on March 31, 1998, and has increased $1.3 million from $2.2 million, or 60%, on December 31, 1997.
“We’re extremely pleased with our first quarter performance,” said Matthew de Ganon, K2’s President. “We are particularly proud that our staff’s ability to produce high quality work for our clients was not affected by our focus on the company’s financial performance. We actually achieved our goal of breaking even before we had hoped.”
Robert Burke, the company’s chief operating officer, who has spearheaded the company’s restructuring and cost-cutting plan said: “We believe that we now have a solid foundation to grow from. Our continuing challenge is to manage our growth in a smart and controlled fashion so that our revenues continue to increase ahead of our expenses.”
K2 is a full-service interactive advertising and marketing agency that specializes in online brand building strategies and media campaigns for both traditional and new media platforms. Clients include Bellcore, Bayer, Audio Book Club, Waterhouse Securities and WavePhore.
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