Grey Global reported a 31.2% drop in net income during the second quarter to $1.67 million, from $2.43 million in 2001. The drop was partly due to weakness in Grey's European operations, where revenue declined 15% during the second quarter, and to lower returns from the company's investments.
International revenue -- 53.4% of Grey's total -- was down 13.7% for the
Meanwhile, Bcom3, awaiting to complete its acquisition by Publicis Groupe, showed improved results for the second quarter. The company posted second-quarter net income of $33.7 million, up from $4.4 million in 2001; factoring out accounting changes for 2001, net income was up 75.5%, from $19.2 million in 2001.
Revenues increased 1.4% to $486.7 million, with domestic revenues up 2.6% and international revenues up only 0.1%. But after factoring out new accounting regulations, total revenues would have risen only 0.1% and domestic revenue 0.4% while international revenue would have dropped 0.4%.