Avenue A Posts Q3 Revenue Gains, Narrower Losses

NEW YORK — Avenue A reported Thursday a revenue gain of 68 percent over the third quarter of last year and narrower net losses.

The Seattle-based digital marketing and technology company said revenues for the third quarter reached $34.4 million, up from $20.4 million in Q3 2001.

Net loss, in accordance with Generally Accepted Accounting Principals (GAAP), was $677,000 or one cent per share for Q3, compared to a net loss of $6.6 million or 11 cents per share for the third quarter of 2001.

Revenue for the first nine months of 2002 was $88.3 million, compared to $65.2 million for the comparable period in 2001. GAAP net loss for the first nine months of the year was $6.3 million or nine cents per share, compared to a net loss of $35.5 million or 62 cents per share a year ago.

The company projected Q4 revenue of $35-38 million and GAAP net income of 0-1 cent per share.

Avenue A stock [AVEA] was trading on the Nasdaq at $2.60 Thursday, up 10 cents or 3.9 percent. Its 52-week high is $3.65 and 52-week low is 81 cents.