Fresh off the presses – more advertising agencies are posting positive results. Interpublic has righted some accounting issues and posted a fourth-quarter net up 5.6%. From CNN Money:
“The New York advertising and marketing services company reported net income of $178.4 million, or 31 cents a share, up from $69.1 million, or 11 cents a share, a year earlier. Prior-year results included an $80.8 million debt-exchange charge.”
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Why? The company kept their operating costs flat and cited increased spending from existing clients and the addition of a few new accounts. Next year, maybe we’ll see Jay-Z, Translation, adding to their bottom line. IPG has also become compliant with Sarbanes-Oxley standards. Just like Sorrell of WPP, Roth also said he did not expect a “pullback” in 2008, though 2009 could be tough. Good. Roth is setting the IPG ship back on course. Let’s see what he can do given another good business year.