NEW YORK -- Revenues declined slightly, while pro forma net losses narrowed for Avenue A in the first quarter.
The digital marketing services company this week reported revenues of $23.5 million, down about three percent from $24.4 million in the fourth quarter and $24.2 million in Q1 2001.
Avenue A's pro forma net loss for the first quarter, which excludes the amortization of deferred stock compensation and the impact of a change in accounting principle associated with intangible assets, was $1.8 million or three cents a share. That compares to a pro forma net loss in the fourth quarter of $2 million or four cents a share and $7.6 million of 13 cents a share a year ago.
Separately, the Seattle-based company's board of directors this week authorized a stock repurchase program. Under the program, $15 million of the company's common stock could be repurchased from time to time with available funds. Its primary purpose is to give the company the flexibility to repurchase its common stock to potentially reduce stock dilution and improve its long-term earnings per share.