Attached files
| file | filename |
|---|---|
| 8-K - Stagwell Inc | v175535_8k.htm |
| EX-99.2 - Stagwell Inc | v175535_ex99-2.htm |
PRESS
RELEASE
FOR IMMEDIATE
RELEASE
|
FOR:
|
MDC
Partners Inc.
|
CONTACT:
|
Donna
Granato
|
|
|
950
Third Avenue, 5th
Floor
|
VP,
Finance & Corporate Development
|
|
|
New
York, NY 10022
|
646-429-1809
|
||
|
dgranato@mdc-partners.com
|
MDC
PARTNERS INC. REPORTS RESULTS FOR THE
THREE
AND TWELVE MONTHS ENDED DECEMBER 31, 2009
FOURTH QUARTER
HIGHLIGHTS:
|
·
|
Revenue
increased to $149.7 million vs. $144.7 million in Q4 2008, an increase of
3.4%
|
|
·
|
Organic
revenue increased 1.4% for Q4
2009
|
|
·
|
MDC
EBITDA increased to $18.3 million vs. $17.1 million in Q4 2008, an
increase of 7.0%
|
|
·
|
Free
Cash Flow decreased to $6.4 million vs. $9.2 million in Q4 2008, a
decrease of 30.1%
|
|
·
|
Free
Cash Flow per Share decreased to $0.23 vs. $0.30 in Q4 2008, a decrease of
23.3%
|
|
·
|
EBITDA
margin increased to 13.4% vs. 12.9% in Q4 2008, an increase of 50 basis
points
|
|
·
|
Net
new business wins of $20.8 million for Q4
2009
|
YEAR
END HIGHLIGHTS:
|
·
|
Revenue
decreased to $545.9 million vs. $584.6 million in 2008, a decrease of
6.6%
|
|
·
|
Organic
revenue declined 5.5% for
2009
|
|
·
|
MDC
EBITDA increased to $64.8 million vs. $61.0 million in 2008, an increase
of 6.1%
|
|
·
|
Free
Cash Flow increased to $40.9 million vs. $32.9 million in 2008, an
increase of 24.4%
|
|
·
|
Free
Cash Flow per Share increased to $1.49 vs. $1.20 in 2008, an increase of
24.2%
|
|
·
|
EBITDA
margin increased to 12.9% vs. 11.8% in 2008, an increase of 110 basis
points
|
|
·
|
Net
new business wins of $23.8 million for
2009
|
NEW YORK, NY (February 24, 2010)
– MDC Partners Inc. (“MDC Partners” or the “Company”) today announced
financial results for the three and twelve months ended December 31,
2009.
"2009 was
an extraordinary year for MDC Partners where we exceeded all of our key
financial projections,” said Miles S Nadal, Chairman and Chief Executive Officer
of MDC Partners. “Not only did we outperform our peers in terms of organic
revenue and profitability growth; MDC is the first company to return to growth
in the fourth quarter. Our focus on acquiring thought leading talent and
expanding our capabilities in digital and data analytics are core to our ability
to drive increasing return on marketing investment for our clients and market
share gains for MDC. We expect another strong year in 2010.”
Consolidated
revenue for the fourth quarter of 2009 was $149.7 million, an increase of 3.4%
compared to $144.7 million in the fourth quarter of 2008. MDC EBITDA
(as defined) for the fourth quarter of 2009 was $18.3 million, an increase of
7.0% compared to $17.1 million in the fourth quarter of 2008. Net
income (loss) attributable to MDC Partners Inc. in the fourth quarter was a loss
of ($18.5) million compared to income of $4.7 million in the fourth quarter of
2008. Diluted earnings (loss) per share from continuing operations
attributable to MDC Partners Inc. common shareholders for the fourth quarter of
2009 was a loss of ($0.65) compared with income of $0.29 per share in the same
period of 2008. Free cash flow (as defined) was $6.4 million in the
fourth quarter of 2009, compared with $9.2 million in the fourth quarter of
2008.
Consolidated
revenue for the twelve months of 2009 were $545.9 million, a decrease of 6.6%
compared to $584.6 million in 2008. MDC EBITDA (as defined) for the
twelve months of 2009 was $64.8 million, an increase of 6.1% compared to $61.0
million in 2008. Net income (loss) attributable to MDC Partners Inc.
in the twelve months was a loss of ($18.3) million compared to income of $0.1
million in the twelve months of 2008. Diluted earnings (loss) per
share from continuing operations attributable to MDC Partners Inc. common
shareholders for the twelve months of 2009 was a loss of ($0.64) compared with
income of $0.37 per share in the same period of 2008. Free cash flow
(as defined) was $40.9 million in the twelve months of 2009 compared with $32.9
million in the twelve months of 2008.
“Our
efforts to optimize our financial performance are bearing fruit with over $55
million of cash generated in 2009 including working capital improvements and 110
basis points of margin improvement,” said David Doft, Chief Financial
Officer. “The roughly $100 million of cash we generated in the last
two years has put MDC in its strongest financial position ever and as we deploy
this capital we believe we can generate significant incremental EBITDA, margin
expansion, free cash flow and earnings per share.”
Conference
Call
Management
will host a conference call on February 25, 2010 at 8:30 a.m. (EST) to discuss
our results. The conference call will be accessible by dialing
1-647-427-7450 or toll free 1-888-231-8191. 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 Thursday, March 11,
2010 by dialing 1-416-849-0833 or toll free 1-800-642-1687 (passcode 4175719#)
or by visiting our website.
About
MDC Partners Inc.
MDC
Partners is a progressive Marketing and Communications Network, championing the
most innovative entrepreneurial talent. MDC Partners provides strategic
solutions and services to multinational clients in North America, Europe and
Latin America. Our philosophy emphasizes the utilization of Strategy and High
Value Creativity to drive growth and measurable impact for our clients. “MDC
Partners is The Place Where Great Talent Lives.” The company’s 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 results. These non-GAAP
financial measures relate to: (1) presenting MDC’s share of EBITDA and EBITDA
margin (as defined) for the three and twelve months ended December 31, 2009 and
2008; and (2) presenting Free Cash Flow and Free Cash Flow per Share (as
defined) for the three and twelve months ended December 31, 2009 and
2008. 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 severe effects of national and regional economic
downturn;
|
|
·
|
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 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.
|
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 December
31,
|
Twelve Months Ended December
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Revenue
|
$ | 149,678 | $ | 144,708 | $ | 545,924 | $ | 584,648 | ||||||||
|
Operating
Expenses:
|
||||||||||||||||
|
Cost of services
sold
|
94,668 | 99,735 | 354,312 | 392,145 | ||||||||||||
|
Office and general
expenses
|
44,171 | 35,001 | 136,897 | 137,755 | ||||||||||||
|
Depreciation and
amortization
|
11,760 | 8,615 | 34,471 | 34,404 | ||||||||||||
| 150,599 | 143,351 | 525,680 | 564,304 | |||||||||||||
|
Operating profit
(loss)
|
(921 | ) | 1,357 | 20,244 | 20,344 | |||||||||||
|
Other Income
(Expenses):
|
||||||||||||||||
|
Other income
(expense)
|
953 | 7,698 | (2,038 | ) | 13,243 | |||||||||||
|
Interest expense and finance
charges
|
(10,822 | ) | (3,858 | ) | (22,098 | ) | (14,998 | ) | ||||||||
|
Interest
income
|
55 | 393 | 344 | 1,743 | ||||||||||||
|
Income (loss) from continuing
operations before income taxes and equity in
affiliates
|
(10,735 | ) | 5,590 | (3,548 | ) | 20,332 | ||||||||||
|
Income tax expense
(recovery)
|
5,163 | (4,018 | ) | 8,536 | 2,397 | |||||||||||
|
Income (loss) from continuing
operations before equity in affiliates
|
(15,898 | ) | 9,608 | (12,084 | ) | 17,935 | ||||||||||
|
Equity in earnings of
non-consolidated affiliates
|
(266 | ) | 59 | (8 | ) | 349 | ||||||||||
|
Income (loss) from continuing
operations
|
(16,164 | ) | 9,667 | (12,092 | ) | 18,284 | ||||||||||
|
Loss from discontinued operations,
net of taxes
|
(515 | ) | (3,317 | ) | (876 | ) | (10,015 | ) | ||||||||
|
Net income
(loss)
|
(16,679 | ) | 6,350 | (12,968 | ) | 8,269 | ||||||||||
|
Net income attributable to the
noncontrolling interests
|
(1,787 | ) | (1,601 | ) | (5,356 | ) | (8,136 | ) | ||||||||
|
Net income (loss) attributable to
MDC Partners Inc.
|
$ | (18,466 | ) | $ | 4,749 | $ | (18,324 | ) | $ | 133 | ||||||
|
Income (Loss) Per Common
Share:
|
||||||||||||||||
|
Basic:
|
||||||||||||||||
|
Income (loss) from continuing
operations attributable to MDC Partners Inc. common
shareholders
|
$ | (0.65 | ) | $ | 0.30 | $ | (0.64 | ) | $ | 0.38 | ||||||
|
Discontinued
operations
|
$ | (0.02 | ) | $ | (0.12 | ) | $ | (0.03 | ) | $ | (0.37 | ) | ||||
|
Net income (loss) attributable to
MDC Partners Inc. common
shareholders
|
$ | (0.67 | ) | $ | 0.18 | $ | (0.67 | ) | $ | 0.01 | ||||||
|
Income (Loss) Per Common
Share:
|
||||||||||||||||
|
Diluted:
|
||||||||||||||||
|
Income (loss) from continuing
operations attributable to MDC Partners Inc. common
shareholders
|
$ | (0.65 | ) | $ | 0.29 | $ | (0.64 | ) | $ | 0.37 | ||||||
|
Discontinued
operations
|
$ | (0.02 | ) | $ | (0.11 | ) | $ | (0.03 | ) | $ | (0.36 | ) | ||||
|
Net income (loss) attributable to
MDC Partners Inc. common
shareholders
|
$ | (0.67 | ) | $ | 0.18 | $ | (0.67 | ) | $ | 0.01 | ||||||
|
Weighted Average Number of Common
Shares:
|
||||||||||||||||
|
Basic
|
27,553,402 | 26,896,938 | 27,396,463 | 26,765,839 | ||||||||||||
|
Diluted
|
27,553,402 | 30,111,225 | 27,396,463 | 27,430,162 | ||||||||||||
|
SCHEDULE
2
|
||||||||||||||||
|
MDC PARTNERS
INC.
|
||||||||||||||||
|
RECONCILIATION OF OPERATING INCOME
(LOSS) TO EBITDA
|
||||||||||||||||
|
(US$ in 000s, except
percentages)
|
||||||||||||||||
|
For the Three Months Ended
December 31, 2009
|
||||||||||||||||
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 106,006 | $ | 43,672 | - | $ | 149,678 | |||||||||
|
Operating income (loss) as
reported
|
$ | 3,443 | $ | 1,098 | $ | (5,462 | ) | $ | (921 | ) | ||||||
|
Add:
|
||||||||||||||||
|
Depreciation and
amortization
|
9,338 | 2,282 | 140 | 11,760 | ||||||||||||
|
Stock-based
compensation
|
7,233 | 202 | 1,836 | 9,271 | ||||||||||||
|
EBITDA *
|
20,014 | 3,582 | (3,486 | ) | 20,110 | |||||||||||
|
margin
|
18.9 | % | 8.2 | % | 13.4 | % | ||||||||||
|
Less income attributable to
noncontrolling interests
|
(914 | ) | (873 | ) | - | (1,787 | ) | |||||||||
|
MDC's Share of
EBITDA**
|
$ | 19,100 | $ | 2,709 | $ | (3,486 | ) | $ | 18,323 | |||||||
|
*
|
EBITDA is a non-GAAP measure, but
as shown above it represents operating income (loss) plus depreciation and
amortization, and stock-based
compensation.
|
|
**
|
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 net income attributable to noncontrolling
interests.
|
|
MDC PARTNERS
INC.
|
||||||||||||||||
|
RECONCILIATION OF OPERATING INCOME
(LOSS) TO EBITDA
|
||||||||||||||||
|
(US$ in 000s, except
percentages)
|
||||||||||||||||
|
For the Three Months Ended
December 31, 2008
|
||||||||||||||||
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 92,783 | $ | 51,925 | - | $ | 144,708 | |||||||||
|
Operating income (loss) as
reported
|
$ | 7,107 | $ | (58 | ) | $ | (5,692 | ) | $ | 1,357 | ||||||
|
Add:
|
||||||||||||||||
|
Depreciation and
amortization
|
6,175 | 2,243 | 197 | 8,615 | ||||||||||||
|
Stock-based
compensation
|
4,670 | 2,951 | 1,126 | 8,747 | ||||||||||||
|
EBITDA*
|
17,952 | 5,136 | (4,369 | ) | 18,719 | |||||||||||
|
margin
|
19.3 | % | 9.9 | % | 12.9 | % | ||||||||||
|
Less income attributable to
noncontrolling interests
|
(1,081 | ) | (520 | ) | - | (1,601 | ) | |||||||||
|
MDC's Share of
EBITDA**
|
$ | 16,871 | $ | 4,616 | $ | (4,369 | ) | $ | 17,118 | |||||||
|
*
|
EBITDA is a non-GAAP measure, but
as shown above it represents operating income (loss) plus depreciation and
amortization, and stock-based
compensation.
|
|
**
|
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 net
income attributable to noncontrolling
interests.
|
|
SCHEDULE
3
|
||||||||||||||||
|
MDC PARTNERS
INC.
|
||||||||||||||||
|
RECONCILIATION OF OPERATING INCOME
(LOSS) TO EBITDA
|
||||||||||||||||
|
(US$ in 000s, except
percentages)
|
||||||||||||||||
|
For the Twelve Months Ended
December 31, 2009
|
||||||||||||||||
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 371,398 | $ | 174,526 | - | $ | 545,924 | |||||||||
|
Operating income (loss) as
reported
|
$ | 35,898 | $ | 2,865 | $ | (18,519 | ) | $ | 20,244 | |||||||
|
Add:
|
||||||||||||||||
|
Depreciation and
amortization
|
25,577 | 8,466 | 428 | 34,471 | ||||||||||||
|
Stock-based
compensation
|
8,742 | 868 | 5,834 | 15,444 | ||||||||||||
|
EBITDA *
|
70,217 | 12,199 | (12,257 | ) | 70,159 | |||||||||||
|
margin
|
18.9 | % | 7.0 | % | 12.9 | % | ||||||||||
|
Less income attributable to
noncontrolling interests
|
(4,641 | ) | (715 | ) | - | (5,356 | ) | |||||||||
|
MDC's Share of
EBITDA**
|
$ | 65,576 | $ | 11,484 | $ | (12,257 | ) | $ | 64,803 | |||||||
|
*
|
EBITDA is a non-GAAP measure, but
as shown above it represents operating income (loss) plus depreciation and
amortization, and stock-based
compensation.
|
|
**
|
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 net
income attributable to noncontrolling
interests.
|
|
MDC PARTNERS
INC.
|
||||||||||||||||
|
RECONCILIATION OF OPERATING INCOME
(LOSS) TO EBITDA
|
||||||||||||||||
|
(US$ in 000s, except
percentages)
|
||||||||||||||||
|
For the Twelve Months Ended
December 31, 2008
|
||||||||||||||||
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 363,580 | $ | 221,068 | - | $ | 584,648 | |||||||||
|
Operating income (loss) as
reported
|
$ | 27,659 | $ | 10,708 | $ | (18,023 | ) | $ | 20,344 | |||||||
|
Add:
|
||||||||||||||||
|
Depreciation and
amortization
|
24,814 | 9,189 | 401 | 34,404 | ||||||||||||
|
Stock-based
compensation
|
6,162 | 3,697 | 4,578 | 14,437 | ||||||||||||
|
EBITDA*
|
58,635 | 23,594 | (13,044 | ) | 69,185 | |||||||||||
|
margin
|
16.1 | % | 10.7 | % | 11.8 | % | ||||||||||
|
Less income attributable to
noncontrolling interests
|
(5,302 | ) | (2,834 | ) | - | (8,136 | ) | |||||||||
|
MDC's Share of
EBITDA**
|
$ | 53,333 | $ | 20,760 | $ | (13,044 | ) | $ | 61,049 | |||||||
|
*
|
EBITDA is a non-GAAP measure, but
as shown above it represents operating income (loss) plus depreciation and
amortization, and stock-based
compensation.
|
|
**
|
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 net
income attributable to noncontrolling
interests.
|
|
SCHEDULE
4
|
||||||||||||||||
|
MDC PARTNERS
INC.
|
||||||||||||||||
|
FREE CASH
FLOW
|
||||||||||||||||
|
(US$ in 000s, except share and per
share amounts)
|
||||||||||||||||
|
Three Months Ended December
31,
|
Twelve Months Ended December
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
MDC EBITDA
|
$ | 18,323 | $ | 17,118 | $ | 64,803 | $ | 61,049 | ||||||||
|
Capital
Expenditures
|
(2,924 | ) | (3,963 | ) | (6,212 | ) | (14,395 | ) | ||||||||
|
Cash Taxes
|
103 | (101 | ) | (384 | ) | (1,037 | ) | |||||||||
|
Cash Interest, net &
Other
|
(9,086 | ) | (3,874 | ) | (17,290 | ) | (12,724 | ) | ||||||||
|
Free Cash Flow
*
|
$ | 6,416 | $ | 9,180 | $ | 40,917 | $ | 32,893 | ||||||||
|
Diluted Common Shares
Outstanding
|
27,553,402 | 30,111,225 | 27,396,463 | 27,430,162 | ||||||||||||
|
Free Cash Flow per
Share
|
$ | 0.23 | $ | 0.30 | $ | 1.49 | $ | 1.20 | ||||||||
* As defined by MDC
Partners
|
SCHEDULE
5
|
||||||||
|
MDC PARTNERS
INC.
|
||||||||
|
CONSOLIDATED BALANCE
SHEETS
|
||||||||
|
(US$ in
000s)
|
||||||||
|
December
31,
|
December
31,
|
|||||||
|
2009
|
2008
|
|||||||
|
Assets
|
||||||||
|
Current
Assets:
|
||||||||
|
Cash and cash
equivalents
|
$ | 51,926 | $ | 41,331 | ||||
|
Accounts receivable,
net
|
118,211 | 106,954 | ||||||
|
Expenditures billable to
clients
|
24,003 | 16,949 | ||||||
|
Prepaid
expenses
|
4,942 | 5,240 | ||||||
|
Other current
assets
|
3,163 | 5,270 | ||||||
|
Total Current
Assets
|
202,245 | 175,744 | ||||||
|
Fixed assets,
net
|
35,375 | 44,021 | ||||||
|
Investment in
affiliates
|
1,547 | 1,593 | ||||||
|
Goodwill
|
301,632 | 238,214 | ||||||
|
Other intangible assets,
net
|
34,715 | 46,852 | ||||||
|
Deferred tax
assets
|
8,736 | 11,926 | ||||||
|
Other
assets
|
16,462 | 10,889 | ||||||
|
Total
Assets
|
$ | 600,712 | $ | 529,239 | ||||
|
Liabilities and Shareholders'
Equity
|
||||||||
|
Current
Liabilities:
|
||||||||
|
Accounts
payable
|
$ | 77,450 | $ | 75,360 | ||||
|
Accrued and other
liabilities
|
66,967 | 55,338 | ||||||
|
Advance
billings
|
65,879 | 50,053 | ||||||
|
Current portion of long term
debt
|
1,456 | 1,546 | ||||||
|
Deferred acquisition
consideration
|
30,645 | 5,538 | ||||||
|
Total Current
Liabilities
|
242,397 | 187,835 | ||||||
|
Long-term
debt
|
216,490 | 133,305 | ||||||
|
Revolving credit
facility
|
- | 9,701 | ||||||
|
Convertible
notes
|
- | 36,946 | ||||||
|
Other
liabilities
|
8,707 | 6,949 | ||||||
|
Deferred tax
liabilities
|
3,118 | 4,700 | ||||||
|
Total
Liabilities
|
470,712 | 379,436 | ||||||
|
Redeemable Noncontrolling
Interests
|
36,860 | 21,751 | ||||||
|
Shareholders'
Equity:
|
||||||||
|
Common
shares
|
218,533 | 213,534 | ||||||
|
Additional paid in
capital
|
6,553 | 33,470 | ||||||
|
Accumulated
deficit
|
(131,160 | ) | (112,836 | ) | ||||
|
Stock subscription
receivable
|
(341 | ) | (354 | ) | ||||
|
Accumulated other comprehensive
loss
|
(4,265 | ) | (6,633 | ) | ||||
|
MDC Partners Inc. Shareholders'
Equity
|
89,320 | 127,181 | ||||||
|
Noncontrolling
Interests
|
3,820 | 871 | ||||||
|
Total
Equity
|
93,140 | 128,052 | ||||||
|
Total Liabilities, Redeemable
Noncontrolling Interests and
Equity
|
$ | 600,712 | $ | 529,239 | ||||
|
SCHEDULE
6
|
||||||||
|
MDC PARTNERS
INC.
|
||||||||
|
SUMMARY CASH FLOW
DATA
|
||||||||
|
(US$ in
000s)
|
||||||||
|
Twelve Months Ended December
31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Cash flows provided by continuing
operating activities
|
$ | 60,708 | $ | 60,945 | ||||
|
Discontinued
operations
|
(805 | ) | (3,499 | ) | ||||
|
Net cash provided by operating
activities
|
59,903 | 57,446 | ||||||
|
Net cash used in continuing
investing activities
|
(66,199 | ) | (49,639 | ) | ||||
|
Discontinued
operations
|
- | (547 | ) | |||||
|
Net cash used in investing
activities
|
(66,199 | ) | (50,186 | ) | ||||
|
Net cash provided by continuing
financing activities
|
20,037 | 23,510 | ||||||
|
Effect of exchange rate changes on
cash and cash equivalents
|
(3,146 | ) | 151 | |||||
|
Net increase in cash and cash
equivalents
|
$ | 10,595 | $ | 30,921 | ||||