Interpublic Says That 2003 Will Be Flat

Speaking at the UBS Warburg Media Conference in New York, chairman and CEO John Dooner admitted that 2002 had been a difficult year but he is hopeful that better times are ahead. Zenith Optimedia foresees 2.9% growth in the global advertising market next year (see Forecasts).

In recent times, Interpublic has seen its share price plunge and it has been forced to restate previous earnings after accounting errors were uncovered (see Interpublic Earnings Warning Shocks Markets). To add insult to injury, third quarter results turned out to be much worse than anticipated as a result of unexpected operating costs at its McCann-Erickson subsidiary (see Interpublic Results Are Way Below Already-Reduced Figures).

Sean Orr, chief financial officer at the Interpublic Group, outlined the company’s objectives for the coming year when he said that “securing and improving the health of the balance sheet is one of, if not the most important, priority we have.”