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The Leap Group’s $5.6 million net loss in its most recent fiscal year forced budget cuts that included slashing its core ad agency’s staff by 40 percent and cropping executive salaries by a total of $1 million, according to the company’s annual report.
Even with the cutbacks, Leap Group’s financial troubles may not be over. According to the report, a joint client of Leap-owned ethnic agencies YAR Communications and Kang & Lee that represented 36.3 percent of the company’s total revenues plans “across-the-board reductions in its marketing programs” in 1998.
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