The company said its earnings were hurt by the weakness of the dollar, reorganization charges and a loss on the companyâs divestiture of Claritas Europe.
VNU said cash earnings dipped 16% to $470 million in 2003, from $557 million in 2002. Revenue dropped 9% to $4.78 billion from $5.26 billion, although in constant currencies revenue grew 2%.
VNUâs trade publications, which include VNU Business Media titles in the U.S., continued to be a drag on earnings, the company said.
Trade magazines âcontinued to face soft advertising markets worldwide,â Rob van den Bergh, VNU chairman-CEO, said in a statement. âBoth in the U.S. and Europe, advertising revenues declined for [VNU] Business Informationâs trade magazines, although not as sharply as in previous years.â
Van den Bergh also said that a recovery appeared to be in the offing and that the U.S. had âreached the bottom of the cycle.â