TITLE

Grey's '98 client losses take toll on bottom line

AUTHOR(S)
Petrecca, Laura
PUB. DATE
May 1999
SOURCE
Advertising Age;5/17/1999, Vol. 70 Issue 21, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the impact of client losses experienced by Grey Advertising in 1998 on its financial performance in 1999. The publicly held agency posted its second consecutive weak quarter in May. First-quarter net income fell 98% to $107,000, down from $5.03 million for the same period in 1998. That followed a 47.5% drop in fourth quarter net income. for full year 1998, net income declined 15% to $25.9 million. Grey's stocks tumbled $24.25 to $302.25 after the first quarter results were reported on May 10. Grey blamed the dip on the loss of such clients as Barilla Co., Dannon Co. Kraft Foods, Lexmark International and Mitsubishi Motor Sales of America.
ACCESSION #
1871800

 

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