Modem Media Results Drop

  • May 1, 2003
Interactive agency Modem Media announced its operating results for the first quarter of 2003, which showed a dip compared to Q1 last year. Revenue from the first quarter of 2003 totaled $14.5 million compared with $15.0 million for the fourth quarter of 2002 and $18.8 million for the first quarter of 2002. Operating income/(loss) from continuing operations for the first quarter of 2003 totaled $0.9 million compared with $(6.8) million for the fourth quarter of 2002 and $1.3 million for the first quarter of 2002. Restructuring and other charges, net, included in operating income/(loss) were $0.0 million, $(7.5) million and $(0.6) million, respectively. Restructuring and other charges, net, include facilities charges, severance costs and other office closure related costs.
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