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NEW YORK Interpublic Group today reported a net loss of $5.4 million for the second quarter of 2004, despite a 3 percent increase in revenue. IPG attributed the loss to charges related to restructuring and buying its way out of Formula One racing obligations.
Another factor dragging down results was a 9 percent increase in office and general expenses, due largely to the cost of bringing IPG into compliance with Sarbanes-Oxley accounting rules.
The $5.4 million quarterly loss represented an improvement compared to the same period a year ago, when the company registered a loss of $13.5
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