Modem Media Posts Record Net Income
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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.