SOMERSET, NJ: InVentiv Communications reported third-quarter revenues of $84.1 million, an increase of 14% from the $73.8 million it posted during the same period last year.
The segment won numerous business accounts during the three-month period, but was affected by clients' budget cutbacks and decisions to delay marketing spending, according to a company statement.
As a whole, parent company InVentiv Health saw total revenues of $289.2 million during the third quarter, a 13% increase compared to the $254.9 million for Q3.
“Our third-quarter results were consistent with our expectations,” said Blane Walter, CEO at InVentiv Health. “While we are pleased with our performance, we recognize that we continue to operate in a challenging environment, and as a result we are taking steps to build additional flexibility and efficiency into our model.”
Year to date, InVentiv Health has reported total revenues of $836.5 million, an increase from the $709.3 million reported during the first nine months of 2007. The company reported net income of $34.5 million for the first three quarters of the year, an increase over the $31.9 million seen last year.