Modem Media to Take Realty Charge

NEW YORK Modem Media last week said it expects to record a restructuring charge of $8-10 million.

The Norwalk, Conn., i-shop said that it projects fourth-quarter revenue from continuing operations of $14-16 million and full-year revenue of $69-71 million. The company’s Q4 and full-year financial results will be released March 4.

The restructuring charge is related to excess office space in Norwalk, San Francisco and London that the interactive agency was unable to dispose of due to the continued deterioration of real estate markets in those cities.

As of Dec. 31, Modem Media had about $49 million of cash and short-term investments, an increase of $5 million compared with Sept. 30. Cash and short-term investments were $41 million at Dec. 31, 2001.