TRUE NORTH REPORTS REVENUE UP FOR FIRST QUARTER

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(May 1, 2001) -- True North Communications, which has agreed to be acquired by the Interpublic Group of Cos., reported that revenue for the first quarter of 2001 rose 8% to $356.1 million from $331.1 million from the same period last year. Net income for the quarter rose to $10 million from $7 million from the first quarter last year. True North also reported that for the quarter its agencies acquired net new business wins that total $118 million in annualized billings. Shares of True North closed at $38.19, down 1 cent. -- Laura Hughes

Copyright May 2001, Crain Communications Inc.

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