Attached files
| file | filename |
|---|---|
| EX-99.2 - Stagwell Inc | v191610_ex99-2.htm |
| 8-K - Stagwell Inc | v191610_8k.htm |
| EX-99.3 - Stagwell Inc | v191610_ex99-3.htm |
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE
|
FOR:
|
MDC
Partners Inc.
|
|
CONTACT:
|
David
Doft
|
|
|
950
Third Avenue, 5th
Floor
|
Chief
Financial Officer
|
||||
|
New
York, NY 10022
|
1-646-429-1818
|
||||
|
ddoft@mdc-partners.com
|
MDC
PARTNERS INC. REPORTS RESULTS FOR THE
THREE
AND SIX MONTHS ENDED JUNE 30, 2010
Increases
Quarterly Dividend 10% to $0.11 per Share From $0.10
Previously
SECOND QUARTER
HIGHLIGHTS:
|
·
|
Revenue
increased to $170.0 million versus $134.9 million in Q2 2009, an increase
of 26.0%
|
|
·
|
Organic
revenue increased 5.3% for Q2 2010, an over 500 basis point acceleration
from Q1 2010
|
|
·
|
EBITDA
decreased slightly to $18.3 million versus $18.5 million in Q2 2009 due to
timing of client activity and investment in key talent and growth
initiatives
|
|
·
|
Net
new business wins of $27.2 million for Q2 2010, an increase of over $20
million from Q1, to bring the year to date total to $33.8
million
|
|
·
|
Digital
revenue increased to 43% of total revenues in Q2 2010 from 41% in Q1
2010
|
|
·
|
Adjusting
fiscal 2010 guidance for change to consolidated EBITDA from MDC
EBITDA
|
|
·
|
Increasing
2010 revenue guidance to $640-655 million, an estimated increase of 17.2%
to 20.0% from 2009
|
|
·
|
2010
consolidated EBITDA guidance increased to $86-88 million, an estimated
increase of 22.6% to 25.4% from
2009
|
|
·
|
Increasing
Total Free Cash Flow guidance to $61-63 million from $53-55 million due to
increased improvement in Working Capital and
Other
|
|
·
|
Increasing
quarterly dividend 10% to $0.11 per share from $0.10
|
|
|
·
|
Agreed
to acquire a majority interest in a leading experiential marketing
firm
|
NEW YORK, NY (July 29, 2010) –
MDC Partners Inc. (“MDC Partners” or the “Company”) today announced financial
results for the three and six months ended June 30, 2010.
“We are
very pleased with our second quarter financial performance, and particularly
with the way our businesses performed in the latter part of the period,” said
Miles S. Nadal, Chairman and Chief Executive Officer of MDC
Partners. “We’re leading the industry in developing marketing
strategies that deliver superior return on marketing investment. This success is
enabling us to win new business at an unprecedented pace. We are building
long-term and profitable relationships with some of the biggest and best
marketing brands in the world. With business momentum picking up
significantly in the second quarter, the second half of 2010 is shaping up to be
particularly robust, and we are well on our way to an industry-leading financial
performance with increased 2010 guidance on all financial metrics. We
are very well positioned to continue our growth in 2011.”
Guidance
for 2010 is adjusted as follows to account for a change to consolidated EBITDA
from MDC EBITDA due to the diminishing income from noncontrolling interests as a
percent of the total business, acquisitions and expected improvements in cash
generation:
|
Adjusted
|
Implied
|
Pro
Forma
|
Implied
|
|||||
|
2010
|
Year over
Year
|
2010
|
Year over
Year
|
|||||
|
Guidance
|
Change
|
Estimate
|
Change
|
|||||
|
Revenue
|
$640 - $655
million
|
+17.2% to
+20.0%
|
$675 - $690
million
|
+23.6% to
+26.4%
|
||||
|
EBITDA
|
$86 - $88
million
|
+22.6% to
+25.4%
|
$96 - $98
million
|
+36.8% to
+39.7%
|
||||
|
Free Cash
Flow
|
$41 - $43
million
|
+0.2% to
+5.1%
|
$48 - $50
million
|
+17.3% to
+22.2%
|
||||
|
+ Change in Working Capital and
Other
|
+$20
million
|
+$20
million
|
||||||
|
Total Free Cash
Flow
|
$61 - $63
million
|
+10.5% to
+14.1%
|
$68 - $70
million
|
+23.2% to
+26.8%
|
Note: The
“Pro Forma 2010 Estimate” section of the above table accounts for recent
acquisitions as if financial contributions to MDC occur for the entirety of
2010.
Consolidated
revenue for the second quarter of 2010 was $170.0 million, an increase of 26.0%
compared to $134.9 million in the second quarter of 2009. EBITDA (as
defined) for the second quarter of 2010 was $18.3 million, a decrease of 1.1%
compared to $18.5 million in the second quarter of 2009 driven by the timing of
client wins and losses and our planned investment in talent and other growth
initiatives. Net income (loss) attributable to MDC Partners Inc. in
the second quarter was a loss of ($5.8) million compared to nominal income in
the second quarter of 2009. Diluted earnings (loss) per share from
continuing operations attributable to MDC Partners Inc. common shareholders for
the second quarter of 2010 was a loss of ($0.19) compared with $0.01 per share
in the same period of 2009. Free cash flow (as defined) was $5.5
million in the second quarter of 2010, compared with $12.9 million in the second
quarter of 2009.
For the
six month ended June 30, 2010 consolidated revenue was $306.2 million, an
increase of 17.0% compared to $261.6 million in the same period of
2009. EBITDA (as defined) for the first six months of 2010 was $27.1
million, a decrease of 10.0% compared to $30.1 million in the first six months
of 2009. Net income (loss) attributable to MDC Partners Inc. for the
first six months of 2010 was a loss of ($16.0) million compared to nominal
income in the first half of 2009. Diluted earnings (loss) per share
from continuing operations attributable to MDC Partners Inc. common shareholders
for the six months ended June 30, 2010 was a loss of ($0.55) compared with $0.02
per share in the same period of 2009.
“Our
strategy to deliver solid organic growth and to strategically invest capital was
reinforced in the first half of the year,” said David Doft, Chief Financial
Officer. “The strategic acquisitions that we have completed are all
operating on or ahead of expectations, and contributing positively to our
financial performance. Additionally, the 5.3% organic revenue growth
accelerated throughout the second quarter and our overall financial performance
for the quarter exceeded our internal expectations. In particular,
our results for June were up dramatically year over year and give us great
confidence in our momentum for the rest of 2010. While our investment
in talent and infrastructure weighed on our profitability metrics in the first
two quarters of 2010, we are beginning to see significant positive
returns. We also fully expect that the robust new business pipeline
and wins we are experiencing now will significantly enhance our organic growth
and our financial performance in the second half of 2010, and for the full year
2011.”
MDC
Partners Announces $0.11 per Share Cash Dividend
MDC
Partners today also announced that its Board of Directors has declared a cash
dividend of $0.11 per share on all of its outstanding Class A shares and Class B
shares. The dividend will be payable on August 27, 2010 to
shareholders of record at the close of business on August 13, 2010.
“As we
previously stated in the first quarter of 2010, we are dedicated to rewarding
all of our shareholders for their loyalty and commitment,” said Mr.
Nadal. “The payment of cash dividends remains an important part of
our ongoing strategy to maximize shareholder value. The new dividend
of $0.11 per share represents a 10% increase above MDC Partners’ last dividend
payment and is representative of the significant increase in free cash flow that
MDC has achieved to date. As free cash flow continues to increase
over time, we expect dividend payments to continue to increase as
well.”
Conference
Call
Management
will host a conference call on July 30, 2010 at 8:00 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 Friday, August 13, 2010
by dialing 1-416-849-0833 or toll free 1-800-642-1687 (passcode 86728867#) 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 EBITDA and EBITDA margin (as
defined) for the three months and six months ended June 30, 2010 and 2009; and
(2) presenting Free Cash Flow and Free Cash Flow per Share (as defined) for the
three months and six months ended June 30, 2010 and 2009. 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 June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Revenue
|
$ | 169,989 | $ | 134,882 | $ | 306,171 | $ | 261,620 | ||||||||
|
Operating
Expenses:
|
||||||||||||||||
|
Cost
of services sold
|
116,766 | 88,238 | 213,735 | 174,117 | ||||||||||||
|
Office
and general expenses
|
39,110 | 30,173 | 73,735 | 61,325 | ||||||||||||
|
Depreciation
and amortization
|
8,039 | 7,604 | 13,872 | 15,197 | ||||||||||||
| 163,915 | 126,015 | 301,342 | 250,639 | |||||||||||||
|
Operating
profit
|
6,074 | 8,867 | 4,829 | 10,981 | ||||||||||||
|
Other
Income (Expenses):
|
||||||||||||||||
|
Other
income (expense)
|
(287 | ) | (2,541 | ) | (900 | ) | 89 | |||||||||
|
Interest
expense and finance charges
|
(8,425 | ) | (3,723 | ) | (15,453 | ) | (7,484 | ) | ||||||||
|
Interest
income
|
57 | 70 | 78 | 272 | ||||||||||||
|
Income
(loss) from continuing operations before income taxes
|
||||||||||||||||
|
and
equity in affiliates
|
(2,581 | ) | 2,673 | (11,446 | ) | 3,858 | ||||||||||
|
Income
tax expense
|
552 | 1,608 | 801 | 2,223 | ||||||||||||
|
Income
(loss) from continuing operations before equity in
affiliates
|
(3,133 | ) | 1,065 | (12,247 | ) | 1,635 | ||||||||||
|
Equity
in earnings (loss) of non-consolidated affiliates
|
(39 | ) | 105 | (143 | ) | 198 | ||||||||||
|
Income
(loss) from continuing operations
|
(3,172 | ) | 1,170 | (12,390 | ) | 1,833 | ||||||||||
|
Loss
from discontinued operations, net of taxes
|
(647 | ) | (108 | ) | (647 | ) | (361 | ) | ||||||||
|
Net
income (loss)
|
(3,819 | ) | 1,062 | (13,037 | ) | 1,472 | ||||||||||
|
Net
income attributable to the noncontrolling interests
|
(1,986 | ) | (983 | ) | (2,954 | ) | (1,365 | ) | ||||||||
|
Net
income (loss) attributable to MDC Partners Inc.
|
$ | (5,805 | ) | $ | 79 | $ | (15,991 | ) | $ | 107 | ||||||
|
Income
(Loss) Per Common Share:
|
||||||||||||||||
|
Basic:
|
||||||||||||||||
|
Income
(loss) from continuing operations attributable to MDC
|
||||||||||||||||
|
Partners
Inc. common shareholders
|
$ | (0.19 | ) | $ | 0.01 | $ | (0.55 | ) | $ | 0.02 | ||||||
|
Discontinued
operations
|
$ | (0.02 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.01 | ) | ||||
|
Net
income (loss) attributable to MDC Partners Inc.
|
||||||||||||||||
|
common
shareholders
|
$ | (0.21 | ) | $ | 0.01 | $ | (0.57 | ) | $ | 0.01 | ||||||
|
Income
(Loss) Per Common Share:
|
||||||||||||||||
|
Diluted:
|
||||||||||||||||
|
Income
(loss) from continuing operations attributable to MDC
|
||||||||||||||||
|
Partners
Inc. common shareholders
|
$ | (0.19 | ) | $ | 0.01 | $ | (0.55 | ) | $ | 0.02 | ||||||
|
Discontinued
operations
|
$ | (0.02 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.01 | ) | ||||
|
Net
income (loss) attributable to MDC Partners Inc.
|
||||||||||||||||
|
common
shareholders
|
$ | (0.21 | ) | $ | 0.01 | $ | (0.57 | ) | $ | 0.01 | ||||||
|
Weighted
Average Number of Common Shares:
|
||||||||||||||||
|
Basic
|
27,800,953 | 27,440,030 | 27,716,895 | 27,278,786 | ||||||||||||
|
Diluted
|
27,800,953 | 27,684,194 | 27,716,895 | 27,278,786 | ||||||||||||
|
SCHEDULE
2
|
|
MDC
PARTNERS INC.
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO EBITDA
|
|
(US$
in 000s, except percentages)
|
|
For
the Three Months Ended June 30,
2010
|
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 106,980 | $ | 63,009 | - | $ | 169,989 | |||||||||
|
Operating
income (loss) as reported
|
$ | 10,377 | $ | 1,338 | $ | (5,641 | ) | $ | 6,074 | |||||||
|
Add:
|
||||||||||||||||
|
Depreciation
and amortization
|
4,238 | 3,707 | 94 | 8,039 | ||||||||||||
|
Stock-based
compensation
|
1,078 | 399 | 1,411 | 2,888 | ||||||||||||
|
Acquisition
deal costs
|
41 | 265 | 25 | 331 | ||||||||||||
|
Deferred
acquisition consideration adjustments to P&L
|
113 | 738 | 126 | 977 | ||||||||||||
|
EBITDA
*
|
15,847 | 6,447 | (3,985 | ) | 18,309 | |||||||||||
|
margin
|
14.8 | % | 10.2 | % | 10.8 | % | ||||||||||
|
*
|
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 and deferred acquisition
consideration
adjustments.
|
|
MDC
PARTNERS INC.
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO EBITDA
|
|
(US$
in 000s, except percentages)
|
|
For
the Three Months Ended June 30,
2009
|
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 88,248 | $ | 46,634 | - | $ | 134,882 | |||||||||
|
Operating
income (loss) as reported
|
$ | 11,491 | $ | 1,596 | $ | (4,220 | ) | $ | 8,867 | |||||||
|
Add:
|
||||||||||||||||
|
Depreciation
and amortization
|
5,480 | 2,043 | 81 | 7,604 | ||||||||||||
|
Stock-based
compensation
|
371 | 184 | 1,490 | 2,045 | ||||||||||||
|
Acquisition
deal costs
|
- | - | - | - | ||||||||||||
|
Deferred
acquisition consideration adjustments to P&L
|
- | - | - | - | ||||||||||||
|
EBITDA*
|
17,342 | 3,823 | (2,649 | ) | 18,516 | |||||||||||
|
margin
|
19.7 | % | 8.2 | % | 13.7 | % | ||||||||||
|
*
|
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 and deferred acquisition
consideration
adjustments.
|
|
SCHEDULE
3
|
|
MDC
PARTNERS INC.
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO EBITDA
|
|
(US$
in 000s, except percentages)
|
|
For
the Six Months Ended June 30,
2010
|
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 198,505 | $ | 107,666 | - | $ | 306,171 | |||||||||
|
Operating
income (loss) as reported
|
$ | 16,660 | $ | (1,314 | ) | $ | (10,517 | ) | $ | 4,829 | ||||||
|
Add:
|
||||||||||||||||
|
Depreciation
and amortization
|
7,539 | 6,146 | 187 | 13,872 | ||||||||||||
|
Stock-based
compensation
|
2,831 | 765 | 2,759 | 6,355 | ||||||||||||
|
Acquisition
deal costs
|
41 | 664 | 25 | 730 | ||||||||||||
|
Deferred
acquisition consideration adjustments to P&L
|
309 | 876 | 126 | 1,311 | ||||||||||||
|
EBITDA
*
|
27,380 | 7,137 | (7,420 | ) | 27,097 | |||||||||||
|
margin
|
13.8 | % | 6.6 | % | 8.9 | % | ||||||||||
|
*
|
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 and deferred acquisition consideration
adjustments.
|
|
MDC
PARTNERS INC.
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO EBITDA
|
|
(US$
in 000s, except percentages)
|
|
For
the Six Months Ended June 30,
2009
|
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 172,711 | $ | 88,909 | - | $ | 261,620 | |||||||||
|
Operating
income (loss) as reported
|
$ | 18,290 | $ | 917 | $ | (8,226 | ) | $ | 10,981 | |||||||
|
Add:
|
||||||||||||||||
|
Depreciation
and amortization
|
10,852 | 4,170 | 175 | 15,197 | ||||||||||||
|
Stock-based
compensation
|
804 | 374 | 2,764 | 3,942 | ||||||||||||
|
Acquisition
deal costs
|
- | - | - | - | ||||||||||||
|
Deferred
acquisition consideration adjustments to P&L
|
- | - | - | - | ||||||||||||
|
EBITDA*
|
29,946 | 5,461 | (5,287 | ) | 30,120 | |||||||||||
|
margin
|
17.3 | % | 6.1 | % | 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 and deferred acquisition consideration
adjustments.
|
|
SCHEDULE
4
|
|
MDC
PARTNERS INC.
|
|
FREE
CASH FLOW
|
|
(US$
in 000s, except share and per share
amounts)
|
|
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
EBITDA
|
$ | 18,309 | $ | 18,516 | 27,097 | $ | 30,120 | |||||||||
|
Net
Income Attibutable to Noncontrolling Interests
|
$ | (1,986 | ) | $ | (983 | ) | (2,954 | ) | $ | (1,365 | ) | |||||
|
Capital
Expenditures
|
(2,958 | ) | (1,257 | ) | (5,720 | ) | (2,087 | ) | ||||||||
|
Cash
Taxes
|
(158 | ) | (468 | ) | (803 | ) | (402 | ) | ||||||||
|
Cash
Interest, net & Other
|
(7,694 | ) | (2,931 | ) | (13,982 | ) | (5,584 | ) | ||||||||
|
Free
Cash Flow *
|
$ | 5,513 | $ | 12,877 | $ | 3,638 | $ | 20,682 | ||||||||
|
Diluted
Common Shares Outstanding
|
27,800,953 | 27,684,194 | 27,716,895 | 27,278,786 | ||||||||||||
|
Free
Cash Flow per Share
|
$ | 0.20 | $ | 0.47 | $ | 0.13 | $ | 0.76 | ||||||||
* As
defined by MDC Partners
|
SCHEDULE
5
|
|
MDC
PARTNERS INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(US$
in
000s)
|
|
June
30,
|
December
31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Assets
|
||||||||
|
Current
Assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 47,454 | $ | 51,926 | ||||
|
Accounts
receivable, net
|
146,346 | 118,211 | ||||||
|
Expenditures
billable to clients
|
44,708 | 24,003 | ||||||
|
Other
current assets
|
10,603 | 8,105 | ||||||
|
Total
Current Assets
|
249,111 | 202,245 | ||||||
|
Fixed
assets, net
|
37,073 | 35,375 | ||||||
|
Investment
in affiliates
|
1,385 | 1,547 | ||||||
|
Goodwill
|
415,541 | 301,632 | ||||||
|
Other
intangible assets, net
|
57,164 | 34,715 | ||||||
|
Deferred
tax assets
|
12,546 | 12,542 | ||||||
|
Other
assets
|
19,166 | 16,463 | ||||||
|
Total
Assets
|
$ | 791,986 | $ | 604,519 | ||||
|
Liabilities
and Shareholders' Equity
|
||||||||
|
Current
Liabilities:
|
||||||||
|
Accounts
payable
|
$ | 88,721 | $ | 77,450 | ||||
|
Accrued
and other liabilities
|
59,299 | 66,967 | ||||||
|
Advance
billings
|
122,957 | 65,879 | ||||||
|
Current
portion of long term debt
|
1,502 | 1,456 | ||||||
|
Current
portion of deferred acquisition consideration
|
23,640 | 30,645 | ||||||
|
Total
Current Liabilities
|
296,119 | 242,397 | ||||||
|
Revolving
credit facility
|
- | - | ||||||
|
Long-term
debt
|
284,640 | 216,490 | ||||||
|
Long-term
portion of deferred acquisition consideration
|
40,328 | - | ||||||
|
Other
liabilities
|
8,519 | 8,707 | ||||||
|
Deferred
tax liabilities
|
8,989 | 9,051 | ||||||
|
Total
Liabilities
|
638,595 | 476,645 | ||||||
|
Redeemable
Noncontrolling Interests
|
34,626 | 33,728 | ||||||
|
Shareholders'
Equity:
|
||||||||
|
Common
shares
|
220,030 | 218,533 | ||||||
|
Additional
paid in capital
|
6,491 | 9,174 | ||||||
|
Accumulated
deficit
|
(147,151 | ) | (131,160 | ) | ||||
|
Stock
subscription receivable
|
(217 | ) | (341 | ) | ||||
|
Accumulated
other comprehensive loss
|
(5,420 | ) | (5,880 | ) | ||||
|
MDC
Partners Inc. Shareholders' Equity
|
73,733 | 90,326 | ||||||
|
Noncontrolling
Interests
|
45,032 | 3,820 | ||||||
|
Total
Equity
|
118,765 | 94,146 | ||||||
|
Total
Liabilities, Redeemable Noncontrolling
|
||||||||
|
Interests
and Equity
|
$ | 791,986 | $ | 604,519 | ||||
|
SCHEDULE
6
|
|
MDC
PARTNERS INC.
|
|
SUMMARY
CASH FLOW DATA
|
|
(US$
in 000s)
|
|
Six
Months Ended June 30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Cash
flows provided by continuing operating activities
|
$ | (2,464 | ) | $ | 21,721 | |||
|
Discontinued
operations
|
(269 | ) | (290 | ) | ||||
|
Net
cash provided by (used in) operating activities
|
(2,733 | ) | 21,431 | |||||
|
Net
cash used in continuing investing activities
|
(63,230 | ) | (5,760 | ) | ||||
|
Discontinued
operations
|
(710 | ) | - | |||||
|
Net
cash used in investing activities
|
(63,940 | ) | (5,760 | ) | ||||
|
Net
cash provided by continuing financing activities
|
62,128 | 873 | ||||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
73 | 59 | ||||||
|
Net
increase (decrease) in cash and cash equivalents
|
$ | (4,472 | ) | $ | 16,603 | |||