MDC Partners Inc. Reports Results for the Three and Nine Months Ended September 30, 2011

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    NEW YORK, Nov. 1, 2011 /CNW/ --

    THIRD QUARTER HIGHLIGHTS:
    --  Revenue increased to $238.2 million versus $178.6 million in Q3 2010,
        an increase of 33.4%
    --  Organic revenue increased 17.9% for Q3 2011
    --  EBITDA decreased to $16.3 million versus $20.6 million in Q3 2010, a
        decrease of 21.1%
    --  EBITDA margins declined to 6.8% versus 11.5% in Q3 2010
    --  Free Cash Flow before working capital was an outflow of ($4.7) million
        versus $8.7 million in Q3 2010
    --  Total Free Cash Flow including working capital was $9.5 million versus
        $38.0 million in Q3 2010
    --  Net new business wins of $28.9 million for Q3 2011

    YEAR TO DATE HIGHLIGHTS:
    --  Revenue increased to $696.2 million versus $484.4 million in 2010, an
        increase of 43.7%
    --  Organic revenue increased 21.5% for YTD 2011
    --  Revenues for 2011 are now expected to be $915 to $930 million
    --  EBITDA increased to $63.5 million versus $48.5 million in 2010, an
        increase of 30.9%
    --  EBITDA margins declined to 9.1% versus 10.0% in 2010
    --  EBITDA for 2011 is now expected to be $90 to $100 million
    --  Free Cash Flow before working capital was $12.6 million versus $13.1
        million for YTD 2010
    --  Total Free Cash Flow including working capital was an outflow of
($2.2)
        million versus $41.8 million for YTD 2010
    --  Total Free Cash Flow for 2011 is now expected to be $43 to $53 million

    >>

MDC Partners Inc. ("MDC Partners" or the "Company") (Nasdaq: MDCA; TSX: MDZ.A) today announced financial results for the three and nine months ended September 30, 2011.

"Our exceptional organic revenue growth and strong new business pipeline are the result of the transformational work that we continue to do for our clients every day," said Miles S. Nadal, Chairman and Chief Executive Officer of MDC Partners. "We did, however, see some slowing of existing client work as well as some modest delays in new projects and campaigns. This, combined with our aggressive investment strategy, caused us to adjust our EBITDA guidance for the year. Despite this revision, we remain in an enviable position and are on track to post year-over-year revenue and EBITDA growth for the full-year 2011. Our partner companies continue to execute very well and we have built and developed platforms and staffed up in areas that represent the future of our industry. As a result, we are bullish on the long-term prospects of our business and are confident that in 2012 we will deliver market leading organic revenue results and a meaningful improvement in profitability."

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    Guidance for 2011 is revised as follows:

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    <<
                                            Revised           Implied
                                                     2011 Year over Year
                                            Guidance           Change
                                            --------           ------
                                                                +31.1% to
    Revenue                           $915 - $930 million           +33.3%
    EBITDA                             $90 - $100 million +4.4% to +16.0%
    Free Cash Flow                      $23 - $33 million -30.1% to +0.3%
      + Change in Working Capital and
       Other                              +$20 million
                                          ------------
                                                                -41.5% to
    Total Free Cash Flow                $43 - $53 million           -27.9%
    --------------------                -----------------       ---------


    >>

Consolidated revenue for the third quarter of 2011 was $238.2 million, an increase of 33.4% compared to $178.6 million in the third quarter of 2010. EBITDA (as defined) for the third quarter of 2011 was $16.3 million compared to $20.6 million in the third quarter of 2010, representing a decrease of 21.1%. Loss attributable to MDC Partners in the third quarter was ($19.6) million compared to a loss of ($10.9) million in the third quarter of 2010. Diluted earnings per share from continuing operations attributable to MDC Partners common shareholders for the third quarter of 2011 was a loss of ($0.67) compared to a loss of ($0.36) per share in the same period of 2010. Free Cash Flow (as defined) was an outflow of ($4.7) million in the third quarter of 2011, compared to $8.7 million in the third quarter of 2010.

For the nine months ended September 30, 2011, consolidated revenue was $696.2 million, an increase of 43.7% compared to $484.4 million in the same period of 2010. EBITDA (as defined) for the first nine months of 2011 was $63.5 million compared to $48.5 million in the first three quarters of 2010, representing an increase of 30.9%. Loss attributable to MDC Partners in the first nine months of 2011 was consistent with 2010 at ($26.9) million. Diluted loss per share from continuing operations attributable to MDC Partners common shareholders for the first nine months of 2011 was a loss of ($0.93) compared to a loss of ($0.89) per share in the same period of 2010. Free Cash Flow (as defined) was $12.6 million in the first three quarters of 2011, compared to $13.1 million in the first three quarters of 2010.

"Our business performed well this quarter as our organic revenue growth proves that clients are more often turning to us for a more effective and efficient use of their marketing expenditures," said David Doft, Chief Financial Officer. "We continue to aggressively invest in our business, and the acquisitions we have made to date are performing ahead of plan. While our investment strategy will result in compressed margins in the short-term, we believe it is a necessary step toward creating significant returns to our shareholders over time, and more specifically, achieving our long-term target of growing faster than the industry with margin expansion to 15-17% over the next several years."

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    Conference Call
    >>

Management will host a conference call on Wednesday, November 2, 2011 at 8:00 a.m. (ET) to discuss results. The conference call will be accessible by dialing 1-412-317-6760 or toll free 1-866-524-3160. An investor presentation has been posted on our website www.mdc-partners.com and will be referred to during the conference call.

A recording of the conference call will be available until Wednesday, November 16, by dialing 1-412-317-0088 or toll free 1-877-344-7529 (conference number 10006110) or by visiting our website at www.mdc-partners.com.

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    About MDC Partners Inc.
    >>

MDC is a Business Transformation Organization that utilizes technology, marketing communications, data analytics and insights and strategic consulting solutions to drive meaningful returns on Marketing and Communications Investments for multinational clients in the United States, Canada, Europe, and the Caribbean.

MDC's durable competitive advantage is to Empower the Most Talented Entrepreneurial Thought Leaders to Drive Business Success to new levels of Achievement, for both our Clients and our Shareholders, reinforcing MDC's reputation as "The Place Where Great Talent Lives."

MDC Partners' Class A shares are publicly traded on NASDAQ under the symbol "MDCA" and on the Toronto Stock Exchange under the symbol "MDZ.A".

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    Non-GAAP Financial Measures
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In addition to its reported results, MDC Partners has included in this earnings release certain financial results that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. These non-GAAP financial measures relate to: (1) presenting EBITDA and EBITDA margin (as defined) for the three and nine months ended September 30, 2011 and 2010; and (2) presenting Total Free Cash Flow, Free Cash Flow and Free Cash Flow per Share (as defined) for the three and nine months ended September 30, 2011 and 2010. Included in this earnings release are tables reconciling MDC's reported results to arrive at these non-GAAP financial measures.

This press release contains forward-looking statements. The Company's representatives may also make forward-looking statements orally from time to time. Statements in this press release that are not historical facts, including statements about the Company's beliefs and expectations, earnings guidance, recent business and economic trends, potential acquisitions, estimates of amounts for deferred acquisition consideration and "put" option rights, constitute forward-looking statements. These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:

    <<

    --  risks associated with severe effects of national and regional economic
        downturn;
    --  the Company's ability to attract new clients and retain existing
        clients;
    --  the spending patterns and financial success of the Company's clients;
    --  the Company's ability to retain and attract key employees;
    --  the Company's ability to remain in compliance with its debt agreements
        and the Company's ability to finance its contingent payment
obligations
        when due and payable, including but not limited to those relating to
        "put" option right and deferred acquisition consideration;
    --  the successful completion and integration of acquisitions which
        complement and expand the Company's business capabilities; and
    --  foreign currency fluctuations.

    >>

The Company's business strategy includes ongoing efforts to engage in material acquisitions of ownership interests in entities in the marketing communications services industry. The Company intends to finance these acquisitions by using available cash from operations, from borrowings under its credit facility and through incurrence of bridge or other debt financing, any of which may increase the Company's leverage ratios, or by issuing equity, which may have a dilutive impact on existing shareholders proportionate ownership. At any given time the Company may be engaged in a number of discussions that may result in one or more material acquisitions. These opportunities require confidentiality and may involve negotiations that require quick responses by the Company. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transactions, the announcement of any such transaction may lead to increased volatility in the trading price of the Company's securities.

Investors should carefully consider these risk factors and the additional risk factors outlined in more detail in the Annual Report on Form 10-K under the caption "Risk Factors" and in the Company's other SEC filings.

    <<



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SCHEDULE 1

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                                                             MDC PARTNERS INC.
                                                   CONSOLIDATED STATEMENTS OF
OPERATIONS
                                             (US$ in 000s, except share and
per share amounts)
    >>

    <<
                                                        Three Months Ended
September 30,       Nine Months Ended September 30,
                                                       
--------------------------------       -------------------------------
                                                                  2011        
2010            2011                2010
                                                                  ----        
----            ----                ----
    >>

Revenue $238,246 $178,597 $696,224 $484,401

    <<
    Operating Expenses:
      Cost of services sold                                    175,421        
122,719         496,973             335,654
      Office and general expenses                               56,591        
45,080         156,099             118,458
      Depreciation and amortization                              9,882        
9,351          30,001              23,196
                                                               241,894        
177,150         683,073             477,308
                                                               -------        
-------         -------             -------
    >>

Operating profit (loss) (3,648) 1,447 13,151 7,093

    <<
    Other Income (Expenses):
      Other income (expense), net                               (3,116)       
454          (2,361)               (423)
      Interest expense                                         (10,800)       
(8,887)        (31,030)            (24,340)
      Interest income                                               24        
55              84                 155
                                                                   ---        
---             ---                 ---
    >>

    <<
    Loss from continuing operations
     before income taxes
      and equity in affiliates                                 (17,540)       
(6,931)        (20,156)            (17,515)
    >>

    <<
    Income tax expense (recovery)                                  (42)       
409             904               1,208
                                                                   ---        
---             ---               -----
    >>

    <<
    Loss from continuing operations
     before equity in affiliates                               (17,498)       
(7,340)        (21,060)            (18,723)
    Equity in earnings (loss) of non-
     consolidated affiliates                                      (120)       
(1,496)            214              (1,639)
                                                                  ----        
------             ---              ------
    >>

    <<
    Loss from continuing operations                            (17,618)       
(8,836)        (20,846)            (20,362)
    Loss from discontinued
     operations, net of taxes                                        -        
(636)              -              (2,044)
                                                                   ---        
----             ---              ------
    Net loss                                                   (17,618)       
(9,472)        (20,846)            (22,406)
    Net income attributable to the
     noncontrolling interests                                   (1,956)       
(1,446)         (6,088)             (4,503)
                                                                ------        
------          ------              ------
    Loss attributable to MDC Partners
     Inc.                                                     ($19,574)       
($10,918)       ($26,934)           ($26,909)
                                                              ========        
========        ========            ========
    >>

    <<
    Loss Per Common Share:
      Basic:
        Loss from continuing operations
         attributable to MDC
           Partners Inc. common shareholders                    ($0.67)       
($0.36)         ($0.93)             ($0.89)
        Discontinued operations
         attributable to MDC
           Partners Inc. common shareholders                         -        
($0.02)              -              ($0.07)
                                                                   ---        
------             ---              ------
        Loss attributable to MDC Partners
         Inc.
           common shareholders                                  ($0.67)       
($0.38)         ($0.93)             ($0.96)
                                                                ======        
======          ======              ======
    >>

    <<
    Loss Per Common Share:
      Diluted:
        Loss from continuing operations
         attributable to MDC
           Partners Inc. common shareholders                    ($0.67)       
($0.36)         ($0.93)             ($0.89)
        Discontinued operations                                      -        
($0.02)              -              ($0.07)
                                                                   ---        
------             ---              ------
        Net loss attributable to MDC
         Partners Inc.
           common shareholders                                  ($0.67)       
($0.38)         ($0.93)             ($0.96)
                                                                ======        
======          ======              ======
    >>

    <<
    Weighted Average Number of Common
     Shares:
      Basic                                                 29,158,703        
28,500,287      29,051,450          27,980,895
      Diluted                                               29,158,703        
28,500,287      29,051,450          27,980,895




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SCHEDULE 2

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                                                     MDC PARTNERS INC.
                                    RECONCILIATION OF OPERATING INCOME (LOSS)
TO EBITDA
                                             (US$ in 000s, except percentages)
    >>

    <<
    For the Three Months Ended
     September 30, 2011
    >>

    <<
                                                  Strategic          
Performance
                                                  Marketing           
Marketing
                                                   Services            
Services        Corporate     Total
                                                   --------            
--------        ---------     -----
    >>

    <<
    Revenue                                         $146,130                
$92,116              -  $238,246
                                                    ========                
=======            ===  ========
    >>

    <<
    Operating income (loss) as
     reported                                          ($425)                
$6,291        ($9,514)  ($3,648)
    margin                                              -0.3%                 
6.8%                    -1.5%
    >>

    <<
    Add:
      Depreciation and amortization                    5,353                  
4,304            225     9,882
      Stock-based compensation                         2,173                  
1,608          3,990     7,771
      Acquisition deal costs                              52                  
251              -       303
      Deferred acquisition
       consideration adjustments to
       P&L                                             2,871                 
(1,027)             -     1,844
       Profit distributions from
        affiliates                                         -                  
-            100       100
                                                         ---                  
---            ---       ---
    >>

    <<
    EBITDA *                                         $10,024                
$11,427        ($5,199)  $16,252
    margin                                               6.9%                 
12.4%                     6.8%


    >>

    <<
    * EBITDA is a non-GAAP measure, but as shown above it represents
     operating income (loss) plus depreciation and amortization,
    stock-based compensation, acquisition deal costs , deferred acquisition
     consideration adjustments and profit distributions from affiliates.




    >>

    <<
                                                  MDC PARTNERS INC.
                                 RECONCILIATION OF OPERATING INCOME (LOSS) TO
EBITDA
                                          (US$ in 000s, except percentages)
    >>

    <<
    For the Three Months Ended
     September 30, 2010
    >>

    <<
                                               Strategic           Performance
                                               Marketing            Marketing
                                                Services             Services 
Corporate     Total
                                                --------             -------- 
---------     -----
    >>

    <<
    Revenue                                      $110,582                
$68,015              -  $178,597
                                                 ========                
=======            ===  ========
    >>

    <<
    Operating income (loss) as
     reported                                      $7,946                 
$1,107        ($7,606)   $1,447
    margin                                            7.2%                   
1.6%                     0.8%
    >>

    <<
    Add:
      Depreciation and
       amortization                                 4,275                  
4,990             86     9,351
      Stock-based compensation                      2,376                    
483          4,089     6,948
      Acquisition deal costs                          698                    
177             64       939
      Deferred acquisition
       consideration adjustments
       to P&L                                         626                  
1,164           (126)    1,664
       Profit distributions from
        affiliates                                      -                     
-            242       242
                                                      ---                    
---            ---       ---
    >>

    <<
    EBITDA*                                       $15,921                 
$7,921        ($3,251)  $20,591
    margin                                           14.4%                  
11.6%                    11.5%


    >>

    <<
    * EBITDA is a non-GAAP measure, but as shown above it represents
     operating income (loss) plus depreciation and amortization,
    stock-based compensation, acquisition deal costs , deferred acquisition
     consideration adjustments and profit distributions from affiliates.




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SCHEDULE 3

    <<
                                                     MDC PARTNERS INC.
                                    RECONCILIATION OF OPERATING INCOME (LOSS)
TO EBITDA
                                             (US$ in 000s, except percentages)
    >>

    <<
    For the Nine Months Ended
     September 30, 2011
    >>

    <<
                                                  Strategic          
Performance
                                                  Marketing           
Marketing
                                                   Services            
Services        Corporate     Total
                                                   --------            
--------        ---------     -----
    >>

    <<
    Revenue                                         $442,580               
$253,644              -  $696,224
                                                    ========               
========            ===  ========
    >>

    <<
    Operating income (loss) as
     reported                                        $30,169                
$10,026       ($27,044)  $13,151
    margin                                               6.8%                 
4.0%                     1.9%
    >>

    <<
    Add:
      Depreciation and amortization                   16,342                 
13,213            446    30,001
      Stock-based compensation                         3,896                  
2,591         11,333    17,820
      Acquisition deal costs                             451                  
635              -     1,086
      Deferred acquisition
       consideration adjustments to
       P&L                                             3,428                 
(2,562)             -       866
       Profit distributions from
        affiliates                                         -                  
-            548       548
                                                         ---                  
---            ---       ---
    >>

    <<
    EBITDA *                                         $54,286                
$23,903       ($14,717)  $63,472
    margin                                              12.3%                 
9.4%                     9.1%


    >>

    <<
    * EBITDA is a non-GAAP measure, but as shown above it represents
     operating income (loss) plus depreciation and amortization,
    stock-based compensation, acquisition deal costs , deferred acquisition
     consideration adjustments and profit distributions from affiliates.




    >>

    <<
                                                  MDC PARTNERS INC.
                                 RECONCILIATION OF OPERATING INCOME (LOSS) TO
EBITDA
                                          (US$ in 000s, except percentages)
    >>

    <<
    For the Nine Months Ended
     September 30, 2010
    >>

    <<
                                                Strategic          
Performance
                                                Marketing            Marketing
                                                 Services             Services
Corporate     Total
                                                 --------             --------
---------     -----
    >>

    <<
    Revenue                                       $308,722               
$175,679             -  $484,401
                                                  ========               
========           ===  ========
    >>

    <<
    Operating income (loss) as
     reported                                      $25,425                  
($210)     ($18,122)   $7,093
    margin                                             8.2%                  
-0.1%                    1.5%
    >>

    <<
    Add:
      Depreciation and
       amortization                                 11,788                 
11,137           271    23,196
      Stock-based compensation                       5,207                  
1,248         6,849    13,304
      Acquisition deal costs                           739                    
841            89     1,669
      Deferred acquisition
       consideration adjustments
       to P&L                                          935                  
2,040             -     2,975
       Profit distributions from
        affiliates                                       -                    
-           249       249
                                                       ---                    
---           ---       ---
    >>

    <<
    EBITDA*                                        $44,094                
$15,056      ($10,664)  $48,486
    margin                                            14.3%                   
8.6%                   10.0%


    >>

    <<
    * EBITDA is a non-GAAP measure, but as shown above it represents
     operating income (loss) plus depreciation and amortization,
    stock-based compensation, acquisition deal costs , deferred acquisition
     consideration adjustments and profit distributions from affiliates.




    >>

SCHEDULE 4

    <<
                                        MDC PARTNERS INC.
                                         FREE CASH FLOW
                        (US$ in 000s, except share and per share amounts)
    >>

    <<
                           Three Months Ended September 30,               Nine
Months Ended September 30,
                           --------------------------------              
-------------------------------
                                     2011                 2010                
2011                 2010
                                     ----                 ----                
----                 ----
    EBITDA                        $16,252              $20,591               
$63,472              $48,486
    Net Income
     Attributable to
     Noncontrolling
     Interests                     (1,956)              (1,446)               
(6,088)              (4,503)
    Capital
     Expenditures, net
     (1)                           (9,236)              (2,446)              
(16,420)              (8,166)
    Cash Taxes                        (29)                  28                
(164)                (775)
    Cash Interest, net
     & Other                       (9,771)              (8,025)              
(28,210)             (21,985)
                                   ------               ------               
-------              -------
    >>

    <<
    Free Cash Flow (2)            ($4,740)              $8,702               
$12,590              $13,057
                                  =======               ======               
=======              =======
    >>

    <<
    Changes in Working
     Capital                       14,257               29,298               
(14,811)              28,743
                                   ------               ------               
-------               ------
    Total Free Cash
     Flow (2)                      $9,517              $38,000               
($2,221)             $41,800
                                   ======              =======               
=======              =======
    >>

    <<
    Diluted Common
     Shares Outstanding        29,158,703           28,500,287            
29,051,450           27,980,895
    >>

    <<
    Total Free Cash
     Flow per Share                 $0.33                $1.33                
($0.08)               $1.49
                                    =====                =====                
======                =====


    >>

    <<
    (1) Capital Expenditures, net represents capital expenditures net of
landlord reimbursements.
    (2) Free Cash Flow and Total Free Cash Flow are non-GAAP measures.  As
shown above, Free Cash Flow
     represents EBITDA less net income attributable to noncontrolling
interests, less capital
     expenditures, less net cash interest (including interest paid and to be
paid on the 11% Senior
     Notes), less cash taxes plus realized cash foreign exchange gains. Total
Free Cash Flow represents
     Free Cash Flow plus changes in working capital plus other changes in
cash.




    >>

SCHEDULE 5

    <<
                                     MDC PARTNERS INC.
                                CONSOLIDATED BALANCE SHEETS
                                       (US$ in 000s)
    >>

    <<
                                                  September 30,   December 31,
                                                            2011          
2010
                                                            ----          
----
    >>

    <<
    Assets
      Current Assets:
        Cash and cash equivalents                         $7,345       
$10,949
        Accounts receivable, net                         216,432       
195,306
        Expenditures billable to clients                  35,499        
30,414
        Other current assets                              16,681        
13,455
                                                          ------        
------
      Total Current Assets                               275,957       
250,124
    >>

    <<
      Fixed assets, net                                   47,093        
41,053
      Investment in affiliates                                58             
-
      Goodwill                                           577,802       
514,488
      Other intangible assets, net                        58,281        
67,133
      Deferred tax assets                                 21,574        
21,603
      Other assets                                        24,662        
19,947
                                                          ------        
------
    Total Assets                                      $1,005,427      
$914,348
                                                      ==========      
========
    >>

    <<
    Liabilities and Shareholders' Equity
      Current Liabilities:
        Accounts payable                                $114,177      
$131,074
        Accrued and other liabilities                     78,776        
64,050
        Advance billings                                 121,157       
124,993
        Current portion of long term debt                  1,481         
1,667
        Current portion of deferred
         acquisition consideration                        38,152        
30,887
                                                          ------        
------
      Total Current Liabilities                          353,743       
352,671
    >>

    <<
      Revolving credit facility                           47,634             
-
      Long-term debt                                     345,930       
284,549
      Long-term portion of deferred
       acquisition consideration                          73,580        
77,104
      Other liabilities                                   13,779        
10,956
      Deferred tax liabilities                            19,579        
19,642
      Total Liabilities                                  854,245       
744,922
                                                         -------       
-------
    >>

    <<
    Redeemable Noncontrolling Interests                   94,681        
77,560
                                                          ------        
------
    >>

    <<
      Shareholders' Equity:
        Common shares                                    228,558       
226,753
        Charges in excess of capital                     (31,986)      
(16,809)
        Accumulated deficit                             (173,534)     
(146,600)
        Stock subscription receivable                        (55)         
(135)
        Accumulated other comprehensive loss              (5,759)       
(4,148)
                                                          ------        
------
        MDC Partners Inc. Shareholders'
         Equity                                           17,224        
59,061
        Noncontrolling Interests                          39,277        
32,805
                                                          ------        
------
      Total Equity                                        56,501        
91,866
                                                          ------        
------
    >>

    <<
    Total Liabilities, Redeemable
     Noncontrolling
       Interests and Equity                           $1,005,427      
$914,348
                                                      ==========      
========




    >>

SCHEDULE 6

    <<
                                  MDC PARTNERS INC.
                                SUMMARY CASH FLOW DATA
                                    (US$ in 000s)
    >>

    <<
                                                    Nine Months Ended
September 30,
                                                   
-------------------------------
                                                             2011             
2010
                                                             ----             
----
    >>

    <<
    Cash flows (used in)
     provided by continuing
     operating activities                                 ($6,181)           
$27,004
      Discontinued operations                                   -             
(1,731)
                                                              ---             
------
    Net cash (used in) provided
     by operating activities                               (6,181)            
25,273
                                                           ------             
------
    >>

    <<
    Net cash used in continuing
     investing activities                                 (69,285)           
(86,381)
      Discontinued operations                                   -             
(710)
                                                              ---             
----
    Net cash used in investing
     activities                                           (69,285)           
(87,091)
    >>

    <<
    Net cash provided by
     continuing financing
     activities                                            72,535             
50,865
    >>

    <<
    Effect of exchange rate
     changes on cash and cash
     equivalents                                             (673)            
22
                                                             ----             
---
    >>

    <<
    Net decrease in cash and
     cash equivalents                                     ($3,604)          
($10,931)
                                                          =======           
========



    >>

    <<
    CONTACT:       David Doft
                   Chief Financial Officer
                   646-429-1818
                   ddoft@mdc-partners.com







    >>

SOURCE MDC Partners Inc.

For further information: Web Site: http://www.mdc-partners.com


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