Interpublic’s revenue has remained flat for the third quarter of 2006, at $1.45 billion, up from $1.44 billion for the same period a year ago.
Interpublic also recorded revenue of $4.31 billion for the first nine months of 2006, compared to $4.38 billion during the first nine months of 2005.
Organic revenue increased 2.7% compared to the third quarter of 2005, which Interpublic said was primarily due to higher revenue from existing clients.
Operating expenses decreased to $1.43 billion in 2006 during the third quarter, from $1.55 billion last year, whilst for the nine months, operating expenses declined to $4.38 billion this year from $4.54 billion in 2005.
Operating income in the third quarter of 2006 was $21.1 million, compared to a loss of $108.2 million in 2005.
For the first nine months of 2006 operating loss was $61.8 million, compared to $161.8 million in 2005.
Q3 net income was $5.8 million and net loss applicable to shareholders was $6.1 million, compared to a net loss of $102.8 million.
Michael Roth, Interpublic’s chairman and CEO, said: “We are pleased with our revenue performance in the quarter and year-to-date. All of our companies are demonstrating that they are increasingly competitive in the marketplace. As important, the new talent we are recruiting and developing from within is driving cultural change and embracing the kinds of integrated solutions that our clients increasingly require.
“Worldgroup remains the leading global total communications network. During the course of 2006, we showed a willingness to tackle strategic decisions as forcefully as we did financial issues in 2005. The ‘new’ Lowe, the merger of Draft and FCB and our increasingly flexible and collaborative media model are all major steps that significantly improve our ability to address the dynamic marketing communications landscape.
“We continue to believe that we are well positioned for improved performance next year and to achieve our 2008 turnaround goals.”
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