Grey Global Group Inc., parent company of Grey Direct, reported fourth quarter 2000 ended Dec. 31 gross billings of $2.338,102,000, an increase of 11% over 1999. The gross billings for fiscal year 2000 were $8,320,478,000, representing an increase of 17%. Income and fees rose proportionately: up to $350,540,000 and $1,247,448,000 respectively.
Net income from operations rose 34% to $11,145,000 for the fourth quarter over 1999, and rose to $27,166,000 for the fiscal year. The fourth quarter includes a non-cash after tax charge of $7,762,000 for a write-down of investments in Internet start-ups.
Basic earnings per common share after the non-cash charge were $2.74, while diluted earnings came in at $2.51. The fiscal year was $15.70 and $14.41 respectively.
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