ICR: Agency Business Report 2010

Co-CEO Tom Ryan says revenues have in- creased incrementally each month since July 2009, though he admits it was a tough year.

Principals: Tom Ryan, Chad Jacobs, co-CEOs; Don Duffy, president
Ownership: Privately owned
Offices: Norwalk, CT, New York, Boston, Los Angeles, Minneapolis, and Beijing

Staff
Headcount is 91, down from 2008's 109. Staff turnover was 16% in 2009. Senior hires included Bo Park as MD of the corporate communications practice and John Sorensen as CFO and MD for bankruptcy and restructuring communications.

Practice areas
ICR has three: strategic IR, media relations, and corporate communications, which includes crisis and digital media.

Accounts
New clients included Rue 21, Starwood Properties, and Archipelago Learning in the US. In Europe, ICR added Signet as a client. In Asia it added Duoyuan Global Water. Overall, ICR lost about 15% of its clients, including Chipotle and Coinstar.

Financial performance
Revenue for 2009 was $22,463,008, a decrease of 15.7% from 2008.

Analysis
Co-CEO Tom Ryan says revenues have in- creased incrementally each month since July 2009, though he admits it was a tough year.

"We made a lot of staff cuts, but we've begun hiring back," he says. "We're growing our energy, healthcare, and real estate sector."

The loss of cofounder John Flanagan to cancer before the beginning of 2009 offered a unique challenge to the firm, Ryan adds.

"It really tested [our] character, but the team showed tremendous strength," he says.

President Don Duffy says ICR is now seeing new business opportunities in IPOs.

"Existing public companies are more actively looking for assistance," he says. "IPO cancellations really affected us in 2009. We had 20 potential IPOs go away last year. That trend is reversing now.

Duffy says the agency's Asia market is also experiencing growth, and that Asia revenues were up 15% to 20%.

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