Modem Media makes $32.8 million – record revenues for Q2

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Modem Media, the builder and marketer of Me-business solutions, has announced record figures for the second quarter ending 30 June.
Revenues rose to $32.8 million, a 105% increase.

Domestic revenues reached $26.2 million, up 18% from $22.3 million in the first quarter of 2000.

International revenues increased only slightly to $6.2 million from $6.1 million in the previous quarter, as the Tokyo office’s revenues declined.

“We continued to achieve triple digit growth while investing ahead of revenue in domestic billable headcount capacity and expanding our international operations. Additionally, we stepped up our investment in CentrPort ahead of plan, because it is succeeding in the marketplace as a key e-CRM enabler with an attractive application service provider offering,” said G.M. O’Connell, CEO of Modem Media.

“Looking forward we have dramatically increased our earnings potential by ramping capacity and simply have to reach the utilization levels we achieved last year to dramatically impact our results. Furthermore, we are seeing the marketplace validate our vision for CentrPort and we are well positioned to realize increasing revenues and equity value appreciation over the next several quarters. We are considering bringing in outside capital from well-regarded late-stage financing firms to fund CentrPort separately while retaining a minority equity stake.”

The company achieved a 200% year-on-year increase in international revenue to $6.2 million, despite the significant revenue decline in Tokyo.

The number of employees increased to 963, up from 858 at the end of the first quarter of 2000.

Modem Media’s global office network now includes New York City, San Francisco, Norwalk, London, Paris, Munich, Toronto, Tokyo, Hong Kong, and São Paulo. Founded in 1987, Modem Media has been a driving force in the digital economy and is the exclusive developer of Me-business solutions, a unique customer-focused approach to internet business. The company’s services include strategic planning and consulting, engineering, visual and information design, media distribution, and project management. Modem Media has created solutions for brands such as Citibank, Intel, General Motors, Delta Air Lines, General Electric, IBM and JCPenney.

Modem Media

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