Net Income for First Nine Months Down 74%

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NEW YORK (AdAge.com) -- Grey Global Group reported weak third-quarter results, with net income down 71% to $1.51 million, from $5.14 million in 2000, and revenue down 2% to $296 million, from $302 million in 2000.

Revenue for the first nine months of the year was up 2% to $915 million, and net income was down 74% to $4.2 million.

The company attributed the results to U.S. economic conditions, worsened by the effects of the Sept. 11 attacks.

A strong show overseas, where revenue grew 5% for the quarter and 9% for the first nine months, was not enough to make up for weak results in the U.S., where revenue dropped 11% for the quarter and 6% for the first nine months.

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