MDC Partners Inc. Reports Results For The Three And Nine Months Ended September 30, 2015

- ACCELERATING DOMESTIC AND GLOBAL NEW BUSINESS WINS -

NEW YORK, Oct. 28, 2015 /CNW/ -- 

THIRD QUARTER HIGHLIGHTS:

  • Revenue increased to $328.4 million from $309.4 million, an increase of 6.1%
  • Net loss attributable to MDC Partners of ($8.6) million versus ($4.9) million in the same period last year
  • Organic revenue increased 5.7%, after a roughly 400 basis points reduction from significantly lower billable pass-through costs
  • Adjusted EBITDA increased to $53.5 million from $42.9 million, an increase of 24.6% (see Schedules 2 and 3)
  • Adjusted EBITDA margin of 16.3% versus 13.9% in the same period last year (see Schedules 2 and 3)
  • Adjusted EBITDA Available for General Capital Purposes increased to $30.9 million from $15.4 million, an increase of 100.3% (see Schedule 6)
  • Net New Business wins totaled $34.1 million
  • Declared cash dividend of $0.21 per share

YEAR-TO-DATE HIGHLIGHTS:

  • Revenue increased to $967.2 million from $883.6 million, an increase of 9.5%
  • Net loss attributable to MDC Partners of ($11.1) million versus income of $2.7 million in the same period last year
  • Organic revenue increased 7.1%, after a roughly 170 basis points reduction from significantly lower billable pass-through costs
  • Adjusted EBITDA increased to $132.1 million versus $127.6 million, an increase of 3.5% (see Schedules 4 and 5)
  • Adjusted EBITDA margin of 13.7% versus 14.4% in the same period last year (see Schedules 4 and 5)
  • Adjusted EBITDA Available for General Capital Purposes increased to $68.9 million from $67.7 million, an increase of 1.8% (see Schedule 6)
  • Net New Business wins totaled $89.4 million

(NASDAQ: MDCA) (TSX: MDZ.A) – MDC Partners Inc. ("MDC Partners" or the "Company") today announced financial results for the three and nine months ended September 30, 2015.

Scott Kauffman, Chairman and Chief Executive Officer of MDC Partners, said, "Our partners are defining the future of this industry by building solutions that unite creativity and technology.  This is translating into significant market share gains and an accelerating number of both domestic and global new business wins.  The $89 million of net new business we posted in the first nine months of the year is converting into solid financial results.  Year-to-date, we delivered an industry leading 7.1% organic revenue growth, $132 million in Adjusted EBITDA and strong cash flow generation that is sufficient to satisfy our dividend, invest behind our partners, build on our M&A strategy, and continue to de-lever our balance sheet.  We are confident that our business momentum, as well as the actions we are taking to make our company more efficient, position us for superior financial performance in the years to come."

Guidance for 2015 is reaffirmed as follows:

Implied

2014

2015

Year over Year

Actuals

Guidance

Change

Revenue

 $1.22 billion 

 $1.30 - $1.33 billion 

 +6.5% to +8.5% 

Adjusted EBITDA

 $179.4 million 

 $195 - $205 million 

 +8.7% to +14.3% 

Implied Adjusted EBITDA Margin

14.7%

15.0% to 15.4%

+35 to +75 basis points

Adjusted EBITDA Available for

 $98.8 million 

 $109 - $119 million 

 +10.3% to +20.4% 

General Capital Purposes

Consolidated revenue for the third quarter of 2015 was $328.4 million, an increase of 6.1%, compared to $309.4 million in the third quarter of 2014.  Adjusted EBITDA for the third quarter of 2015 was $53.5 million, an increase of 24.6% compared to $42.9 million in the third quarter of 2014.  Net loss attributable to MDC Partners in the third quarter was ($8.6) million compared to ($4.9) million in the third quarter of 2014.  Diluted loss per share from continuing operations attributable to MDC Partners common shareholders for the third quarter of 2015 was ($0.15) compared to ($0.07) per share in the third quarter of 2014.  Adjusted EBITDA Available for General Capital Purposes was $30.9 million in the third quarter of 2015, an increase of 100.3% compared to $15.4 million in the third quarter of 2014.

For the nine-month period ended September 30, 2015, consolidated revenue was $967.2 million, an increase of 9.5% compared to $883.6 million in the nine months ended September 30, 2014.  Adjusted EBITDA for the nine months ended September 30, 2015 was $132.1 million, an increase of 3.5% compared to $127.6 million in the same period of 2014.  Net loss attributable to MDC Partners in the nine months ended September 30, 2015 was ($11.1) million compared to income of $2.7 million in the same period of 2014.  Diluted loss per share from continuing operations attributable to MDC Partners common shareholders for the nine months ended September 30, 2015 was ($0.10) compared to diluted income per share of $0.11 in the same period of 2014.  Adjusted EBITDA Available for General Capital Purposes was $68.9 million in the nine months ended September 30, 2015, an increase of 1.8% compared to $67.7 million in the same period of 2014.

David Doft, CFO of MDC Partners, said, "Our topline grew nicely despite a $7 million decline in billable pass-through revenue in the quarter, which did not affect profitability. Net new business wins also accelerated to $34 million in the quarter. The volatility of working capital that we saw this quarter is due to the success of our growing media business, and should reverse in the seasonally stronger fourth quarter.  We expect to finish the year out of the revolver and with a healthy positive cash position. We are reiterating guidance despite proactively taking a number of operational efficiency actions that will negatively impact this year, but will position us for accelerated performance in 2016 and beyond."

MDC Partners Announces $0.21 per Share Quarterly Cash Dividend

MDC Partners today also announced that its Board of Directors has declared a cash dividend of $0.21 per share on all of its outstanding Class A shares and Class B shares.  The quarterly dividend will be payable on or about November 25, 2015, to shareholders of record at the close of business on November 11, 2015.

Voluntary Delisting from Toronto Stock Exchange

The Company announced today that it has applied for a voluntary delisting of its Class A Subordinate Voting Shares from the Toronto Stock Exchange ("TSX") in Canada.  Effective at the close of markets on November 11, 2015, the Company's shares will no longer be traded on the TSX but will continue to trade on NASDAQ under the symbol "MDCA".  Canadian shareholders will be able to continue to trade their shares on NASDAQ. The Company believes that the relatively low trading volume of its shares on the TSX over a sustained period no longer justifies the financial and administrative costs associated with maintaining a dual listing. The TSX has neither approved nor disapproved the information contained herein.

Shareholders are encouraged to contact Canadian Stock Transfer Trust Company, the transfer agent and registrar for the Company's stock, at 1-800-387-0825 or 1-416-643-5500 for further information.

Conference Call

Management will host a conference call on Wednesday, October 28, 2015, at 4:30 p.m. (ET) to discuss results.  Access the conference call by dialing 1-412-902-4266 or toll free 1-888-346-6216.  An investor presentation has been posted on our website www.mdc-partners.com and may be referred to during the conference call.

A recording of the conference call will be available one hour after the call until 9:00 a.m. (ET), November 4, 2015, by dialing 1-412-317-0088 or toll free 1-877-344-7529 (passcode 10075056), or by visiting our website at www.mdc-partners.com.

About MDC Partners Inc.

MDC Partners is one of the fastest-growing and most influential marketing and communications networks in the world.  Its 50+ advertising, public relations, branding, digital, social and event marketing agencies are responsible for some of the most memorable and engaging campaigns for the world's most respected brands.  By leveraging technology, data analytics, insights, and strategic consulting solutions, MDC Partners drives measurable results and optimizes return on marketing investment for over 1,500 clients worldwide. 

As "The Place Where Great Talent Lives," MDC Partners is known for its unique partnership model, empowering the most entrepreneurial and innovative talent to drive competitive advantage and business growth for clients.  For more information about MDC Partners and its partner firms, visit www.mdc-partners.com and follow us on Twitter: http://www.twitter.com/mdcpartners.

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 results. These non-GAAP financial measures relate to: (1) presenting Adjusted EBITDA and EBITDA margin (as defined) for the three and nine months ended September 30, 2015, and 2014; and (2) presenting Adjusted EBITDA Available for General Capital Purposes for the three and nine months ended September 30, 2015, and 2014.  Included in this earnings release are tables reconciling MDC Partners' 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 the SEC's ongoing investigation and the related class action litigation claims;
  • risks associated with severe effects of international, 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 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 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.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(US$ in 000s, except share and per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30, 

2015

2014

2015

2014

Revenue

$328,415

$309,391

$967,243

$883,601

Operating Expenses:

Cost of services sold

212,925

205,549

648,386

575,892

Office and general expenses

78,786

70,815

206,169

213,587

Depreciation and amortization

13,086

11,684

39,393

32,083

304,797

288,048

893,948

821,562

Operating profit

23,618

21,343

73,295

62,039

Other Income (Expense):

Other, net

(15,623)

(9,641)

(29,315)

(8,648)

Interest expense and finance charges

(14,638)

(14,022)

(43,022)

(40,663)

Interest income

114

105

338

287

Income (loss) from continuing operations before income taxes

  and equity in non-consolidated affiliates

(6,529)

(2,215)

1,296

13,015

Income tax expense (benefit)

(1,191)

(266)

(566)

2,764

Income (loss) from continuing operations before equity in

  non-consolidated affiliates

(5,338)

(1,949)

1,862

10,251

Equity in earnings of non-consolidated affiliates

172

81

627

223

Income (loss) from continuing operations

(5,166)

(1,868)

2,489

10,474

Loss from discontinued operations attributable to

  MDC Partners Inc., net of taxes

(1,316)

(1,369)

(6,281)

(2,976)

Net income (loss)

(6,482)

(3,237)

(3,792)

7,498

Net income attributable to the noncontrolling interests

(2,122)

(1,685)

(7,343)

(4,796)

Net income (loss) attributable to MDC Partners Inc.

($8,604)

($4,922)

($11,135)

$2,702

Income (loss) Per Common Share:

Basic:

Income (loss) from continuing operations attributable to MDC

   Partners Inc. common shareholders

($0.15)

($0.07)

($0.10)

$0.11

Discontinued operations attributable to MDC

   Partners Inc. common shareholders

($0.02)

($0.03)

($0.12)

($0.06)

Net income (loss) attributable to MDC Partners Inc.

   common shareholders

($0.17)

($0.10)

($0.22)

$0.05

Diluted:

Income (loss) from continuing operations attributable to MDC 

   Partners Inc. common shareholders

($0.15)

($0.07)

($0.10)

$0.11

Discontinued operations attributable to MDC

   Partners Inc. common shareholders

($0.03)

($0.03)

($0.13)

($0.06)

Net Income (loss) attributable to MDC Partners Inc.

   common shareholders

($0.18)

($0.10)

($0.23)

$0.05

Weighted Average Number of Common Shares Outstanding:

Basic

49,915,807

49,630,532

49,843,980

49,506,427

Diluted

49,915,807

49,630,532

49,843,980

50,134,263

 

 

SCHEDULE 2

MDC PARTNERS INC.

UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(US$ in 000s, except percentages)

For the Three Months Ended September 30, 2015

Strategic 

Performance

Marketing

Marketing

Services

Services

Corporate

Total

Revenue

$264,552

$63,863

$                -

$328,415

Net loss attributable to MDC Partners Inc.

($8,604)

Adjustments to reconcile to Operating profit (loss):

   Net income attributable to the noncontrolling interests

2,122

   Loss from discontinued operations attributable to  

MDC Partners Inc., net of taxes

1,316

   Equity in earnings of non-consolidated affiliates

(172)

   Income tax benefit

(1,191)

   Interest expense and finance charges, net

14,524

   Other, net

15,623

Operating profit (loss)

$36,807

$2,951

($16,140)

$23,618

margin

13.9%

4.6%

7.2%

Additional adjustments to reconcile to Adjusted EBITDA:

Depreciation and amortization

6,445

5,577

1,064

13,086

Stock-based compensation

2,594

508

164

3,266

Acquisition deal costs

88

21

619

728

Deferred acquisition consideration adjustments to P&L

4,378

549

-

4,927

Profit distributions from non-consolidated affiliates

30

37

30

97

Other items, net **

-

-

7,751

7,751

Adjusted EBITDA *

$50,342

$9,643

($6,512)

$   53,473

margin

19.0%

15.1%

16.3%

*

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

**

Other items includes (i) one-time gains related to the former CEO's repayment to the Company for certain perquisites and expenses ($1.9 million), (ii) legal fees and related expenses relating to the ongoing SEC investigation ($2.7 million) and (iii) one-time charge for the balance of prior cash bonus award amounts paid to the former CEO and CAO ($5.8 million) that will not be recovered; and (iv) write-off of certain assets related to the CEO and CAO termination ($1.1 million). 

 

 

SCHEDULE 3

MDC PARTNERS INC.

UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(US$ in 000s, except percentages)

For the Three Months Ended September 30, 2014

Strategic 

Performance

Marketing

Marketing

Services

Services

Corporate

Total

Revenue

$238,419

$70,972

$                -

$309,391

Net loss attributable to MDC Partners Inc.

($4,922)

Adjustments to reconcile to Operating profit (loss):

   Net income attributable to the noncontrolling interests

1,685

   Loss from discontinued operations attributable to 

MDC Partners Inc., net of taxes

1,369

   Equity in earnings of non-consolidated affiliates

(81)

   Income tax benefit

(266)

   Interest expense and finance charges, net

13,917

   Other, net

9,641

Operating profit (loss)

$26,333

$6,368

($11,358)

$21,343

margin

11.0%

9.0%

6.9%

Additional adjustments to reconcile to Adjusted EBITDA:

Depreciation and amortization

6,895

4,368

421

11,684

Stock-based compensation

1,816

477

1,144

3,437

Acquisition deal costs

742

192

724

1,658

Deferred acquisition consideration adjustments to P&L

3,874

(1,251)

-

2,623

Profit distributions from non-consolidated affiliates

-

38

2,127

2,165

Adjusted EBITDA *

$39,660

$10,192

($6,942)

$42,910

margin

16.6%

14.4%

13.9%

*

Adjusted EBITDA is a non-GAAP measure, but as shown above it represents operating profit (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.

UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(US$ in 000s, except percentages)

For the Nine Months Ended September 30, 2015

Strategic 

Performance

Marketing

Marketing

Services

Services

Corporate

Total

Revenue

$775,079

$192,164

$                -

$967,243

Net loss attributable to MDC Partners Inc.

($11,135)

Adjustments to reconcile to Operating profit (loss):

   Net income attributable to the noncontrolling interests

7,343

   Loss from discontinued operations attributable to 

MDC Partners Inc., net of taxes

6,281

   Equity in earnings of non-consolidated affiliates

(627)

   Income tax benefit

(566)

   Interest expense and finance charges, net

42,684

   Other, net

29,315

Operating profit (loss)

$89,072

$20,019

($35,796)

$73,295

margin

11.5%

10.4%

7.6%

Additional adjustments to reconcile to Adjusted EBITDA:

Depreciation and amortization

19,360

16,797

3,236

39,393

Stock-based compensation

9,205

2,467

1,353

13,025

Acquisition deal costs

752

117

1,575

2,444

Deferred acquisition consideration adjustments to P&L

3,726

(9,292)

-

(5,566)

Profit distributions from non-consolidated affiliates

334

243

150

727

Other items, net **

-

-

8,795

8,795

Adjusted EBITDA *

$122,449

$30,351

($20,687)

$132,113

margin

15.8%

15.8%

13.7%

*

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

**

Other items includes (i) one-time gains related to the former CEO's repayment to the Company for certain perquisites and expenses ($10.5 million), (ii) legal fees and related expenses relating to the ongoing SEC investigation ($12.4 million) and (iii) one-time charge for the balance of prior cash bonus award amounts paid to the former CEO and CAO ($5.8 million) that will not be recovered; and (iv) write-off of certain assets related to the CEO and CAO termination ($1.1 million).

 

 

SCHEDULE 5

MDC PARTNERS INC.

UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(US$ in 000s, except percentages)

For the Nine Months Ended September 30, 2014

Strategic 

Performance

Marketing

Marketing

Services

Services

Corporate

Total

Revenue

$683,340

$200,261

$                -

$883,601

Net income attributable to MDC Partners Inc.

$2,702

Adjustments to reconcile to Operating profit (loss):

   Net income attributable to the noncontrolling interests

4,796

   Loss from discontinued operations attributable to 

MDC Partners Inc., net of taxes

2,976

   Equity in earnings of non-consolidated affiliates

(223)

   Income tax expense

2,764

   Interest expense and finance charges, net

40,376

   Other, net

8,648

Operating profit (loss)

$86,330

$10,090

($34,381)

$62,039

margin

12.6%

5.0%

7.0%

Additional adjustments to reconcile to Adjusted EBITDA:

Depreciation and amortization

17,182

13,545

1,356

32,083

Stock-based compensation

6,067

2,684

3,482

12,233

Acquisition deal costs

1,338

978

1,397

3,713

Deferred acquisition consideration adjustments to P&L

9,440

5,276

-

14,716

Profit distributions from non-consolidated affiliates

-

321

2,481

2,802

Adjusted EBITDA *

$120,357

$32,894

($25,665)

$127,586

margin

17.6%

16.4%

14.4%

*

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

 

 

SCHEDULE 6

MDC PARTNERS INC.

UNAUDITED ADJUSTED EBITDA AVAILABLE FOR GENERAL CAPITAL PURPOSES

(US$ in 000s)

Three Months Ended September 30,

Nine Months Ended September 30, 

2015

2014

2015

2014

Adjusted EBITDA (1)

$53,473

$42,910

$132,113

$127,586

Net income attributable to noncontrolling interests

(2,122)

(1,685)

(7,343)

(4,796)

Capital expenditures, net (2)

(6,902)

(12,978)

(16,014)

(18,078)

Cash taxes

(685)

(241)

(1,400)

(359)

Cash interest, net & other (3)

(12,879)

(12,589)

(38,423)

(36,643)

Adjusted EBITDA Available for General Capital Purposes (4)

$30,885

$15,417

$68,933

$67,710

(1)

Adjusted EBITDA is a non GAAP measure.  See schedules 2 through 5 for a reconciliation of Net income (loss) to Adjusted EBITDA.

(2)

Capital expenditures, net represents capital expenditures net of landlord reimbursements.

(3)

Cash interest, net & other represents the quarterly accrual of cash interest under our Senior Notes.

(4)

Adjusted EBITDA Available for General Capital Purposes is a non-GAAP measure, and represents funds available for repayment of debt, acquisitions, deferred acquisition consideration, dividends, and other general corporate initiatives.     

 

 

SCHEDULE 7

MDC PARTNERS INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(US$ in 000s)

September 30,

December 31,

2015

2014

Assets

Current Assets:

Cash and cash equivalents

$15,758

$113,348

Cash held in trusts

5,667

6,419

Accounts receivable, net

418,725

355,295

Expenditures billable to clients

56,715

40,202

Other current assets

30,465

36,978

Total Current Assets

527,330

552,242

Fixed assets, net

62,109

60,240

Investment in non-consolidated affiliates

10,805

6,110

Goodwill

869,869

851,373

Other intangible assets, net

74,833

86,121

Deferred tax assets

21,849

18,758

Other assets

50,406

74,046

Total Assets

$1,617,201

$1,648,890

Liabilities, Redeemable Noncontrolling Interests and Shareholders' Deficit

Current Liabilities:

Accounts payable

$293,491

$316,285

Trust liability

5,667

6,419

Accruals and other liabilities

313,349

264,854

Advance billings

134,867

142,608

Current portion of long term debt

508

534

Current portion of deferred acquisition consideration

105,986

90,804

Total Current Liabilities

853,868

821,504

Long-term debt, less current portion

826,678

742,593

Long-term portion of deferred acquisition consideration

185,741

114,564

Other liabilities

43,782

45,861

Deferred tax liabilities

83,869

77,997

Total Liabilities

1,993,938

1,802,519

Redeemable Noncontrolling Interests

71,326

194,951

Shareholders' Deficit

Common shares

269,558

265,818

Charges in excess of capital

(302,385)

(209,668)

Accumulated deficit

(500,768)

(489,633)

Accumulated other comprehensive income (loss)

5,519

(7,752)

MDC Partners Inc. Shareholders' Deficit

(528,076)

(441,235)

Noncontrolling Interests

80,013

92,655

Total Shareholders' Deficit

(448,063)

(348,580)

Total Liabilities, Redeemable Noncontrolling 

   Interests and Shareholders' Deficit

$1,617,201

$1,648,890

 

 

SCHEDULE 8

MDC PARTNERS INC.

UNAUDITED SUMMARY CASH FLOW DATA

(US$ in 000s)

Nine Months Ended September 30, 

2015

2014

Cash flows provided by (used in) continuing operating activities

($9,147)

$38,955

Discontinued operations

(1,342)

(3,571)

Net cash provided by (used in) operating activities

(10,489)

35,384

Cash flows used in continuing investing activities

(42,723)

(77,267)

Discontinued operations

17,101

(1,956)

Net cash used in investing activities

(25,622)

(79,223)

Net cash used in continuing financing activities

(63,633)

(15,472)

  Discontinued operations

(40)

(40)

Net cash used in financing activities

(63,673)

(15,512)

Effect of exchange rate changes on cash and cash equivalents

2,194

(194)

Net decrease in cash and cash equivalents

($97,590)

($59,545)

 

FOR:

MDC Partners Inc.

CONTACT:

Matt Chesler, CFA

745 Fifth Avenue, 19th Floor

VP, Investor Relations

New York, NY 10151

646-412-6877

mchesler@mdc-partners.com

 

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SOURCE MDC Partners Inc.


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