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Avenue A reports higher loss

Published on .

Avenue A, the Seattle-based digital media company, said it posted fourth-quarter revenue of $48.2 million, a 2 percent gain over its revenue for the third quarter, and a result that reflects the slowdown in online advertising spending. Avenue A's fourth-quarter revenue a year ago was $35.6 million. Net lost in the fourth quarter was $11.9 million, vs. a loss of $6.6 million a year earlier. For the twelve months ended Dec. 31, revenue was $194.5 million, up from $69.7 million for 1999. The company also said its client roster had been reduced significantly to focus on traditional advertisers, dropping from 109 at the end of the third quarter 2000 to 61 clients today. Avenue A earlier this month fired 15% of its staff, or 60 to 70 people, and said first-quarter revenue would be 30% to 35% below last year's first-quarter revenue. Avenue A stock dipped 2.7% to close at $2.25 Jan. 30; it released earnings after the market closed.

Copyright January 2001, Crain Communications Inc.

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