Grey Advertising, New York, saw net income take a dive in the first quarter, totaling $107,000 vs. $5 million for the same period in 1998. Income from commissions and fees rose 5.7% for the period, to $227.9 million. Gross billings also were up 5.7% to $1.5 billion. Grey attributed the drop in net income mainly to reduced levels of commissions and fees from its ad clients, specifically citing deferrals of expected client expenditures, the loss of certain business in 1998 and continuing weakness in some international markets.
Copyright May 1999, Crain Communications Inc.