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24/7 REAL MEDIA, INC.
24/7 REAL MEDIA DELIVERS STRONG FIRST QUARTER 2006 RESULTS
Companys Results Exceed Guidance
Raises Guidance for Full Year 2006 and Introduces Second Quarter 2006 Guidance
First Quarter Highlights:
· Revenue of $42.9 million, an increase of 48% over the comparable period in 2005.
· Pro forma operating income of $0.07 per share compared with $0.03 per share in Q1 of 2005; GAAP net loss of $0.16 per share versus a GAAP net loss of $0.01 per share in Q1 of 2005, primarily due to stock based compensation expenses.
NEW YORK May 3, 2006 24/7 Real Media, Inc. (Nasdaq: TFSM), a leading global digital marketing company, today announced financial results for the first quarter ended March 31, 2006. Revenue for the first quarter of 2006 was $42.9 million, an increase of 48% from the $29.1 million reported for the first quarter of 2005, and a sequential increase of 3% from the $41.7 million reported during the fourth quarter of 2005.
24/7 Real Medias results for the first quarter of 2006 reflect its expansive global reach in the digital marketing sector, with non-U.S. operations contributing 58% of the Companys revenue in the first quarter. Operating strength in each of its geographic regions and business segments contributed to the robust year-over-year growth for the Company.
Pro forma operating income(1) for the first quarter of 2006 was $3.6 million, or $0.07 per share. This compares with pro forma operating income of $1.3 million, or $0.03 per share, for the first quarter of 2005.
Under generally accepted accounting principles (GAAP), net loss for the first quarter of 2006 was $7.5 million, or $0.16 per share. Due to the adoption of Statement of Financial Accounting Standards No. 123(R), Stock Based Compensation, the results for the first quarter of 2006 include stock based compensation expenses totaling $9.0 million, or approximately $0.19 per share, a significant portion of which was related to the vesting of restricted stock with a market contingency. This compared with a net loss of $0.4 million, or $0.01 per share, for the first quarter of 2005, which was positively impacted by a recovery of an investment.
The Company enjoyed an outstanding first quarter, substantially growing revenues and improving operating performance during what is traditionally a seasonally weak period, stated David J. Moore, chairman and chief executive officer of 24/7 Real Media.
We continue to provide marketers with the ability to approach digital advertising as a precisely measurable science. Our recently announced release of Open AdStream® 6 exemplifies the innovation powering our leading solutions for publishers and advertisers. We will continue to leverage our expertise in technology and results-oriented services to drive significant growth in revenue and profitability through 2006 and beyond.
The following information was filed by 247 Real Media Inc on Thursday, May 4, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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