Arbitron, VNU Place 'Finishing Touches' On Apollo Test
Jan 25, 2005, 7:34 AM
Arbitron Tuesday reported revenues of $72.9 million for the fourth quarter of 2004, an increase of 11.4 percent over the same period in 2003. Costs and expenses rose 13.9 percent to $62.1 million, as the company continued to invest in new services, such as the testing and development of a portable people meter service, as well as the so-called Project Apollo single-source measurement system with VNU. Morris disclosed that the companies are "putting the finishing touches on a five-month pilot test of the methodology that underlies the 'Project Apollo' concept. To date, the pilot is yielding promising results in terms of the success criteria we laid out for the program." Nonetheless, he described 2004 as "yet another challenging year for Arbitron and for the industries we serve," noting that Arbitron had to renegotiate its contract with its two largest customers.