True North's '98 profits jump 25.7% to $69.4 million

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True North Communications, Chicago, reported net income jumped 25.7%, excluding unusual items, to $69.4 million in 1998. Despite Foote, Cone & Belding's resignation of the $240 million Mazda Motor of America account, precipitated by True North's acquisition of Chrysler agency Bozell Worldwide, the holding company's revenue for the full year increased 3.1% to $1.2 billion; international revenue increased 11.6%. For the fourth quarter, net income, excluding unusual items, was $34.7 million, up 33.3% from the previous year, while revenue rose 3.8% to $356 million.

Copyright March 1999, Crain Communications Inc.

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