Young & Rubicam increased its revenues by 16.8% during the first quarter of 1998, to $348 million from $298 million during the same period in 1997, with U.S. revenues leading the growth. Domestic revenue rose 25.4% million during the quarter, to $184.5 million, against an increase of only 8.3% for overseas revenue, to $163.7 million. Net income nearly tripled to $12.2 million during the first quarter, compared to $4.1 million during the same period in 1997.
In its first quarterly report filed with the U.S. Securities & Exchange Commission since Y&R's initial public offering in May, Y&R said it still expects to pay a dividend in the last quarter of 1998, despite a $235 million charge related to the IPO.
Copyright June 1998, Crain Communications Inc.