• by Joe Mandese  @mp_joemandese, February 5, 2007

Havas, the Paris-based parent of MPG, reported lackluster fourth-quarter results on Friday, offering no outlook statement and holding no conference calls for analysts and the press. Revenues fell 4.8% from the fourth quarter of 2006 to $531.4 million, well below the consensus of financial analysts tracking Havas' stock.

Merrill Lynch, which described the results as "disappointing," estimated that about 18% of Havas' revenues come from MPG, with 68% coming from Euro RSCG and 14% from Arnold Worldwide.

"New business is not showing up in organic growth yet," Merrill Lynch analyst Toby Reeks wrote in a report issued late Friday. Reeks' observation suggests that Havas' claims of extraordinary new business results have not impacted the company's bottom line.

For the year, Havas said its annual revenues rose for the first time since 2001--although it grew only at a tepid 0.8% rate for the year.

The Havas report offered few details on the reasons for the results, but the company said one positive sign was that its North American operations have once again returned to "growth," and that MPG North America has gone from "strength to strength" after a "difficult" first quarter.

MPG last week initiated a modest reorganization, naming highly regarded vet Steve Lanzano COO, the No. 2 post under CEO Charlie Rutman.

The reorganization comes amid a broader restructuring of Havas' media operations and news that Havas Chairman Vincent Bollore recently named himself head of MPG France, indicating that he is taking a more active role in the agency's media operations.