24/7 Media Revises Second Quarter Guidance; Company Projects Improved Bottom Line Performance.Business Editors NEW YORK--(BUSINESS WIRE)--May 30, 2001 24/7 Media Inc. (Nasdaq:TFSM), a global leader in multi-platform interactive marketing, has issued improved loss per share guidance for the second quarter. The announcement follows the sale of 24/7 Exactis to Experian, which closed last week. With the sale of Sabela Media, Award Track, and 24/7 Exactis, 24/7 Media has received gross proceeds of more than $19 million and has eliminated more than $20 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. cash outflow. Overall, 24/7 Media has reduced its annualized operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. by approximately $65 million since it began its strategic operating plan in November 2000. As a result of the divestitures, 24/7 Media announced a forecasted 20 percent improvement in loss per share for the second quarter compared with the first quarter. This upwardly revises previous guidance of a 10 to 15 percent improvement over the actual loss per share of $0.58 reported at the end of the first quarter. Revenues for the second quarter are now projected in the range of $18 million and $21 million, compared with the $22 million to $25 million range previously expected. This reduction in revenue is a direct result of the removal of Exactis and Sabela revenues. "As we have stated before, 24/7 Media continues to aggressively build cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. , streamline operations and reduce our operating expenses," said David Moore David Moore is a common English name and may refer to:
Tony Plesner, COO (Cell Of Origin) See mobile positioning. of 24/7 Media, added: "The 24/7 Media product offering is comprehensive and effective, and our efforts this quarter have directly contributed to our continued long-term viability. We are taking the necessary steps to keep operating expenses in line with market demand. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that our efforts to date, combined with our plans for the future, will help us to realize the cash reserves necessary to take us to profitability." About 24/7 Media Inc. 24/7 Media Inc. is a leading provider of end-to-end interactive technology and marketing solutions and services for Web publishers, online advertisers, advertising agencies, e-marketers and e-commerce merchants. 24/7 Media provides a comprehensive suite of media and technology products and services that enable these client groups to attract and retain customers worldwide, and to reap the benefits of interactive and other electronic media. 24/7 Media's solutions include advertising and direct marketing sales, ad serving, promotions, e-mail list management, e-mail list brokerage, e-mail delivery, data analysis, loyalty marketing, wireless and convergence solutions, all delivered from the company's industry-leading data and technology platforms. 24/7 Media's ad serving technology, Connect, is designed specifically for the demands and needs of advertisers and agencies, Web publishers and e-commerce merchants. 24/7 Media is based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . For more information, visit www.247media.com. Caution concerning forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This news release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations, are not guarantees of future performance and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to changes in economic, business, competitive and/or regulatory factors. More detailed information about those factors is set forth in the most recent quarterly report and other filings with the Securities and Exchange Commission made by the companies named herein. |
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