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 share.

“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, email, 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 impressions during March 1999, up from one billion ad impressions generated during December 1998.