Modem Media.Poppe Tyson Posts 1Q Loss of $473,000
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Norwalk, CT-based agency Modem Media.Poppe Tyson Inc. posted a net loss of $473,000 for the quarter ended March 31, its first quarter as a public company, compared to a net loss of $194,000 for the same period a year ago.
Pro forma revenues for the quarter rose to a record $12.4 million, a 37 percent increase over last year's first quarter, the company said. Pro forma net income before amortization of goodwill was $0.1 million.
"We are particularly pleased with our financial results since we have historically experienced a seasonal decline in first quarter revenue as clients re-establish their annual marketing and advertising budgets for the balance of the year," said G.M. O'Connell, CEO. "We achieved these results through organic growth and contributions from two new clients: General Motors Europe and 3M. Average annualized revenue for each of the top 10 accounts in the first quarter grew 34 percent to $3.8 million, up from $2.8 million in the first quarter of 1998."
"As we drive sequential revenue growth from this base, we expect to maintain break-even to marginally positive EPS before goodwill amortization during the remainder of 1999 as we execute on our strategy to expand our international presence in Europe and Asia, continue to build our domestic infrastructure. . .," he said.