Despite weak overseas revenues in some northern European and Latin American markets, Grey Global Group posted improved results for the fourth quarter of 2002, it was announced Monday.
Net income for the quarter rose to $9.5 million (€8.71m; £6.00m) against a year-on-year loss of $28.6m. For 2002 as a whole, net income hit $18.3m versus a $24.4m loss in 2001.
Even after excluding $32.2m in restructuring charges, a writedown of internet investments and other accounting charges in 2001, net income still better than doubled: from $3.6 million in the fourth quarter of 2001 and $7.8 million for the year.
International revenues sagged 5% during the year, while North American gross income rose by 3%.
Data sourced from: AdAge.com; additional content by WARC staff