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24/7 REAL MEDIA, INC.
FOR IMMEDIATE RELEASE
24/7 REAL MEDIA REPORTS THIRD QUARTER 2006 RESULTS
Expands Partnership with Dentsu Inc. to Address Key Asian Markets Outside of Japan
Third Quarter Highlights:
· Revenue of $49.1 million, an increase of 40% year-over-year;
· Pro forma operating income of $4.7 million, or $0.09 per share, compared with $2.3 million, or $0.05 per share, in Q3 of 2005; GAAP net loss of $1.4 million, or $0.03 per share, versus net loss of $0.8 million, or $0.02 per share, in 2005;
· Expansion of partnership with Dentsu to address additional Asian markets, including China and India.
NEW YORK November 1, 2006 24/7 Real Media, Inc. (Nasdaq: TFSM), a leading global digital marketing company, today announced financial results for the third quarter ended September 30, 2006. Revenue for the third quarter of 2006 was $49.1 million, an increase of 40% over the $35.1 million reported for the third quarter of 2005. Revenue contribution from international operations was 61% for the quarter, driven in part by strong year-over-year growth in the U.K. and Korea of 50% and 80%, respectively.
Pro forma operating income(1) for the third quarter of 2006 was $4.7 million, or $0.09 per share. This compares with pro forma operating income of $2.3 million, or $0.05 per share, for the third quarter of 2005.
Under generally accepted accounting principles (GAAP), net loss for the third quarter of 2006 was $1.4 million, or $0.03 per share. This compared to a GAAP net loss of $0.8 million, or $0.02 per share, for the third quarter of 2005. Due to the differing treatment of certain expenses in 2006 under the recent adoption of Statement of Financial Accounting Standards (SFAS) No. 123(R), Stock Based Compensation, results between these periods are not directly comparable. The comparable figure for the third quarter of 2005, as disclosed under SFAS No. 123, is a net loss of $2.2 million, or $0.05 per share.
Simultaneously with this release, 24/7 Real Media announced the expansion of its existing search engine marketing partnership with Dentsu to address strategic Asian markets outside of Japan. Under the guidance of K.K. 24-7 Search, the existing Tokyo-based joint venture of Dentsu and 24/7 Real Media, this new venture will establish operations to service advertising markets throughout Asia, including China, India, Korea, Thailand, and Taiwan.
Our operations continue to generate strong revenue growth and earnings leverage, said David J. Moore, chairman and chief executive officer of 24/7 Real Media. Our solid operating performance, combined with our technology know-how and unmatched international experience, has provided us with the opportunity to be the partner of choice for premier global players in advertising, securing our relevancy to the advertising landscape of tomorrow.
Through our expanded partnership with Dentsu, we are positioning 24/7 Real Media to be a significant beneficiary of the incredible growth that is projected over the upcoming decade for many of the markets throughout Asia and the Pacific Rim.
The following information was filed by 247 Real Media Inc on Thursday, November 2, 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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