NEW YORK, April 30 /PRNewswire-FirstCall/ -- Omnicom Group Inc.
(NYSE: OMC) today announced that net income for the first quarter of 2002
increased 11% to $128.6 million from $115.3 million in the first quarter of
2001 and diluted earnings per share for the first quarter of 2002 increased
10% to $0.68 per share from $0.62 per share in the first quarter of 2001.
Effective January 1, 2002, in compliance with SFAS No. 142, the Company ceased
recording goodwill amortization. 2001 amounts were adjusted to assume that
the cessation of goodwill amortization required by SFAS No. 142 occurred on
January 1, 2001.
Compared to our previously reported results for 2001, net income for the
first quarter of 2002 increased 35% from $95.3 million in the first quarter of
2001 and diluted earnings per share increased 31% from $0.52 per share.
Worldwide revenue increased 8% to $1,732.4 million from $1,601.1 million
in the first quarter of 2001. Domestic revenue for the first quarter of 2001
increased 14% to $1,022.1 million compared to $896.6 million in 2001.
International revenue for the first quarter of 2001 increased 1% to
$710.3 million compared to $704.5 million in 2001.
Omnicom Group Inc. (NYSE: OMC) (http://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
For a live webcast and/or a replay of our first quarter earnings
conference call, go to http://www.omnicomgroup.com/InvestorRelations.
As Reported Adjusted (a)
Three Months Ended March 31 2002 2001 2001
Revenue $1,732,426 $1,601,134 $1,601,134
Operating and net interest
expense 1,514,890 1,430,159 1,407,488
Income before income taxes 217,536 170,975 193,646
Income taxes 79,858 67,723 71,536
Income after income taxes 137,678 103,252 122,110
Equity in affiliates/Minority
interests (9,112) (7,972) (6,780)
Net income $128,566 $95,280 $115,330
Earnings per share
Basic $ 0.69 $0.52 $0.63
Diluted $0.68 $0.52 $0.62
Weighted average shares (in thousands)
Basic 186,671 181,842 181,842
Diluted (b) 189,490 188,423 188,423
Dividend declared per share $0.200 $0.175 $0.175
(a) To present 2001 on a comparable basis with 2002, amounts are
adjusted to assume that the cessation of goodwill amortization
occurred on January 1, 2001.
(b) Diluted earnings per share for 2002 was calculated using an assumed
increase in net income of $271,000 related to the after-tax
compensation expense from dividends on restricted shares. Diluted
earnings per share for 2001 was calculated using an assumed increase
in net income of $2,088,000 related to the after-tax interest cost
of our 2-1/4% Convertible Debentures and the after-tax compensation
expense from dividends on restricted shares. The Company's 2-1/4%
Convertible Debentures were redeemed in the fourth quarter of 2001.
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SOURCE Omnicom Group Inc.
Web site: http: //www.omnicomgroup.com
CONTACT: Randall Weisenburger of Omnicom Group Inc., +1-212-415-3393
Katie Beaule [email protected]