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FOR IMMMEDIATE RELEASE
24/7 REAL MEDIA REPORTS RESULTS FOR FIRST QUARTER 2007
Raises Revenue Guidance for Full Year 2007 and Introduces Second Quarter 2007 Guidance
First Quarter Highlights:
· Revenue of $57.7 million, an increase of 34% year-over-year;
· Pro forma operating income of $4.4 million, or $0.08 per share, compared with $3.5 million, or $0.07 per share, in Q1 of 2006; GAAP net loss of $0.1 million, or $0.00 per share, versus GAAP net loss of $7.5 million, or $0.16 per share, in Q1 of 2006;
· Global launch of new www.247realmedia.com website, reflecting The Science of Digital Marketing;
· Opened the first expanded joint venture office with Dentsu in Seoul, South Korea;
· The Company confirmed that it is assessing strategic alternatives and announced that it has retained Lehman Brothers as its financial advisor to assist in the process.
NEW YORK May 9, 2007 24/7 Real Media, Inc. (NASDAQ: TFSM), a leading global digital marketing company, today announced financial results for the quarter ended March 31, 2007. Revenue for the first quarter of 2007 was $57.7 million, an increase of 34% over the $42.9 million reported for the first quarter of 2006. Revenue contribution from international operations was 64% for the quarter.
Pro forma operating income(1) for the first quarter of 2007 was $4.4 million, or $0.08 per share. This compared with pro forma operating income of $3.5 million, or $0.07 per share, for the first quarter of 2006.
Under generally accepted accounting principles (GAAP), net loss for the first quarter of 2007 was $0.1 million, or $0.00 per share. This compared to a GAAP net loss of $7.5 million, or $0.16 per share, for the first quarter of 2006.
Cash flow from operations for the first quarter 2007 totaled $8.1 million. The Company reported a cash balance of $62.6 million as of March 31, 2007, which does not include the $5.0 million investment funded to the new Pan-Asia joint venture with Dentsu during the quarter.
During the first quarter, 24/7 Real Medias joint venture with Dentsu opened the first of five planned offices to address strategic Asian markets outside of Japan. The new office, which celebrated the official launch of operations on April 27, is located in Seoul, South Korea.
With 34 percent organic revenue growth, the fundamentals of our businesses remain strong, despite some seasonality, said David J. Moore, chairman and chief executive officer of 24/7 Real Media. As we look ahead, we are excited about the changes we see taking place within the digital realm. We are confident that 24/7 Real Media has made the right strategic decisions and has a great combination of assets to take full advantage of these changes.
We are very excited to have opened our first office in connection with the expansion of our joint venture with Dentsu. Through our expanded partnership with Dentsu, we are positioning 24/7 Real Media to be a significant beneficiary of the strong growth that is projected over the upcoming decade for many markets throughout Asia and the Pacific Rim. As the most internationally-diversified company in the Digital Marketing arena, 24/7 Real Media is well positioned for strong, sustained growth over the upcoming years.
The significant increase in corporate activity in the digital marketing sector has opened new doors for us, creating opportunity, said Jonathan K. Hsu, EVP, chief operating officer and chief financial officer of 24/7 Real Media. 24/7
The following information was filed by 247 Real Media Inc on Thursday, May 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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