Weak Overseas Market Offset by Increased North America Revenue

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NEW YORK ( -- Grey Global Group posted improved fourth-quarter results, in spite of weak revenue overseas.

Grey posted $9.5 million in net income for the quarter, up from a $28.6 million loss in 2001, and showed net income of $18.3 million for the year, up from a $24.4 million loss in 2001. Factoring out $32.2 million in restructuring charges, write-down of Internet investments and other accounting charges in 2001, net income still more than doubled, from $3.6 million in the fourth quarter of 2001 and $7.8 million for the year.

Revenues rose 10.5% for the fourth quarter, to $333.6 million, but were down 1.4% for the year, to $1.2 billion.

The company blamed the drop on the weakness of some northern European and Latin American markets, which drove international revenue down 5% for the year, while North American revenue rose 3%.

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