Modem Media, of Norwalk, Conn., reported revenues of $33.4 million, which was a 17% increase over last year's first-quarter results, but a 5% decline from its $35.2 million in revenue in the fourth quarter of 2000.
The reported actual net income for the quarter was $500,000, or breakeven on a diluted per share basis, compared with a net loss of $3.0 million or 13 cents per share for the first quarter of 2000 and $61.7 million or $2.47 per share for the fourth quarter of 2000. In addition, Modem Media recorded pre-tax restructuring charges of $1.9 million to close its Tokyo office and $500,000 ($400,000 after-tax) to reduce corporate staff and realign capacity across multiple offices.
Organic, San Francisco, reported first-quarter revenues of $14.3 million, down 42% from the fourth quarter of 2000.
Pro forma net loss for the first quarter of 2001 was $20.2 million, or diluted net loss per share of 23 cents, compared with pro forma net loss of $6.8 million, or diluted net loss per share of 9 cents, for the first-quarter 2000. Before pro forma adjustments, net loss for the first quarter of 2001 was $46.0 million, or diluted net loss per share of 53 cents. As a result of severance and other costs associated with office closures and space reduction plans, Organic recorded a restructuring charge of $23.7 million during the first quarter. -- Adrienne Mand
Copyright April 2001, Crain Communications Inc.