Outsourced ad management and delivery company AdForce Inc. posted a net loss for the
third quarter ending Sept. 30 of $6.46 million, compared to a loss of $3.96
million a year earlier, on higher revenues.
Revenues were a record $5.1 million for the third quarter of 1999, up from
$1.06 million in the same period a year ago.
The net loss from the third quarter was $0.34 per share, and compares to a
net loss of $1.30 per share for the same quarter last year.
During the third quarter, AdForce said it added over 45 domestic and
international customers, including Uproar, Medscape, 24/7 Media Asia, Carat
Freeman/AOL outbound, Virtual Billboard Network, emaildirect, Inc., Artist
Direct, Football.com, iXL, Kids Net Connect, Brand Dialogue and Vickers
Benson Direct and Interactive.
AdForce has signed a definitive agreement to be acquired by Internet holding
company CMGI Inc. in a deal valued at about $500
million in CMGI stock.
Although there was no word on when AdForce may attain profitability, David
Andonian, president of corporate development for CMGI, said in a statement:
“CMGI remains confident in the fundamental strength of AdForce’s business and
technology and looks forward to closing the pending acquisition of AdForce.”