Leap Group Revenues Up 18.7%

Internet advertising agency The Leap Group Inc. said that its second quarter revenues rose 18.7% to $9.0 million, up from $7.6 million for the same quarter a year ago.

The company reported net income of $73,894, or $0.01 per share, compared to a net loss of $1.6 million, or $0.11 per share, for the same quarter a year ago.

Quantum Leap Communications, the company’s Internet advertising agency, grew 167 percent without any acquisitions, during the first six months of the year, the company said.

“We continue to work very hard during this turnaround period to keep costs in line with revenues; to increase and diversify our revenues; and to achieve and maintain profitability,” said Frederick Smith, Leap’s chairman.

“Quantum Leap embodies our Internet strategy as a company,” Smith said. “It has steadily built a business with top-notch clients such as American Airlines, MSNBC, OnHealth Network and FTD. We expect our Internet-related revenues to grow as Quantum expands its business and as we pursue other avenues for growth in this sector.”