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OMNICOM GROUP INC. REPORTS RESULTS

 NEW YORK, Oct. 28 /PRNewswire/ -- Omnicom Group Inc. (NYSE: OMC) today announced that net income for the third quarter of 1993 increased 24 percent to $12.8 million from $10.4 million in the third quarter of 1992. Fully diluted earnings per share increased 16 percent to $0.43 per share in 1993 from $0.37 per share in 1992.
 Worldwide revenues from commission and fee income increased 4 percent to $339.5 million in the third quarter of 1993 from $327.8 million in the third quarter of 1992. Domestic commission and fee income for the third quarter of 1993 was 188.4 million compared to $165.4 million in 1992. International commission and fee income was $151.1 million in 1993 compared to $162.4 million in 1992. The favorable effect of acquisitions on worldwide commission and fee income was offset by the adverse effect of divestitures and movements in foreign currency exchange rates.
 Net income for the nine months ended Sept. 30, 1993 increased 20 percent to $54.6 million from $45.5 million in 1992. Fully diluted earnings per share increased 12 percent to $1.73 per share in 1993 from $1.55 per share in the same period in 1992. Worldwide revenues from commission and fee income increased 8 percent to $1,060.4 million in 1993 from $984.2 million in 1992. The favorable impact of acquisitions on worldwide commission and fee income, net of the impact of acquisitions on worldwide commission and fee income, net of the impact of divestitures and movements in foreign currency exchange rates, was approximately 4 percent as compared to 1992.
 On Sept. 1, 1993, the company issued $143,750,000 of 4 1/2 percent-6 1/4 percent step-up subordinated debentures due 2000 through a private placement offering. The average annual interest rate through the year 2000 is 5.42 percent. The debentures are non-callable for three years and may be converted into company common shares at a conversion price of $54.88. The proceeds were used to reduce borrowings under various credit facilities.
 On Oct. 8, 1993, all of the company's outstanding 7 percent convertible subordinated debentures were converted into shares of the company's common stock.
 OMNICOM GROUP INC.
 (Unaudited, in thousands of dollars, except per share data)
 Three Months Ended September 30 Percent
 Increase
 1993 1992 (Decrease)
 Commissions and fee income $ 339,531 $ 327,750 4
 Operating and interest expenses 319,950 304,708 5
 Income before income taxes 19,581 23,042 (15)
 Income taxes 8,228 10,633 (23)
 Income after income ta xes 11,353 12,409 (9)
 Equity in affiliates 1,769 125 N/M
 Minority interests (276) (2,157) (87)
 Net income 12,846 10,377 24
 Earnings per share:
 Primary $0.43 $0.37 16
 Fully diluted 0.43 0.37 16
 Dividend declared per share 0.31 0.31 --
 OMNICOM GROUP, INC.
 (Unaudited, in thousands of dollars, except per share data)
 Nine Months ended Sept. 30 Percent
 Increase
 1993 1992 (Decrease)
 Commission and fee income $1,060,428 $984,199 8
 Operating and interest expenses 966,835 897,623 8
 Income before special charge and
 income taxes 93,593 86,576 8
 Special charge -- 6,714 -
 Income before income taxes 93,593 79,862 17
 Income taxes 39,296 35,304 11
 Income after income taxes 54,297 44,558 22
 Equity in affiliates 6,135 6,309 (3)
 Minority interests (5,868) (9,205) (36)
 Net income after special charge and before
 change in accounting principles 54,564 41,662 31
 Cumulative effect of change
 in accounting principles -- 3,800 --
 Net income 54,564 45,462 20
 Earnings per share
 Net income after special charge and before
 change in accounting principles:
 Primary $ 1.83 $ 1.47 24
 Fully diluted 1.73 1.44 20
 Cumulative effect of change in accounting principles:
 Primary -- $ 0.13 --
 Fully diluted -- 0.11 --
 Net income:
 Primary 1.83 1.60 14
 Fully diluted 1.73 1.55 12
 Dividend declared per share 0.93 0.895 4
 -0- 10/28/93
 /CONTACT: Fred Meyer of Omnicom, Inc., 212-415-3631/
 (OMC)


CO: Omnicom Group, Inc. ST: New York IN: ADV SU: ERN

TM -- NY005 -- 7699 10/28/93 08:05 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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