NEW YORK: Interpublic Group, the globe's third largest marketing services holding company, on Friday announced fourth-quarter net income better than doubled to $178.4 million (€117.47m; £89.81m), up year-on-year from $69.1m.
According to chairman/ceo Michael I Roth (pictured), the year-earlier results included an $80.8m debt-exchange charge.
Gross revenue increased 5.6% to $1.98 billion, and organic revenues (less divestitures, acquisitions and foreign-currency adjustments) rose 1.7%.
For the full year ended December 2007, net income was $167.6 million. This compares favorably to net loss of $31.7m in 2006.
The long-ailing firm, at last out of the recovery room, attributed its turnaround to the stemming of client defections, a surge in spending by existing clients and the addition of new stateside business.
IPG also claimed to have "successfully remediated all material weaknesses in its internal controls" and established compliance with the standards required under the Sarbanes-Oxley Act.
Data sourced from Wall Street Journal Online; additional content by WARC staff