IPG's second-quarter net loss decreases in 2004

Interpublic reported August 5 a net loss for the second quarter of 2004, though the loss dropped to $5.4 million compared to $13.5 million in 2003's second quarter.

Interpublic reported August 5 a net loss for the second quarter of 2004, though the loss dropped to $5.4 million compared to $13.5 million in 2003's second quarter.

Global revenue increased 3% to $1.54 billion from 1.49 billion in the second quarter of 2003.

The agency holding company also reported 3.1% revenue growth in the US to $860.9 million from $835.4 million in 2003's second quarter. It did not break out the US income or loss.

The company said that "margins were adversely affected by costs associated with Sarbanes-Oxley implementation and compliance."

In a statement, David Bell, IPG CEO and president, said the company "posted our fifth consecutive sequential improvement in organic revenue and saw a return to organic growth for the first time since 2001. A number of our companies - in advertising, CRM and public relations - posted strong top line domestic results."

IPG did not break out its revenues for its PR firms, which include Weber Shandwick, GolinHarris, The MWW Group, and DeVries.

The company took a previously announced $80 million charge for its agreement to terminate its contract with the Formula One Administration Limited relating to the British Grand Prix.

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