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True North profits up

Published on .

True North Communications, Chicago, said third-quarter net income increased 34.7% to $13.3 million while revenue was up slightly to $294.7 million. TN noted revenues for the year-ago quarter reflected TN unit Foote, Cone & Belding's work for Mazda Motor Corp., a $240 million account FCB resigned when TN acquired Chrysler Corp. agency Bozell Worldwide at the end of the year. For nine months, net income rose 47% from a year ago to $34.7 million on a 2.8% gain in revenue to $886.3 million. Separately, True North adopted a shareholders rights plan, or "poison pill," to discourage hostile takeover offers.

Copyright November 1998, Crain Communications Inc.

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