24/7 Real Media
, a digital marketing company, swung to a profit in the fourth quarter, helped by the continued shift of spending from traditional media to the Web.
The company had net income of $1.4 million, or 3 cents the share, compared with a net loss in the year-earlier period of $2.8 million, or 6 cents, the New York-based company said in a statement. Sales rose 52% to $41.7 million. On a pro-forma basis, profit was $4 million, or 8 cents. The company was expected to earn 5 cents on sales of $38.4 million, according to analysts surveyed by Thomson Financial.
"Right now, we have probably one of the most comprehensive global footprints in the industry,'' says CEO David Moore in an interview. "We're very optimistic about the years ahead.''
24/7 also said that its profit for both the current quarter will meet consensus forecasts and raised its forecasts for earnings and sales for the year.
Profit excluding some costs in the current quarter will be 6 cents on sales between $40 million to $41 million, the company said. Analysts surveyed by Thomson Financial had expected earnings of 6 cents on sales of $40.7 million.
The company raised its 2006 revenue guidance from $185 million to $195 million, from $175 to $185 million. Analysts expected sales of $185.3 million. Pro-forma operating income for the year will be 32 to 35 cents, up from 24/7's earlier forecast of 30 to 32 cents. The average forecast of analysts surveyed by Thomson Financial is 33 cents.