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BCOM3 NET INCOME UP

Financial Chief Notes End of Restructuring Charges

By Published on .

CHICAGO (AdAge.com) -- Bcom3 Group said it posted $26.1 million in net income for the year ended Dec. 31, compared with a $65.6 million net loss reported in 2000.

Fourth-quarter net income was $14.4 million, up from a net loss of $2.7 million in 2000. Net income in 2000 reflected a $20.4 million pre-tax and restructuring charge, while the net loss in 2000 included a $71.9 million pre-tax charge related to the merger of the Leo and MacManus Groups that formed Bcom3.

"This is the end of the game in terms of taking restructuring charges," said Chief Financial Officer Eileen Kamerick.

Revenue included wins for Starcom MediaVest Group and acquisitions, according to a company spokeswoman.

Though the holding company on Tuesday released the financial announcement, its audited annual income statement will not be released for a few weeks; the statement will be included with the company's annual Securities and Exchange Commission filing.

"These are all as reported numbers, not pro forma numbers," Ms. Kamerick said. She wouldn't quantify specific segment financials or margin targets, but said they were improving in being competitive on a public company measure.

"We still have work to do but have seen signs of improvement this year," she said.

She would not provide any update on the company's intentions to go public or if it will increase its relationship with Dentsu, which currently holds a 20% stake in Bcom3.

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