Reuters: Online Ad Agency Avenue A Posts First Profit

Avenue A Inc. , a provider of Internet advertising and marketing services, said on Tuesday that quarterly revenue rose more than 80 percent from a year earlier and posted its first net profit.

The Seattle-based company's shares rose 10 percent as the company also projected further revenue growth for the current first quarter and 2003 as well, citing increased spending among companies for Web-based advertising despite sluggish overall spending on traditional advertising.

Avenue A reported a net profit of $1.7 million, or 3 cents per share, in the fourth quarter, compared with a net loss of $4.5 million, or 8 cents per share, a year earlier.