First quarter gross billings at Grey Global Group hit $2.03 billion and revenues rose 6% to $304.8 million.

But despite this seemingly rosy picture, net income dropped to $245,000 – a fraction of the $5.1m earned in the same period last year. Earnings per common share dropped from $4.11 in Q1 2000 to 27 cents.

Grey blamed its disappointing results on “general weak business conditions in the US,” adding that these had been particularly evident “in a number of operations which had a concentration in serving certain technology-related and telecom sector clients.”

News source: Advertising Age - Daily Deadline