24/7 Media Trims Loss on Higher Revenues

24/7 Media Inc. reported a net loss for the second quarter of $7.2 million, or $0.37 per share, compared to a net loss of $9.9 million in the same period a year ago.

The company reported record revenues for the second quarter of $17.2 million, a 50 percent increase compared to revenues of $11.5 million during the first quarter of 1999. Revenues for the same period a year ago were $3.9 million.

The company reported revenues of $28.6 million for the six months, up from revenues of $5.2 million for the six months ended June 30, 1998. The net loss for the six months was $14.4 million, or $0.80 per share, compared to a net loss attributable to common stockholders of $12.6 million, or $2.02 per share, for the six months a year earlier.

The company said revenue gains were fueled by continued growth in the number of ad impressions, contributions from recent alliances and acquisitions, increased brand awareness in the marketplace and continued global expansion of The 24/7 Network.

“Our business results and the continued growth in our client base are proof that the marketplace is reacting positively to our strategy,” said David J. Moore, president and chief executive officer of 24/7.

24/7 Media said it delivered an aggregate of approximately 2.5 billion ad impressions during June 1999, a 19 percent increase compared to 2.1 billion ad impressions generated during March 1999.