Omnicom Net Income Rises 28 Percent

Giant ad agency holding company Omnicom Group Inc. reported net income for the year increased 28 percent to $285.1 million in 1998 from $222.4 million in 1997.

Diluted earnings per share increased 23 percent to $1.68 per share in 1998 from $1.37 per share in 1997.

Worldwide revenues from commission and fee income increased 31 percent to $4.09 billion in 1998 from $3.12 billion in 1997. Domestic revenues increased 30 percent to $2.09 billion in 1998 from $1.61 billion in 1997.

Net income in the fourth quarter of 1998 increased 27 percent to $94.4 million as compared to $74.5 million in the fourth quarter of 1997. Diluted earnings per share for the fourth quarter increased 22 percent to $0.55 per share in 1998 from $0.45 per share in 1997.

Worldwide revenues from commission and fee income increased 34 percent to $1.19 billion in the fourth quarter of 1998 from $895.1 million in the same period in 1997. Domestic revenues increased 32% to $564.2 million in 1998 from $425.9 million in 1997.

Omnicom Group Inc. consists of advertising agency networks BBDO Worldwide, DDB Needham Worldwide and TBWA Worldwide. Omnicom also includes Diversified Agency Services (DAS), which operates branded independent agencies in public relations, specialty advertising, and direct response and promotional marketing; Optimum Media Direction; Goodby Silverstein & Partners; and Communicade, which manages significant minority investments in several Internet and digital media development companies.