Omnicom Reports First Quarter 2003 Results

NEW YORK, April 29 /PRNewswire-FirstCall/ -- Omnicom Group Inc. (NYSE: OMC) today announced that net income for the first quarter of 2003 increased marginally to $128.6 million compared with the first quarter of 2002 and diluted earnings per share for the first quarter of 2003 increased to $0.69 per share from $0.68 per share in the first quarter of 2002.

Worldwide revenue increased 12% to $1,937.2 million from $1,732.4 million in the first quarter of 2002. Domestic revenue for the first quarter of 2003 increased 8% to $1,099.6 million compared to $1,022.1 million in 2002. International revenue increased 18% to $837.6 million compared to $710.3 million last year.

Omnicom Group Inc. (NYSE: OMC) ( is a leading global marketing and corporate communications company. Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than 100 countries.

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    Omnicom Group Inc.

    (in Thousands of Dollars, Except Per Share Data)

    Three Months Ended March 31                         2003           2002

    Revenue                                      $ 1,937,245     $1,732,426

    Operating and net interest expense             1,722,159      1,514,890

    Income before income taxes                       215,086        217,536

    Income taxes                                      75,211         79,858

    Income after income taxes                        139,875        137,678

    Equity in affiliates / Minority interests        (11,291)        (9,112)

    Net income                                   $   128,584       $128,566

    Earnings per share

      Basic                                            $0.69             $0.69
      Diluted                                          $0.69             $0.68

    Weighted average shares (in thousands)

      Basic                                           186,556          186,671
      Diluted (a)                                     187,329          189,490

    Dividend declared per share                         $0.20            $0.20

    (a)  Diluted earnings per share for 2003 and 2002 was calculated using an
         assumed increase in net income of $240,000 and $271,000 respectively,
         related to the after-tax compensation expense from dividends on
         restricted shares.

SOURCE Omnicom Group Inc.