Online advertising agency Avenue A Inc. has reported a profit.
The Seattle-based firm said its net income was $1.7 million for the fourth quarter of 2002, compared to a net loss of $4.5 million for the 2001 fourth quarter. The 2002 fourth quarter ended Dec. 31, 2002.
For the year 2002, revenue was $133 million. Last year’s revenue was $90 million. Net loss for 2002 was $4.6 million, including the impact of a change in accounting. In 2001, the net loss was $40 million.
The company said it kept afloat, as its dot-com clientele went out of business, by turning to traditional advertisers such as Eddie Bauer and Microsoft Corp., according to news reports.
"By aggressively working our business plan, while carefully managing our resources, we have emerged not only as a survivor, but as an industry leader," said Brian McAndrews, president and CEO of the Seattle firm, in a statement.
In December 2002, Avenue A acquired I-Frontier Corp., an interactive advertising agency based in Philadelphia.
The acquisition is expected to play a strong role in increasing revenue for 2003. The company said it expects first-quarter revenue to be in the range of $11 million to $13 million, and full-year revenue to reach between $160 million and $180 million.
