Grey Posts 16 Percent Revenue Gain

NEW YORK Grey Global Group on Wednesday reported its revenue for the first quarter improved 16 percent to $344 million from the same period a year ago. Revenue at its North American operations rose by 10 percent for the first quarter, according to the company.

Net income for the quarter improved nearly 24 percent to $6.3 million, compared with the same period a year ago, the company said. Basic and diluted earnings per common share for the three months of 2004 were $4.64 and $4.50, respectively, compared to $3.41 and $3.12 for the same quarter in 2003.

Grey attributed the performance largely to its strong international operations and the weak U.S. dollar.

The $35 million Nokia account was the agency’s key new-business win during the quarter.

Grey also said improvement stemmed from growth in Europe and the benefits of restructuring in that region in recent years. New York-based Grey Global Group includes Grey Worldwide, MediaCom and Grey Direct.