24/7 Records Q2 Revenue, Net Profit Gains

NEW YORK 24/7 Real Media yesterday reported a 61 percent revenue rise on net income of $1.5 million in the second quarter versus the year-ago period.

The online advertising and technology company recorded Q2 revenue of $19.6 million, up from $12.2 million in the same period last year.

Second-quarter net income was $1.5 million, or 4 cents per share, compared to a net loss of $4.4 million, or 31 cents per share in Q2 2003. The net-income figure includes a gain of $2.9 million from a legal settlement with chinadotcom Corp.

The New York-based company said it expects Q3 revenue of $19.5-20.5 million, noting that the company traditionally shows little growth during the period as a result of seasonality factors. Third-quarter diluted pro forma operating income, likely to be affected by the $600,000-750,000 onetime costs associated with the company’s Sarbanes-Oxley compliance efforts, is forecasted to be 0-1 cent per share.

For the full year, 24/7 projected revenue of $80-82 million and pro forma earnings of 4-7 cents per share.

24/7 shares (TFSM) were trading on the Nasdaq SmallCap Market today at $2.78, down 24 cents or 8 percent.