The name change was made to draw a distinction between the parent company and its individual business units, which includes the agency Avenue A. A Nasdaq symbol and corporate Web address will be unveiled March 24 reflecting the new name.
the company said in its statement that the root "quant" in the new name represents the "idea of quantitative or measurable results."
More acquisitions planned
In addition to Avenue A, the
"Avenue A is a strong brand, and will continue to be the name of our core agency division," said Brian McAndrews, president-CEO of Avenue A Inc. "By changing the name of our publicly traded parent company to aQuantive, Inc., we have developed a corporate identity that encompasses all of our current brands and helps us clarify our position."
Strong fourth quarter
For the fourth quarter ended Dec. 31, 2002, Avenue A reported revenue of $44.4 million, compared with $24.4 million for the fourth quarter of 2001. Net income for the fourth quarter was $1.7 million, or 3 cents per share, compared with a net loss of $4.5 million, or 8 cents per share, for the year-earlier period.