Omnicom Reports Second Quarter 2003 Results

NEW YORK, July 29 /PRNewswire-FirstCall/ -- Omnicom Group Inc. (NYSE: OMC) today announced that net income for the second quarter of 2003 increased 2% to $190.7 million from $187.3 million in the second quarter of 2002. Diluted earnings per share increased 2% to $1.02 per share in 2003 from $1.00 per share in 2002.

Worldwide revenue increased 12.2% to $2,149.5 million in the second quarter of 2003 from $1,916.6 million in the second quarter of 2002. Domestic revenue for the second quarter of 2003 increased 6% to $1,182.3 million compared to $1,117.5 million in 2002. International revenue for the second quarter of 2003 increased 21% to $967.2 million compared to $799.1 million in 2002.

Net income for the six months ended June 30, 2003 increased 1% to $319.3 million from $315.9 million in 2002. Diluted earnings per share increased 2% to $1.70 per share in 2003 from $1.67 per share in 2002.

Worldwide revenue for the six months ended June 30, 2003 increased 12% to $4,086.8 million from $3,649.0 million in 2002. Domestic revenue for the six months ended June 30, 2003 increased 7% to $2,281.8 million compared to $2,139.7 million in 2002. International revenue for the six months ended June 30, 2003 increased 20% to $1,805.0 million compared to $1,509.3 million in 2002.

Omnicom Group Inc. (NYSE: OMC) (www.omnicomgroup.com) 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.

For a live webcast and/or a replay of our second quarter earnings conference call, go to www.omnicomgroup.com/InvestorRelations.

     Omnicom Group Inc.
     (Unaudited)
     (in Thousands of Dollars, Except Per Share Data)

     Three Months Ended June 30                         2003         2002

     Revenue                                      $2,149,508   $1,916,569

     Operating and net interest expense            1,825,815    1,592,021

     Income before income taxes                      323,693      324,548

     Income taxes                                    110,555      122,014

     Income after income taxes                       213,138      202,534

     Equity in affiliates/Minority interests         (22,391)     (15,219)

     Net income                                   $  190,747   $  187,315

     Earnings per share
        Basic                                     $     1.02   $     1.01
        Diluted                                   $     1.02   $     1.00

     Weighted average shares (in thousands)
        Basic                                        187,172      185,705
        Diluted (a)                                  188,125      188,119

     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 $302,000 and $188,000
          respectively, related to the after-tax compensation expense from
          dividends on restricted shares.


     Omnicom Group Inc.
     (Unaudited)
     (in Thousands of Dollars, Except Per Share Data)

     Six Months Ended June 30                           2003         2002

     Revenue                                      $4,086,753   $3,648,995

     Operating and net interest expense            3,547,974    3,106,911

     Income before income taxes                      538,779      542,084

     Income taxes                                    185,766      201,872

     Income after income taxes                       353,013      340,212

     Equity in affiliates/Minority interests         (33,682)     (24,331)

     Net income                                   $  319,331   $  315,881

     Earnings per share
        Basic                                     $     1.71   $     1.70
        Diluted                                   $     1.70   $     1.67

     Weighted average shares (in thousands)
        Basic                                        186,864      186,227
        Diluted (a)                                  187,658      189,056

     Dividend declared per share                  $     0.40   $     0.40

      (a) Diluted earnings per share for 2003 and 2002 was calculated using an
          assumed increase in net income of $604,000 and $375,000
          respectively, related to the after-tax compensation expense from
          dividends on restricted shares.

SOURCE Omnicom Group Inc.

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