• August 13, 2003

The Interpublic Group of Companies, parent company of Initiative Media, MagnaGlobal and other agencies, reported a $13.5 million loss in the second quarter. The company said restructuring charges cost $105.4 million in the quarter and that organic revenue declined 3%, compared to a larger decline in the first quarter. In the United States, organic revenue grew 1.4%. Advertising and media revenue worldwide grew 1.4% to $970 million but remained flat at $500 million in the United States. Interpublic's agency brands posted $319 million of net new business in the second quarter. Gross new business wins totaled $1.1 billion, including Capital One, Rainbow Satellite, AG Edwards, L'Oreal Plenitude, Macy's, Symbicort (Astra Zeneca), Dell Computer, Sony PlayStation and the Coffee Growers of Colombia. Losses in the period totaled $778 million, approximately half of which were represented by previously reported account shifts at Abbott Labs, Burger King and Pfizer.