THINK New Ideas Reports Increased Profitability

New York City based new media agency THINK New Ideas Inc. reported increased revenues and profitability in its second quarter, doubling revenue for the six months ended Dec. 31, 1997.

“We are delighted by our growth companywide, as we have expanded assignments from many existing clients and attracted important new business from such market leaders as Gillette, CUC International’s GETKO and John Hancock Funds,” said chairman and CEO Scott Mednick.

Revenues for the second quarter of the company’s fiscal 1998 reached $10.1 million, a 165% increase compared to revenues of $3.8 million for the same period a year earlier.

Net income for the quarter was $473,000, or 6 cents per share on a diluted basis. This compares to a loss of $778,000 in the second quarter a year ago.

Net income for the six months came to $534,000, or 7 cents per share on a diluted basis, compared to a loss of $979,000 in the year-ago period. Revenues for the period jumped 112% to $17.0 million from $8.0 million.

For the second fiscal quarter, revenue from the company’s Interactive Services Division rose 111% to $3.9 million from $1.9 million. For the six months, revenue from the Interactive Services Division increased 62% to $7.0 million from $4.3 million.