MDC Partners Inc. reports results for the three and nine months ended September 30, 2007



    
    QUARTERLY HIGHLIGHTS:
    -  Revenues increased 38.5% to $140.1 million vs. $101.1 million in
       Q3 2006
    -  Organic revenue growth of 26.4% for Q3 2007 and 23.5% for the first
       nine months of 2007
    -  MDC Adjusted EBITDA increased 38.0% to $11.3 million vs. $8.2 million
       in Q3 2006
    -  Adjusted Cash EPS increased 43% to $0.43 vs. $0.30 in Q3 2006
    -  Net new business wins for Q3 were $30.0 million
    

    NEW YORK, Nov. 7 /CNW/ - MDC Partners Inc. ("MDC Partners" or the
"Company") today announced record financial results for the three and nine
months ended September 30, 2007.
    Consolidated revenues for the three months ended September 30, 2007 were
$140.1 million, an increase of 38.5% compared to $101.1 million in the same
period of 2006. Operating income for the third quarter of 2007 was
$2.1 million versus $0.6 million for the third quarter of 2006. Net loss from
continuing operations for the quarter ended September 30, 2007 was ($6.8)
million versus a loss of ($2.9) million for the same period in 2006. The loss
during 2007 included a non-cash unrealized foreign exchange charge of
$3.6 million due to the decline of the U.S. dollar relative to the Canadian
dollar. Diluted loss per share from continuing operations for the third
quarter of 2007 was ($0.27) compared to ($0.12) in the same period last year.
    MDC Partners' share of EBITDA (as defined) increased to $9.3 million in
the third quarter of 2007 compared with $7.2 million in the third quarter of
2006. Adjusting for unusual or non-recurring items, MDC Adjusted EBITDA (as
defined) is $11.3 million in the quarter compared with $8.2 million last year,
an increase of 38.0%. Cash earnings per share from continuing operations (as
defined) for the third quarter of 2007 increased to $0.38 compared with $0.28
in the third quarter of 2006, a 35.7% increase. Adjusted cash earnings per
share (as defined) increased to $0.43 from $0.30 during the same period last
year, a 43.3% increase.
    Consolidated revenues for the nine months ended September 30, 2007 were
$394.8 million, an increase of 31.9% compared to $299.3 million in the same
period of 2006. Operating income for the first nine months of 2007 was
$3.6 million versus $5.3 million during the same period of 2006. Excluding a
goodwill impairment charge, operating income in the first nine months of the
year was $8.1 million. Net loss from continuing operations for the nine months
ended September 30, 2007 was ($18.2) million versus a loss of ($8.4) million
for the same period in 2006. The loss during 2007 included a non-cash
unrealized foreign exchange charge of $7.1 million due to the decline of the
U.S. dollar relative to the Canadian dollar. Diluted loss per share from
continuing operations for the first nine months of 2007 was ($0.74) compared
to ($0.35) last year.
    MDC Partners' share of EBITDA (as defined) was $21.3 million in the first
nine months of 2007 compared with $20.9 million in the same period of 2006.
Adjusting for unusual or non-recurring items, MDC Adjusted EBITDA (as defined)
was $28.8 million in the first nine months of 2007, compared with
$18.6 million in the same period last year, a 54.6% increase. Year to date
cash earnings per share from continuing operations (as defined) in 2007
increased 20.3% to $0.95 from $0.79 in 2006. Adjusted cash earnings per share
(as defined) increased 56.2% to $1.14 from $0.73 during the same period last
year.
    "We are pleased with another consecutive quarter of extraordinary organic
growth. This accelerating growth has positioned us well for the fourth quarter
and, more importantly, 2008 as a number of these new business wins will more
significantly impact our 2008 results," said Miles S. Nadal, Chairman & CEO of
MDC Partners.

    Conference Call

    Management will host a conference call on November 8, at 8:30 a.m. (EST)
to discuss our results. The conference call will be accessible by dialing
1-416-644-3421 or toll free 1-866-249-5221. An investor presentation has been
posted on our website www.mdc-partners.com and will be referred to during the
conference call.

    About MDC Partners Inc.

    MDC Partners is a leading provider of marketing communications solutions
and services to clients in North America, Europe and Latin America. Through
its partnership of entrepreneurial firms it provides advertising, specialized
communications and consulting services to leading brands. MDC Partners'
philosophy emphasizes the utilization of strategy and creativity to drive
growth for its clients. "MDC Partners is The Place Where Great Talent Lives".
MDC Partners Class A shares are publicly traded on the NASDAQ under the symbol
"MDCA" and on the Toronto Stock Exchange under the symbol "MDZ.A".

    Non-GAAP Financial Measures

    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 growth. These non-GAAP
financial measures relate to: (1) presenting MDC's share of EBITDA and MDC
Adjusted EBITDA (as defined) for the three and nine months ended September 30,
2007 and September 30, 2006; and (2) presenting Cash Earnings per Share from
Continuing Operations and Adjusted Cash Earnings per Share from Continuing
Operations (as defined) for the three and nine months ended September 30, 2007
and 2006. 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, 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 effects of national and regional economic
       conditions;
    -  the Company's ability to attract new clients and retain existing
       clients;
    -  the financial success of the Company's clients;
    -  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 rights;
    -  the Company's ability to retain and attract key employees;
    -  the successful completion and integration of acquisitions which
       complement and expand the Company's business capabilities;
    -  foreign currency fluctuations; and
    -  risks arising from the Company's historical option grant practices.
    

    In addition to improving organic growth for its existing operations, 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 and through incurrence of
bridge or other debt financing, either 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.



    
                                 SCHEDULE 1

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


                                Three Months Ended       Nine Months Ended
                                   September 30,           September 30,
                              ----------------------- -----------------------
                                 2007        2006        2007        2006
    -------------------------------------------------------------------------
    Revenue                     $140,050    $101,122    $394,838    $299,333

    Operating Expenses
      Cost of services sold       90,853      57,150     257,225     177,790
      Office and general
       expenses                   36,633      36,666     106,777      97,672
      Depreciation and
       amortization               10,496       6,696      22,741      18,595
      Goodwill impairment              -           -       4,475           -
                              ----------------------- -----------------------
                                 137,982     100,512     391,218     294,057
                              ----------------------- -----------------------

    Operating Income               2,068         610       3,620       5,276

    Other Income (Expenses)
      Other income (expense)      (3,146)        625      (4,913)      1,697
      Interest expense            (3,691)     (3,351)    (10,182)     (8,244)
      Interest income                219         171       1,448         429
                              ----------------------- -----------------------
    Income (Loss) from
     Continuing Operations
     Before Income Taxes,
     Equity in Affiliates and
     Minority Interests           (4,550)     (1,945)    (10,027)       (842)

    Income Tax Recovery            2,816         685       6,596       1,751
                              ----------------------- -----------------------

    Loss from Continuing
     Operations Before Equity
     in Affiliates and
     Minority Interests           (1,734)     (1,260)     (3,431)        909
    Equity in Earnings of
     Non-consolidated
     Affiliates                      124         129         134         630
    Minority Interests in
     Income of Consolidated
     Entities                     (5,163)     (1,780)    (14,873)     (9,965)
                              ----------------------- -----------------------

    Loss From Continuing
     Operations                   (6,773)     (2,911)    (18,170)     (8,426)
    Loss from Discontinued
     Operations                        -      (9,998)          -     (20,120)
                              ----------------------- -----------------------
    Net Loss                     ($6,773)   ($12,909)   ($18,170)   ($28,546)
                              ----------------------- -----------------------
                              ----------------------- -----------------------

    Loss Per Common Share
      Basic:
        Continuing Operations     ($0.27)     ($0.12)     ($0.74)     ($0.35)
        Discontinued
         Operations                    -       (0.42)          -       (0.84)
                              ----------------------- -----------------------
        Net Loss                  ($0.27)     ($0.54)     ($0.74)     ($1.19)
                              ----------------------- -----------------------
                              ----------------------- -----------------------

      Diluted:
        Continuing Operations     ($0.27)     ($0.12)     ($0.74)     ($0.35)
        Discontinued
         Operations                    -       (0.42)          -       (0.84)
                              ----------------------- -----------------------
        Net Loss                  ($0.27)     ($0.54)     ($0.74)     ($1.19)
                              ----------------------- -----------------------
                              ----------------------- -----------------------

    Weighted Average Number of
     Common Shares:
      Basic                   24,957,704  23,911,327  24,664,159  23,849,571
      Diluted                 24,957,704  23,911,327  24,664,159  23,849,571
    -------------------------------------------------------------------------



                                 SCHEDULE 2

                              MDC PARTNERS INC.
           RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA(*)
                                (US$ in 000s)

    For the Three Months Ended September 30, 2007

               Strategic    Customer    Specialized
               Marketing  Relationship Communication  Corporate &
                Services   Management    Services        Other        Total
    -------------------------------------------------------------------------
    Revenue      $79,110       $29,885       $31,055            -   $140,050
               --------------------------------------------------------------
               --------------------------------------------------------------
    Operating
     Income
     (Loss) as
     Reported     $6,357        $1,140        $1,787      ($7,216)    $2,068

    Add:
      Depreciation
       and amorti-
       zation      7,143         1,680         1,429          244     10,496
      Stock-based
       compensation  306             -            (7)       1,574      1,873
               --------------------------------------------------------------

    EBITDA(*)     13,806         2,820         3,209       (5,398)    14,437

    Less: Minority
     Interests    (4,172)          (42)         (949)           -     (5,163)
               --------------------------------------------------------------

    MDC's Share of
     EBITDA(xx)   $9,634        $2,778        $2,260      ($5,398)    $9,274
    -------------------------------------------------------------------------
    (*)  EBITDA is a non-GAAP measure, but as shown above it represents
         operating income (loss) plus depreciation and amortization, and
         stock-based compensation.
    (xx) MDC's Share of EBITDA is a non-GAAP measure, but as shown above it
         represents operating income (loss) plus depreciation and
         amortization and stock-based compensation less minority interests.



                              MDC PARTNERS INC.
           RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA(*)
                                (US$ in 000s)

    For the Three Months Ended September 30, 2006

               Strategic    Customer    Specialized
               Marketing  Relationship Communication  Corporate &
                Services   Management    Services        Other        Total
    -------------------------------------------------------------------------
    Revenue      $58,890       $20,934       $21,298            -   $101,122
               --------------------------------------------------------------
               --------------------------------------------------------------

    Operating
     Income
     (Loss) as
     Reported     $4,944           ($2)         $691      ($5,023)      $610

    Add:
      Depreciation
       and amorti-
       zation      4,945         1,240           449           62      6,696
      Stock-based
       compensation  128             6             -        1,515      1,649
               --------------------------------------------------------------

    EBITDA(*)     10,017         1,244         1,140       (3,446)     8,955

    Less: Minority
     Interests    (1,370)           11          (421)           -     (1,780)
               --------------------------------------------------------------

    MDC's Share of
     EBITDA(xx)   $8,647        $1,255          $719      ($3,446)    $7,175
    -------------------------------------------------------------------------
    (*)  EBITDA is a non-GAAP measure, but as shown above it represents
         operating income (loss) plus depreciation and amortization, and
         stock-based compensation.
    (xx) MDC's Share of EBITDA is a non-GAAP measure, but as shown above it
         represents operating income (loss) plus depreciation and
         amortization and stock-based compensation less minority interests.



                                 SCHEDULE 3

                              MDC PARTNERS INC.
           RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA(*)
                                (US$ in 000s)

    For the Nine Months Ended September 30, 2007

               Strategic    Customer    Specialized
    (US$ in    Marketing  Relationship Communication  Corporate &
     000s)      Services   Management    Services        Other        Total
    -------------------------------------------------------------------------
    Revenue     $228,117       $79,134       $87,587            -   $394,838
               --------------------------------------------------------------
               --------------------------------------------------------------

    Operating
     Income
     (Loss) as
     Reported    $22,364        $2,234         ($486)    ($20,492)    $3,620

    Add:
      Depreciation
       and amorti-
       zation     14,740         4,759         2,813          429     22,741
      Stock-based
       compensation  797             5             -        4,540      5,342
      Impairment
       charges         -             -         4,475            -      4,475
               --------------------------------------------------------------

    EBITDA(*)     37,901         6,998         6,802      (15,523)    36,178

    Less: Minority
     Interests   (12,138)          (68)       (2,667)           -    (14,873)
               --------------------------------------------------------------

    MDC's
     Share of
     EBITDA(xx)  $25,763        $6,930        $4,135     ($15,523)   $21,305
    -------------------------------------------------------------------------
    (*)  EBITDA is a non-GAAP measure, but as shown above it represents
         operating income (loss) plus depreciation and amortization,
         stock-based compensation and impairment charges.
    (xx) MDC's Share of EBITDA is a non-GAAP measure, but as shown above it
         represents operating income (loss) plus depreciation and
         amortization, stock-based compensation and impairment charges less
         minority interests.



                              MDC PARTNERS INC.
           RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA(*)
                                (US$ in 000s)

    For the Nine Months Ended September 30, 2006

               Strategic    Customer    Specialized
    (US$ in    Marketing  Relationship Communication  Corporate &
     000s)      Services   Management    Services        Other        Total
    -------------------------------------------------------------------------
    Revenue     $171,415       $60,747       $67,171            -   $299,333
               --------------------------------------------------------------
               --------------------------------------------------------------
    Operating
     Income
     (Loss) as
     Reported    $18,196          $882        $3,704     ($17,506)    $5,276

    Add:
      Depreciation
       and amorti-
       zation     13,697         3,429         1,310          159     18,595
      Stock-based
       compensation  619            18         2,338        4,006      6,981
               --------------------------------------------------------------

    EBITDA(*)     32,512         4,329         7,352      (13,341)    30,852

    Less: Minority
     Interests    (8,047)          (27)       (1,891)           -     (9,965)
               --------------------------------------------------------------

    MDC's
     Share of
     EBITDA(xx)  $24,465        $4,302        $5,461     ($13,341)   $20,887
    -------------------------------------------------------------------------
    (*)  EBITDA is a non-GAAP measure, but as shown above it represents
         operating income (loss) plus depreciation and amortization, and
         stock-based compensation.
    (xx) MDC's Share of EBITDA is a non-GAAP measure, but as shown above it
         represents operating income (loss) plus depreciation and
         amortization and stock-based compensation less minority interests.



                                 SCHEDULE 4

                              MDC PARTNERS INC.
             RECONCILIATION OF MDC EBITDA TO MDC ADJUSTED EBITDA
                                (US$ in 000s)

    For the Three Months Ended September 30, 2007

               Strategic    Customer    Specialized
               Marketing  Relationship Communication  Corporate &
                Services   Management    Services        Other        Total
    -------------------------------------------------------------------------
    MDC's
     Share of
     EBITDA(*)    $9,634        $2,778        $2,260      ($5,398)    $9,274

      Costs
       related to
       CFO change      -             -             -        1,883      1,883

      Retention
       payments
       and other     350             -             -         (236)       114
               --------------------------------------------------------------
    MDC
     Adjusted
     EBITDA(xx)   $9,984        $2,778        $2,260      ($3,751)   $11,271
    -------------------------------------------------------------------------
    (*)  MDC's Share of EBITDA is a non-GAAP measure, and represents
         operating income (loss) plus depreciation and amortization and
         stock-based compensation less minority interests.
    (xx) MDC's Adjusted EBITDA is a non-GAAP measure, and represents MDC's
         Share of EBITDA plus unusual and non-recurring charges during the
         quarter.



                              MDC PARTNERS INC.
             RECONCILIATION OF MDC EBITDA TO MDC ADJUSTED EBITDA
                                (US$ in 000s)

    For the Three Months Ended September 30, 2006

               Strategic    Customer    Specialized
               Marketing  Relationship Communication  Corporate &
                Services   Management    Services        Other        Total
    -------------------------------------------------------------------------
    MDC's
     Share of
     EBITDA(*)    $8,647        $1,255          $719      ($3,446)    $7,175

      Losses from
       Margeotes
       Fertitta
       Powell
       (ceased
       operations)     -             -           676            -        676

      Consolidation
       of Equity
       Affiliates    315             -             -            -        315
               --------------------------------------------------------------
    MDC
     Adjusted
     EBITDA(xx)   $8,962        $1,255        $1,395      ($3,446)    $8,166
    -------------------------------------------------------------------------
    (*)  MDC's Share of EBITDA is a non-GAAP measure, and represents
         operating income (loss) plus depreciation and amortization,
         stock-based compensation and impairment charges less minority
         interests.
    (xx) MDC's Adjusted EBITDA is a non-GAAP measure, and represents MDC's
         Share of EBITDA plus unusual and non-recurring charges during the
         quarter.



                                 SCHEDULE 5

                              MDC PARTNERS INC.
             RECONCILIATION OF MDC EBITDA TO MDC ADJUSTED EBITDA
                                (US$ in 000s)

    For the Nine Months Ended September 30, 2007

               Strategic    Customer    Specialized
               Marketing  Relationship Communication  Corporate &
                Services   Management    Services        Other        Total
    -------------------------------------------------------------------------
    MDC's
     Share of
     EBITDA(xx)  $25,763        $6,930        $4,135     ($15,523)   $21,305

      Costs
       related to
       CFO change      -             -             -        1,883      1,883

      Losses from
       Margeotes
       Fertitta
       Powell
       (ceased
       operations)     -             -         2,945            -      2,945

      Retention
       payments
       and other   2,100             -             -          587      2,687
               --------------------------------------------------------------
    MDC
     Adjusted
     EBITDA(xx)  $27,863        $6,930        $7,080     ($13,053)   $28,820
    -------------------------------------------------------------------------
    (*)  MDC's Share of EBITDA is a non-GAAP measure, and represents
         operating income (loss) plus depreciation and amortization,
         stock-based compensation and impairment charges less minority
         interests.
    (xx) MDC's Adjusted EBITDA is a non-GAAP measure, and represents MDC's
         Share of EBITDA plus unusual and non-recurring charges during the
         period.



                              MDC PARTNERS INC.
             RECONCILIATION OF MDC EBITDA TO MDC ADJUSTED EBITDA
                                (US$ in 000s)

    For the Nine Months Ended September 30, 2006

               Strategic    Customer    Specialized
               Marketing  Relationship Communication  Corporate &
                Services   Management    Services        Other        Total
    -------------------------------------------------------------------------
    MDC's
     Share of
     EBITDA(xx)  $24,465        $4,302        $5,461     ($13,341)   $20,887

      Losses from
       Margeotes
       Fertitta
       Powell
       (ceased
       operations)     -             -         1,962            -      1,962

      Client
       Termination
       Payment    (5,250)            -             -            -     (5,250)

      Consolidation
       of Equity
       Affiliates    808             -           232            -      1,040
               --------------------------------------------------------------
    MDC
     Adjusted
     EBITDA(xx)  $20,023        $4,302        $7,655     ($13,341)   $18,639
    -------------------------------------------------------------------------
    (*)  MDC's Share of EBITDA is a non-GAAP measure, and represents
         operating income (loss) plus depreciation and amortization and
         stock-based compensation less minority interests.
    (xx) MDC's Adjusted EBITDA is a non-GAAP measure, and represents MDC's
         Share of EBITDA plus unusual and non-recurring charges during the
         period.



                                 SCHEDULE 6

                              MDC PARTNERS INC.
                   RECONCILIATION OF LOSS FROM CONTINUING
                    OPERATIONS TO CASH EARNINGS PER SHARE
                   (US$ in 000s, except per share amounts)



                                Three Months Ended       Nine Months Ended
                                   September 30,           September 30,
                              ----------------------- -----------------------
                                 2007        2006        2007        2006
    -------------------------------------------------------------------------
    Loss from Continuing
     Operations                  ($6,773)    ($2,911)   ($18,170)    ($8,426)
    Depreciation & Amortization   10,817       7,469      24,721      20,193
    Stock-Based Compensation       1,873       1,649       5,342       6,981
    Non-cash Unrealized Foreign
     Exchange                      3,629         400       7,070          99
    Impairment Charges                 -           -       4,550           -
                              ----------------------- -----------------------
    Cash Earnings                 $9,546      $6,607     $23,513     $18,847

    Diluted Shares(1)             24,958      23,911      24,664      23,850

    Cash EPS                       $0.38       $0.28       $0.95       $0.79



                              MDC PARTNERS INC.
                     RECONCILIATION OF CASH EARNINGS TO
                       ADJUSTED CASH EARNINGS PER SHARE
                   (US$ in 000s, except per share amounts)


                                Three Months Ended       Nine Months Ended
                                   September 30,           September 30,
                              ----------------------- -----------------------
                                 2007        2006        2007        2006
    -------------------------------------------------------------------------
    Cash Earnings                 $9,546      $6,607     $23,513     $18,847
      Costs related to CFO change  1,883           -       1,883           -
      Losses from Margeotes
       Fertitta Powell
       (ceased operations)             -         676       2,945       1,962
      Retention payments and other   114           -       2,687           -
      Client termination payment       -           -           -      (5,250)
      Consolidation of equity
       affiliates                      -         315           -       1,040
      Tax Effect on Adjustments     (799)       (396)     (3,006)        899
                              ----------------------- -----------------------
    Adjusted Cash Earnings       $10,744      $7,202     $28,022     $17,498

    Adjusted Cash EPS              $0.43       $0.30       $1.14       $0.73

    (1) As calculated from the Statement of Operations.



                                 SCHEDULE 7

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

                                                 (unaudited)
                                                September 30,   December 31,
                                                     2007           2006
    -------------------------------------------------------------------------
    Assets
      Current Assets:
        Cash and cash equivalents               $      7,089    $      6,591
        Accounts receivable, net                     148,124         125,744
        Expenditures billable to clients              14,167          28,077
        Prepaid expenses                               7,609           4,816
        Other current assets                           2,005           1,248
                                                -------------   -------------
      Total Current Assets                           178,994         166,476

      Fixed assets                                    46,428          44,425
      Investment in affiliates                           394           2,058
      Goodwill                                       219,709         203,693
      Other intangible assets, net                    40,132          48,933
      Deferred tax assets                             14,493          13,332
      Other assets                                    16,938          14,584
                                                -------------   -------------
    Total Assets                                $    517,088    $    493,501
                                                -------------   -------------
                                                -------------   -------------


    Liabilities and Shareholders' Equity
      Current Liabilities:
        Short-term debt                         $          -    $      4,910
        Revolving credit facility                          -          45,000
        Accounts payable                              68,172          90,588
        Accrued and other liabilities                 68,229          75,315
        Advance billings                              47,339          51,804
        Current portion of long term debt              1,777           1,177
        Deferred acquisition consideration               320           2,721
                                                -------------   -------------
      Total Current Liabilities                      185,837         271,515

      Revolving credit facility                       25,631               -
      Long-term debt                                  79,258           5,754
      Convertible notes                               45,235          38,613
      Other liabilities                                7,068           5,512
      Deferred tax liabilities                         5,282           1,140
                                                -------------   -------------
      Total Liabilities                              348,311         322,534
                                                -------------   -------------

      Minority Interests                              48,093          46,553
                                                -------------   -------------

      Shareholders' Equity:
        Common stock                                 194,455         184,699
        Share capital to be issued
        Additional paid in capital                    25,792          26,216
        Accumulated deficit                         (104,784)        (86,614)
        Treasury stock                                  (765)              -
        Stock subscription receivable                   (251)           (643)
        Accumulated other comprehensive income         6,237             756
                                                -------------   -------------
      Total Shareholders' Equity                     120,684         124,414
                                                -------------   -------------

    Total Liabilities and Shareholders' Equity  $    517,088    $    493,501
                                                -------------   -------------
                                                -------------   -------------
    





For further information:

For further information: Donna Granato, Director, Finance & Investor
Relations, (646) 429-1809, dgranato@mdc-partners.com


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