Avenue A Posts Profit

NEW YORK Avenue A reported a net profit in the fourth quarter on revenue of $44.4 million.

The digital marketing and technology company realized a Q4 net profit of $1.7 million or three cents per share. That compares to a net loss of $677,000 or one cent per share in Q3 and $4.5 million or eight cents per share in the year-ago period.

Fourth-quarter revenue for the Seattle-based company, which services clients like AT&T Wireless, Best Buy and Novartis, rose 82 percent to $44.4 million from $24.4 million in Q4 2001.

For full-year 2002, Avenue A posted a net loss of $4.6 million or eight cents per share, versus a 2001 net loss of $40 million or 70 cents per share. (The net loss for 2002 includes the impact of an accounting change associated with intangible assets.) Revenue reached $132.7 million, compared with $89.6 million for the prior year.

Avenue A said it expects its Q1 2003 revenue to be $36-40 million and net income to be 0-1 cent per share. For full-year 2003, the company projected revenue of $160-180 million and net income of 14-20 cents.

Avenue A (AVEA) shares closed Tuesday on the Nasdaq at $3.34, up 34 cents or about 11 percent. The stock’s 52-week high is $3.65 and 52-week low is $1.79.