24/7 Media Posts $7.24M Loss as Revenues Rise

New York City-based ad network 24/7 Media Inc. posted a net loss for the
first quarter ending March 31 of $7.24 million, up from a net loss of $2.41
million in the same period a year earlier.

The company reported revenues for the first quarter of $11.5 million, up from
$1.2 million in the year-ago period. The net loss for the first quarter was
$0.42 per share, compared to a net loss of $0.64 per share in the same period
last year. A secondary stock offering accounts for the reduction in loss per

“We are excited about our first quarter revenue growth,” said David J. Moore,
president and chief executive officer of 24/7 Media. “The measures that
contribute to this growth continue to trend in positive directions. Ad
impressions increased 110 percent
quarter-to-quarter. We continue to grow our sales force and to increase the
productivity of our sales teams. We have expanded our networks, both
internationally and in the U.S.. . .”

“We now have a diversified revenue stream in place with banner ads,
sponsorships, e-mail, e-commerce and our international networks all
contributing. . .,” he said. There was no word on when the company might achieve
profitability, however.

24/7 said it delivered an aggregate of approximately 2.1 billion ad
during March 1999, up from one billion ad impressions generated during
December 1998.

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