Modem Media Poppe Tyson, Inc. Achieves Positive EPS Before Goodwill on Record Revenues
- Revenues Increase 37% to $12.4 million
- General Motors Europe and 3M Added to Client Roster
NORWALK, Conn., May 5 /PRNewswire/ -- Modem Media . Poppe Tyson, Inc.
(Nasdaq: MMPT), a leading provider of internet marketing solutions,
today announced financial results for the quarter ended March 31, 1999, its
first quarter as a public company.
Pro forma revenues rose to a record $12.4 million, a 37% increase over
last year's first quarter. Pro forma net income before amortization of
goodwill was $0.1 million compared to a pro forma net loss of $0.7 million for
the fourth quarter of 1998. Pro forma net income per share before
amortization of goodwill increased to $0.01 per share from a pro forma net
loss per share of $0.08 for the fourth quarter of 1998.
G.M. O'Connell, Chief Executive Officer of Modem Media . Poppe Tyson
commented, "We are particularly pleased with our financial results since we
have historically experienced a seasonal decline in first quarter revenue as
clients reestablish their annual marketing and advertising budgets for the
balance of the year. We achieved these results through organic growth and
contributions from two new clients: General Motors Europe and 3M. Average
annualized revenue for each of the top 10 accounts in the first quarter grew
34% to $3.8 million, up from $2.8 million in the first quarter of 1998."
Looking ahead, Mr. O'Connell added, "We remain confident about our
business prospects. The demand for our services is strong and our performance
in the first quarter puts us ahead of our original expectations. As we drive
sequential revenue growth from this base, we expect to maintain break-even to
marginally positive EPS before goodwill amortization during the remainder of
1999 as we execute on our strategy to expand our international presence in
Europe and Asia, continue to build our domestic infrastructure and add to our
full service capabilities to better serve our clients' global internet
marketing needs."
Modem Media . Poppe Tyson is an internet marketing company that attracts,
acquires and retains customers for global clients by combining its expertise
in strategic marketing, technology, digital design and production to create
innovative marketing and customer management programs for its clients on a
worldwide basis. Modem Media . Poppe Tyson employs more than
400 professionals worldwide. Modem Media has created internet marketing
solutions for clients with global brands such as AT&T, Citibank, Delta Air
Lines, E*Trade, IBM, JC Penney, John Hancock, Sony Computer Entertainment of
America and Unilever. Modem Media's website is located at
modemmedia.poppetyson.com.
This press release contains statements that are "forward-looking" within
the meaning of applicable federal securities laws, including with respect to
revenue growth and our expectations as to EPS before goodwill amortization
for the remainder of 1999, which are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
anticipated. Factors that could cause actual results to differ include timing
of new projects and client initiatives and costs related to the expansion of
our business and other factors more fully discussed in our filings with the
Securities and Exchange Commission.
MODEM MEDIA . POPPE TYSON, INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
1999 1998
(unaudited)
Revenues $12,383,000 $ 9,016,000 |
