Income, Revenues Jump at Snyder
Net income rose 75 percent to $15.3 million for the quarter ended June 30, from $8.6 million for the same quarter last year. Revenues climbed 30 percent to a record $168 million compared to $129 million for the same period last year. The company's second quarter and six months results are presented on a pro-forma basis to reflect the pooling of interest transactions the company completed in 1997 and 1998.
"The record revenues and earnings reported by Snyder Communications during the second quarter evidence the validity of the business model we have pursued," said CEO Daniel Snyder. "Our principal objective continues to consist of expanding and enhancing the scope and quality of services that we provide to our blue-chip client base."
The company, which has been on a continually ambitious acquisition pace, will continue to look for more strategic acquisitions in the coming months, Snyder said.