K2 Design Posts Net Income of $266,000 for 3Q
Page 1 of 1
Interactive agency K2 Design Inc. posted net income for the third quarter of $266,000, compared to a loss for the same period last year of $339,000.
Net revenue for the third quarter ending Sept. 30 was $1.24 million, compared to $962,000 for the same period last year. (Net revenue represents gross revenue minus media cost of sales and reimbursable expense pass-through billings).
Gross revenue was $1.7 million, compared to $1.9 million a year earlier. Earnings per share were $0.08 and $0.07 per basic and diluted share respectively for the third quarter 1999, as compared to a loss of $0.10 per basic and diluted share for the same period last year.
"The results reflect our evolving profile from an online advertising agency to a technology-focused professional services firm," said Matthew de Ganon, executive chairman of K2 Design."
"The changing service mix resulted in fewer media placements in traditional venues, such as newspaper and radio, as the gross revenue demonstrates, and stronger fee-based consulting, which resulted in higher net revenue."
The company said it also chose to repurchase 90,000 shares of its stock during the quarter as part of a stock buyback program "that mirrors the company's confidence and drive on behalf of its stockholders."