RealTime IT News

Modem Media Posts Record Net Income

Interactive agency Modem Media.Poppe Tyson Inc. reported second-quarter net income of $581,000, compared to a loss of $768,000 in the same period a year ago.

Revenues for the second quarter rose to a record $16.0 million, a 53 percent increase over the second quarter of 1998. Basic earnings per share increased to $0.05 from a loss of $0.11 in the second quarter of 1998.

"Our better than expected performance only begins to reflect our worldwide potential," said G.M. O'Connell, chairman and CEO of Modem Media. "Demand for our e-business services is robust and clients continue to increase spending on a global basis."

He said average annualized revenue for the top 10 accounts in the second quarter grew 33 percent to $5.0 million, up from $3.8 million in the first quarter of 1999.

Modem Media has created Internet solutions for customers such as 3M, Citibank, Delta Air Lines, E*Trade, IBM, JC Penney, John Hancock, Sony Computer Entertainment of America and Unilever.