Coyne Public Relations: Agency Business Report 2007

Coyne prides itself on its culture and employees, and it's clear that big-name clients are drawn to the firm's motivated staff and constant creativity.

Coyne prides itself on its culture and employees, and it's clear that big-name clients are drawn to the firm's motivated staff and constant creativity.

Consistent growth over the past three years, plus continually appearing in the same pitches as agencies several times its size, proves that Coyne can punch above its weight.

Key goals this year are expanding into the tech and medical science arenas, and also building up the fledgling health and beauty practice. The latter, says Thomas Coyne, president and CEO, is a "big growth area for us. People love to work in it, and that's what we try to do: get the clients people like working with."

Principal: Thomas Coyne, president and CEO
Ownership: Independent
Offices: Two, Parsippany, NJ, and New York, which opened in October 2006

Staff
Current headcount is 67, up from 44 in 2005, with a 15.4% staff turnover. Coyne added eight pros at the VP/senior executive level, particularly to staff accounts in the growing medical/science area.

Practice areas
Coyne works across a number of industries, including automotive, healthcare, food and beverage, travel, retail and restaurant, finance, juvenile products, technology, and beauty and fashion. The first three are the core strategy of the firm, bringing in, respectively, 23%, 19%, and 17% of the work.

Accounts
Key wins include AOR relationships for Goodyear and Siemens Medical Solutions, as well as work for Toys "R" Us, Massimo Zanetti, and The Wm. Wrigley Co., among others. Coyne also expanded work with Hard Rock International, Medco Health Solutions, Disney, Shell, BMW, Kraft Foods, and The Campbell Soup Company. For several clients, the firm created plans for the US that have been implemented globally through partnering with agencies in local markets, including Moscow and Paris.

Financial performance
Revenue in 2006 was $7,697,630, a 53% jump from 2005, with a 22% profit margin. Growth was approximately 65% new business and 35% organic. Coyne has averaged around 50% growth for each of the past three years.

Agency's full questionnaire follows below:

Name of parent division/company (enter both where applicable)
N/A

Name of subsidiary companies
N/A

Has your ownership status changed in the past year? If yes, please explain
No.

Name of global CEO and US CEO (or most senior equivalent)
Thomas F. Coyne

Name of person, if any, the most senior person named above reports to
N/A

What is your current headcount?
67

How has your headcount changed since FY 2005?
Increased from the 2005 headcount of 44

What was the percentage of staff turnover in 2006?
15.4 percent

Did you make any senior hires in 2006 (VP and higher)?
No

What senior staff have departed the firm? Please state name and previous title
None.

Please list any other senior management changes, including restructures and significant, senior-level promotions.
In 2006, Coyne added eight professionals to the vice president/senior executive level.

Norman Booth, D. Litt., assistant VP
Norman Booth joined Coyne PR in October 2006 as an assistant vice president, focusing primarily on the agency work for Siemens Medical Solutions. Booth's experience falls largely in technology, bioscience and telecommunications. He formerly managed strategic account direction and tactical program implementation for Nikon Instruments, a manufacturer of microscopy products for bioscience and industrial research; Tekmark Global Solutions; and Micromem Technologies, a developer of magnetic random access memory (MRAM) and related nanotechnology. Booth's experience also includes director of Global Public Relations for Telcordia Technologies; AT&T Corporation, providing media relations and industry analyst relations support to AT&T's data services business unit; and as a consultant to Digital Equipment Corporation, Hewlett Packard and Xerox Corporation. Booth holds a Bachelor of Science degree in Journalism and a Bachelor of Science degree in Business Administration, a Masters of Business Administration degree with a specialization in decision support systems; a Master of Arts degree with a specialization in Corporate and Organization Communication from Fairleigh Dickinson University; and a Doctor of Letters degree with a specialization in Science, Technology and Philosophy from Drew University.

Linda Bernstein Jasper, assistant VP
Linda Bernstein Jasper came to Coyne PR in 2006 as an assistant vice president, and currently manages the AOR work for Siemens Medical Solutions. Jasper's experience is largely in the healthcare, legal practices and non-profit sectors, including Atlantic Health System, the second largest health care system in New Jersey; New Eyes for the Needy, an international charity for eyeglasses donation; and several biotechnology and pharmaceutical companies. Previously, she managed the public affairs for Empire BlueCross BlueShield and served as a communications associate for The Robert Wood Johnson Foundation.

 

Jennifer Baker Kaminski, assistant VP
Jennifer Baker Kaminski adds a wealth of experience in consumer goods, retail, and travel and tourism to the team at Coyne. Kaminski's experience spans an array of high-profile campaigns for enterprises across these sectors, and she has directed successful efforts for Kiss My Face, Woolite, Lysol, Harwood Manufacturers Association and Paul Harris Stores, as well as the Cayman Islands Department of Tourism, Spirit Airlines, the Australian Tourist Commission, Promus Hotel Corporation, Bermuda Department of Tourism and the New Jersey Office of Travel & Tourism.

Nicole Lowe, assistant VP
Nicole Lowe comes to Coyne PR with a diverse track record of success in consumer goods, housewares and retail. Formerly with CRT/Tanaka, Lowe oversaw programs for Amadeus, De'Longhi, Discovery Channel Stores, Dyson and Target's "Ready. Sit. Read!" campaign.

Suzanne Kimelman, assistant VP
Suzanne Kimelman joined Coyne PR as an assistant vice president to support the consumer technology businesses including Disney Mobile. Kimelman's experience includes work for Deloitte & Touche USA, LLP, Sara Lee, Bank of America, Compaq, Factiva and Ernst & Young.

Geoffrey Phelps, assistant VP
Geoffrey Phelps joins the management team at Coyne PR as an assistant vice president. Phelps oversees Coyne's work as agency of record for Goodyear, including the nationwide "Name the Blimp" campaign. Phelps experience cuts across consumer packaged goods and the sports industry, including Masterfoods USA, AT-A-GLANCE, LG Electronics USA, Smith & Wesson, Wenger Swiss Army, Danskin, and Marriott.

Janet Schiller, assistant VP
Janet Schiller ascended to the executive team in 2006, her fifth year with Coyne PR. Since joining Coyne PR, Janet has played an increasingly integral role in the managing the PR efforts for one of the agency's cornerstone accounts, Medco Health Solutions. Under Janet's guidance last year, Medco achieved unprecedented levels of PR success, driven by campaigns around prescription drug safety, pediatric medication use, and the emerging field of pharmacogenomics. Also, as a former producer with NBC's "Today" show, Janet has been invaluable in lending her expertise to clients across the agency as a member of Coyne PR's media specialist team.

Joanmarie Smith, assistant VP
Joanmarie Smith moved into Coyne PR's executive ranks in 2006 as an assistant vice president in the agency's consumer group, specializing in food, nutrition and wellness. Joanmarie has developed and executed campaigns for many of the world's leading consumer packaged goods companies including Kraft Foods, General Mills, Schwan's Food Company, Massimo Zanetti and Church & Dwight. She managed the day-to-day operations for the 42nd Pillsbury Bake-Off, America's most prestigious cooking contest; executed media campaigns for many Kraft brands including the launch of Crystal Light on the Go; Nabisco Cheese Nips; and most recently the launch of the "No Fry Zone" for Nabisco Toasted Chips. She also manages the efforts around General Mills' health and wellness Web site, www.eatbetteramerica.com targeting registered dietitians.

Have you made any acquisitions in the past year, or merged with another agency?
No

How many wholly owned offices do you have globally? Please list with agency names and cities under the following headings. Add majority-owned offices in parentheses.
Two.

North America: Both are named Coyne PR LLC. One office is located in Parsippany, NJ, while the other is located in New York City.

How many partly owned offices or affiliates do you operate globally? Please list agency names and cities under the following headings.
N/A

What offices opened in 2006 or early 2007? (State when)
The New York City office opened in October 2006.

What offices closed in 2006 or early 2007? (State when)
N/A

Which regions, US and globally, are growing, and why?
Both the New Jersey headquarters and the Times Square office in New York City combined to fuel significant overall agency growth of 53 percent in fee billing in 2006.

Which regions, US and globally, are growing, and why?
Agency declined to give information

Practice areas

How many practice areas do you have?
Coyne PR has strategically built a roster that is balanced in both revenue and sector ensuring stability and growth over the long term. The agency has diversified its client roster to allow growth in all divisions without limitations. Coyne represents category leaders in Automotive, Healthcare, Food & Beverage, Travel, Retail & Restaurant, Finance, Juvenile products, Technology, and Beauty and Fashion.

Which ones are new?
N/A

Of those, which ones are part of the core strategy of the agency?
Food & Beverage, Healthcare and Automotive

Which practice areas have been phased out in the past year?
Agency declined to give information

What practice areas showed the most growth? Please elucidate.
In 2006, Coyne PR experienced dramatic growth in many of its practice areas including a three-fold increase in the Financial sector fees; Automotive doubled its fee billing and Healthcare & Restaurant/Retail continue to be strong areas of practice at Coyne PR.

Which practice areas showed the least growth? Please elucidate.
Coyne's Food & Beverage practice area experienced a small growth in sales in 2006; however, this area represented the largest practice area for Coyne in 2005. The percentage of growth was over 10 percent.

What is the distribution of accounts across practice areas?
Agency declined to give information

Accounts

What key account wins did you have in 2006? If based outside the US, or are global, please state regions.
Over the past 12 months, Coyne PR won new business from category leaders including Goodyear (AOR), Siemens Medical Solutions (AOR), Toys "R" Us, Massimo Zanetti and The Wm. Wrigley Co., among others. Coyne also expanded two of its biggest accounts - Hard Rock International (AOR) and Medco Health Solutions (AOR). In addition, Coyne PR further developed its relationship with The Walt Disney Company with the addition of Disney Mobile and Disney Cruises; grew its business with Shell; secured a coveted position as one of Kraft Foods' primary agencies; increased its work with General Mills; drove new business with BMW; and increased its workload with The Campbell Soup Company.

Of your 2006 wins, how many were across three or more countries?
None

What key accounts did you lose in 2006? If based outside the US, or are global, please state regions.
In 2006, all Coyne retainers remained in place, and all projects were carried out to completion.

Did you expand any existing accounts into new domestic or international markets or sectors? Please elucidate.
For several clients, we created plans for the US that have been implemented globally with Coyne PR partnering with agencies in local markets from Moscow to Paris.

What proportion of your clients are on a retainer?
Approximately 83 percent of our accounts are on retainer, based on fee billing.

Has this changed over the past year?
Yes, in 2005, retainer clients accounted for approximately 74 percent of our fee billing.

Performance

What was your 2006 global (including US) revenue?
$7,697,630

What was the % change over 2005 global revenue
53 percent

What was your global profit margin in 2006?
22 percent

What was your 2006 US revenue?
$7,697,630

What was the % change over 2005 US revenue
53 percent

What was your US profit margin in 2006?
22 percent

Did you experience top-line or bottom-line growth in the past year, or both? Please elucidate.
We experienced both top-line and bottom-line growth in the past year. Both fee income (53 percent) and net income (47 percent) increased in 2006 from 2005.

How much of your growth was organic, and how much was due to new business won?
The growth was approximately 65 percent new business driven and 35 percent organic.

How did your performance, in terms of revenue and growth, meet expectations you had for the year?
We have been very excited about the growth of the agency; we have been averaging 50 percent growth for each of the last three years.

Please briefly outline any initiatives undertaken in 2006 that add to your agency's story, such as staff development/training, fundraising/charitable initiatives, community programs, business partnerships, etc.
As an agency, we continue to strive to create an environment that supports staff and clients in unmatched ways. During the past year, we expanded our office space by more than 50%; continued our "Coyne Return" program providing several non-profits with pro-bono public relations programs; created a supplemental benefit that removes the co-pays from all doctor visits; expanded our maternity policy to three months at full pay and provided staff with a terrific seminars to keep their skills sharp all year long. In addition, we were able to share nearly one-fifth of our profits with employees as part of a yearend bonus.

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