MODEM, DIGITAS REPORT SECOND-QUARTER EARNINGS

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(July 31, 2001) -- I-shops Modem Media, Norwalk, Conn., and Boston-based Digitas also reported second-quarter financials today.

Modem slightly narrowed its net loss for the quarter to $5.5 million, or 21 cents per share, as compared with a net loss of $5.8 million, or 24 cents per share, for the second-quarter 2000. Modem's revenues for the quarter totaled $26.1 million, a 21% decrease from last year's second-quarter revenues of $32.8 million and a 22% drop from $33.4 million in the first quarter of 2001. Interpublic Group of Cos. has a minority stake in the company.

Digitas experienced a drop in revenue and increased net loss for its second quarter. The company reported a net loss of $33.5 million, or 57 cents per share, as compared with a net loss of $5.3 million, or 9 cents per share, in the second quarter of 2000. Second-quarter revenue was down, though less substantially than some of its competitors.The company said its revenue was $60.5 million for the quarter, as compared with $70.1 million for the second quarter of 2000. The company said it expects third-quarter revenues to be flat as compared with the second quarter. -- Adrienne Mand

Copyright July 2001, Crain Communications Inc.

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