IPG Sets Date to Report '05 Results
By Andrew McMains
NEW YORK Interpublic Group on March 22 will report results for fourth-quarter and full-year 2005, the holding company said today. Because the date comes after March 15—the federal deadline for reporting annual results—IPG will request an extension of up to 15 days.
Under Securities and Exchange Commission rules, U.S.-based public companies must release their annual results within 75 days of the end of the year. The rules, however, permit such companies to ask for extensions. IPG will be the last advertising parent company to close the books on 2005.
"The extension is necessary to complete the procedures required to finalize the accounting for previously disclosed issues primarily related to client and vendor credits," IPG said in statement. "Management expects that it will receive an unqualified opinion on the company's 2005 financial results from its outside auditors and an adverse opinion on the operating effectiveness of its internal controls over financial reporting."
To discuss the numbers, IPG also has scheduled a conference call with industry analysts, also on March 22. The call will start before the stock market opens, most likely at 8:30 a.m., as in the past.
A week after reporting its numbers, IPG will host an investors' conference in New York. Top executives from IPG and its agencies are expected to make presentations at the daylong event, which is scheduled for March 27.
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