Norwalk, CT-based agency Modem Media.Poppe Tyson
Inc. posted a net loss of $473,000 for the quarter ended March 31, its
first quarter as a public company, compared to a net loss of $194,000 for the
same period a year ago.
Pro forma revenues for the quarter rose to a record $12.4 million, a 37 percent
increase over
last year’s first quarter, the company said. Pro forma net income before
amortization of
goodwill was $0.1 million.
“We are particularly pleased with our financial results since we have historically experienced a seasonal decline in first
quarter revenue as clients re-establish their annual marketing and
advertising budgets for the balance of the year,” said G.M. O’Connell, CEO. “We achieved these results
through organic growth and contributions from two new clients: General Motors
Europe and 3M. Average annualized revenue for each of the top 10 accounts in
the first quarter grew 34 percent to $3.8 million, up from $2.8 million in the first
quarter of 1998.”
“As we drive sequential revenue growth from this base, we expect to maintain
break-even to marginally positive EPS before goodwill amortization during the
remainder of
1999 as we execute on our strategy to expand our international presence in
Europe and Asia, continue to build our domestic infrastructure. . .,” he said.
Modem Media.Poppe Tyson has created Internet marketing solutions for
clients with global brands such as AT&T, Citibank, Delta Air Lines, E*Trade,
IBM, JC Penney, John Hancock, Sony Computer Entertainment of America and
Unilever.