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FOR IMMEDIATE RELEASE
24/7 REAL MEDIA REPORTS RECORD RESULTS FOR FOURTH QUARTER AND FULL YEAR 2006
Raises Guidance for Full Year 2007 and Introduces First Quarter 2007 Guidance
Fourth Quarter Highlights:
· Revenue of $60.0 million, an increase of 44% year-over-year;
· Pro forma operating income of $6.5 million, or $0.12 per share, compared with $4.0 million, or $0.08 per share, in Q4 of 2005; GAAP net loss of $0.2 million, or $0.00 per share, versus GAAP net income of $1.4 million, or $0.03 per share, in Q4 of 2005;
· Robust international performance, including year-over-year revenue growth in Korea and the United Kingdom of 72% and 42%, respectively.
NEW YORK February 28, 2007 24/7 Real Media, Inc. (Nasdaq: TFSM), a leading global digital marketing company, today announced financial results for the fourth quarter and full year ended December 31, 2006. Revenue for the fourth quarter of 2006 was $60.0 million, an increase of 44% over the $41.7 million reported for the fourth quarter of 2005. Revenue contribution from international operations was 61% for the quarter, driven in part by strong year-over-year growth in Korea and the U.K. of 72% and 42%, respectively.
Pro forma operating income(1) for the fourth quarter of 2006 was $6.5 million, or $0.12 per share. This compares with pro forma operating income of $4.0 million, or $0.08 per share, for the fourth quarter of 2005.
Under generally accepted accounting principles (GAAP), net loss for the fourth quarter of 2006 was $0.2 million, or $0.00 per share. This compared to a GAAP net income of $1.4 million, or $0.03 per share, for the fourth 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 fourth quarter of 2005, as disclosed under SFAS No. 123(R), is a GAAP net loss of $0.4 million, or $0.01 per share.
For the year ended December 31, 2006, revenue was $200.2 million, an increase of 43% from the $139.8 million reported for the year ended December 31, 2005. Pro forma operating income for 2006 was $19.6 million, or $0.36 per share, an increase of 98% over the pro forma operating income of $9.9 million, or $0.20 per share, in the prior year. GAAP net loss for 2006 was $8.6 million, or $0.18 per share, as compared with a GAAP net income of $0.0 million, or $0.00 per share, in 2005. The figure for the full year 2005, as disclosed under SFAS No. 123(R), that is comparable to the 2006 data, is a net loss of $6.0 million, or $0.13 per share for 2005.
Cash flow from operations for the 2006 fiscal year totaled a record $15.1 million and the Company reported a cash balance of $59.4 million as of December 31, 2006.
During the fourth quarter 24/7 Real Media announced the expansion of its existing search engine marketing partnership with Dentsu to address strategic Asian markets outside of Japan. This new venture will establish operations to service advertising markets throughout Asia, including China, India, Korea, Thailand, and Taiwan.
The following information was filed by 247 Real Media Inc on Friday, March 2, 2007 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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