True North Unveils Delayed Earnings Statement

12 March 2001

True North Communications, the holding company for FCB Worldwide and other marketing agencies, will later this morning post its results for 2000 and the fourth quarter.

These were originally scheduled for announcement March 1 but were put on ice after the group's accountants “brought an accounting matter to the attention of the Securities and Exchange Commission” [WAMN: 1-Mar-01].

The “accounting matter” appears to revolve around Modern Media, a company in which True North has a 44% holding. This morning’s briefing for press and analysts will elucidate both on this topic and the group’s financial performance for the year to December 31.

News source: Advertising Age - Daily Deadline