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(May 15, 2001) -- Ad network 24/7 Media, New York, announced first-quarter financial results today.

The company reported revenues of $25.3 million and a pro forma net loss of $24.8 million, or 58 cents per share. Its reported net loss was $78.7 million in the quarter. The company also has cut costs by cutting jobs, improving operating efficiencies, divestitures and gross margin enhancements.

In addition, 24/7 Media has sold off several assets and plans to continue to pare down to core offerings of multi-platform advertising, e-mail list management, brokerage and consulting services, search engine optimization and technologies that support these areas. -- Adrienne Mand

Copyright May 2001, Crain Communications Inc.

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