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True North


reported growth in its fourth-quarter operating results and forecast strong earnings in 2001, but said it would not release its full financial report until

Modem Media


, of which it owns a 45% stake, issued its fourth-quarter and year-end results.

Revenue from commission and fee income was $441 million in the fourth quarter, up from $399 million in the year-ago period, True North said. These results exclude revenue from Modem Media.

True North, a global advertising and communications holding company, recorded a pre-tax charge of $17.5 million, or 20 cents a share, related to the loss of the

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account. The Chicago-based company had originally announced the loss in January.

In 2001, True North said its earnings per share would grow at least 15% over the $2.12 posted in 2000. Fourteen analysts surveyed by

First Call/Thomson Financial

were estimating earnings of $2.15 in 2001.

In recent

New York Stock Exchange Trading

, True North fell 64 cents, or 1.8%, to $37.50.