Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Stagwell Inc | v230043_8k.htm |
| EX-99.2 - SLIDESHOW PRESENTATION - Stagwell Inc | v230043_ex99-2.htm |
| EX-99.3 - PRESS RELEASE - Stagwell Inc | v230043_ex99-3.htm |
Exhibit 99.1
PRESS RELEASE
|
FOR:
|
MDC Partners Inc.
|
CONTACT:
|
David Doft
|
|
745 Fifth Avenue, 19th Floor
|
Chief Financial Officer
|
||
|
New York, NY 10151
|
646-429-1818
|
||
|
ddoft@mdc-partners.com
|
MDC PARTNERS INC. REPORTS RECORD RESULTS FOR THE
THREE AND SIX MONTHS ENDED JUNE 30, 2011
Maintains Quarterly Dividend of $0.14 per Share
SECOND QUARTER HIGHLIGHTS:
|
·
|
Revenue increased to $240.5 million versus $169.9 million in Q2 2010, an increase of 41.6%
|
|
·
|
Organic revenue increased 21.2% for Q2 2011
|
|
·
|
EBITDA increased to $32.5 million versus $18.6 million in Q2 2010, an increase of 74.3%
|
|
·
|
EBITDA margins improved to 13.5% versus 11.0% in Q2 2010, an increase of 250 basis points
|
|
·
|
Free Cash Flow before working capital improved to $16.5 million versus $5.8 million in Q2 2010
|
|
·
|
Total Free Cash Flow including working capital was $19.5 million versus $34.3 million in Q2 2010
|
|
·
|
Technology and digital services revenue made up 51% of total revenues in Q2 2011
|
|
·
|
Net new business wins of $38.6 million for Q2 2011
|
YEAR TO DATE HIGHLIGHTS:
|
·
|
Revenue increased to $458.0 million versus $305.8 million in 2010, an increase of 49.8%
|
|
·
|
Organic revenue increased 23.6% for YTD 2011
|
|
·
|
EBITDA increased to $47.2 million versus $27.9 million in 2010, an increase of 69.3%
|
|
·
|
EBITDA margins improved to 10.3% versus 9.1% in 2010, an increase of 120 basis points
|
|
·
|
Free Cash Flow before working capital improved to $17.3 million versus $4.3 million for YTD 2010
|
|
·
|
Total Free Cash Flow including working capital was an outflow of ($10.7) million versus $20.8 million for YTD 2010
|
NEW YORK, NY (July 28, 2011) – MDC Partners Inc. (“MDC Partners” or the “Company”) today announced financial results for the three and six months ended June 30, 2011.
“We performed very well in the first half of the year, delivering solid financial results and setting us up to achieve our full year guidance,” said Miles S. Nadal, Chairman and Chief Executive Officer of MDC Partners. “We’re gaining market share. Our pipeline of new business is robust. Our win rate is strong. And growth is broad across the portfolio of partner firms that are truly changing the way this industry does business. Because of the transformational work that our partners continue to produce for clients, from integrated creative and marketing services, to technology solutions, to data that helps marketers make informed decisions, we are pleased that our overall financial performance continues to outpace the industry.”
Guidance for 2011 is maintained as follows:
|
2011
|
|||
|
Guidance
|
|||
|
Revenue
|
$850 - $870 million
|
||
|
EBITDA
|
$108 - $112 million
|
||
|
Free Cash Flow
|
$43 - $46 million
|
||
|
+ Change in Working Capital and Other
|
+$5 million
|
||
|
Total Free Cash Flow
|
$48 - $51 million
|
Consolidated revenue for the second quarter of 2011 was $240.5 million, an increase of 41.6% compared to $169.9 million in the second quarter of 2010. EBITDA (as defined) for the second quarter of 2011 was $32.5 million compared to $18.6 million in the second quarter of 2010, representing an increase of 74.3%. Net income attributable to MDC Partners in the second quarter was $1.3 million compared to a loss of ($5.8) million in the second quarter of 2010. Diluted earnings per share from continuing operations attributable to MDC Partners common shareholders for the second quarter of 2011 was income of $0.04 compared to a loss of ($0.18) per share in the same period of 2010. Free Cash Flow (as defined) was $16.5 million in the second quarter of 2011, compared to $5.8 million in the second quarter of 2010.
For the six months ended June 30, 2011, consolidated revenue was $458.0 million, an increase of 49.8% compared to $305.8 million in the same period of 2010. EBITDA (as defined) for the first six months of 2011 was $47.2 million compared to $27.9 million in the first half of 2010, representing an increase of 69.3%. Net income attributable to MDC Partners in the first six months of 2011 was a loss of ($7.4) million compared to a loss of ($16.0) million in the same period of 2010. Diluted earnings per share from continuing operations attributable to MDC Partners common shareholders for the first six months of 2011 was a loss of ($0.25) compared to a loss of ($0.53) per share in the same period of 2010. Free Cash Flow (as defined) was $17.3 million in the first half of 2011, compared to $4.3 million in the first half of 2010.
“We continue to deliver superior financial performance and to generate significant cash flow,” said David Doft, Chief Financial Officer. “Our new business activity in the second quarter, and really over the course of the past 18 months, was exceedingly strong. Recent notable wins include Target, Fiat and LG. In the meantime, our investment strategy continues to play out as expected and our recent acquisitions are performing ahead of plan. Importantly, we improved our EBITDA margins by 120 basis points over the first six months of last year. We are well on our way to increasing margins on average 50-100 basis points per year to reach our long term target of a 15-17 percent EBITDA margin.”
Jonah Disend Named Innovator-At-Large for MDC Partners
MDC Partners today also announced that Redscout founder and leading innovation executive Jonah Disend will assume the new role of Innovator-at-Large at the MDC Partners. Recognized for building Redscout and Redscout Ventures while also transforming countless clients’ brands, Disend was tapped by MDC Partners Chairman and CEO Miles Nadal to create a resource at MDC to help rouse an innovative view of the world among MDC companies. Disend will continue to oversee the business at Redscout, the brand development shop he founded in 2000, with offices in New York City and San Francisco.
MDC Partners Announces $0.14 per Share Cash Dividend
MDC Partners today also announced that its Board of Directors has declared a cash dividend of $0.14 per share on all of its outstanding Class A shares and Class B shares. The dividend will be payable on or about August 31, 2011 to shareholders of record at the close of business on August 17, 2011.
Conference Call
Management will host a conference call on Thursday, July 28, 2011 at 5:00 p.m. (ET) to discuss 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, August 11, by dialing 1-416-849-0833 or toll free 1-855-859-2056 (passcode 84643718) or by visiting our website at www.mdc-partners.com.
About MDC Partners Inc.
MDC is a Business Transformation Organization that utilizes technology, marketing communications, data analytics and insights and strategic consulting solutions to drive meaningful returns on Marketing and Communications Investments for multinational clients in the United States, Canada, Europe, and the Caribbean.
MDC’s durable competitive advantage is to Empower the Most Talented Entrepreneurial Thought Leaders to Drive Business Success to new levels of Achievement, for both our Clients and our Shareholders, reinforcing MDC's reputation as "The Place Where Great Talent Lives."
MDC Partners' Class A shares are publicly traded on NASDAQ under the symbol "MDCA" and on the Toronto Stock Exchange under the symbol "MDZ.A".
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 and six months ended June 30, 2011 and 2010; and (2) presenting Total Free Cash Flow, Free Cash Flow and Free Cash Flow per Share (as defined) for the three and six months ended June 30, 2011 and 2010. Included in this earnings release are tables reconciling MDC’s reported results to arrive at these non-GAAP financial measures.
This press release contains forward-looking statements. The Company’s representatives may also make forward-looking statements orally from time to time. Statements in this press release that are not historical facts, including statements about the Company’s beliefs and expectations, 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.
|
The Company’s business strategy includes ongoing efforts to engage in material acquisitions of ownership interests in entities in the marketing communications services industry. The Company intends to finance these acquisitions by using available cash from operations, from borrowings under its credit facility and through incurrence of bridge or other debt financing, any of which may increase the Company’s leverage ratios, or by issuing equity, which may have a dilutive impact on existing shareholders proportionate ownership. At any given time the Company may be engaged in a number of discussions that may result in one or more material acquisitions. These opportunities require confidentiality and may involve negotiations that require quick responses by the Company. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transactions, the announcement of any such transaction may lead to increased volatility in the trading price of the Company’s securities.
Investors should carefully consider these risk factors and the additional risk factors outlined in more detail in the Annual Report on Form 10-K under the caption “Risk Factors” and in the Company’s other SEC filings.
|
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,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Revenue
|
$ | 240,476 | $ | 169,890 | $ | 457,978 | $ | 305,805 | ||||||||
|
Operating Expenses:
|
||||||||||||||||
|
Cost of services sold
|
162,408 | 116,364 | 321,552 | 212,935 | ||||||||||||
|
Office and general expenses
|
53,777 | 39,101 | 99,508 | 73,378 | ||||||||||||
|
Depreciation and amortization
|
9,736 | 8,029 | 20,119 | 13,845 | ||||||||||||
| 225,921 | 163,494 | 441,179 | 300,158 | |||||||||||||
|
Operating profit
|
14,555 | 6,396 | 16,799 | 5,647 | ||||||||||||
|
Other Income (Expenses):
|
||||||||||||||||
|
Other income (expense)
|
444 | (289 | ) | 755 | (877 | ) | ||||||||||
|
Interest expense and finance charges
|
(10,666 | ) | (8,425 | ) | (20,230 | ) | (15,453 | ) | ||||||||
|
Interest income
|
28 | 69 | 60 | 100 | ||||||||||||
|
Income (loss) from continuing operations before income taxes
|
||||||||||||||||
|
and equity in affiliates
|
4,361 | (2,249 | ) | (2,616 | ) | (10,583 | ) | |||||||||
|
Income tax expense
|
590 | 552 | 946 | 801 | ||||||||||||
|
Income (loss) from continuing operations before equity in affiliates
|
3,771 | (2,801 | ) | (3,562 | ) | (11,384 | ) | |||||||||
|
Equity in earnings (loss) of non-consolidated affiliates
|
79 | (39 | ) | 334 | (143 | ) | ||||||||||
|
Income (loss) from continuing operations
|
3,850 | (2,840 | ) | (3,228 | ) | (11,527 | ) | |||||||||
|
Loss from discontinued operations, net of taxes
|
- | (932 | ) | - | (1,408 | ) | ||||||||||
|
Net income (loss)
|
3,850 | (3,772 | ) | (3,228 | ) | (12,935 | ) | |||||||||
|
Net income attributable to the noncontrolling interests
|
(2,527 | ) | (2,033 | ) | (4,132 | ) | (3,056 | ) | ||||||||
|
Net income (loss) attributable to MDC Partners Inc.
|
$ | 1,323 | $ | (5,805 | ) | $ | (7,360 | ) | $ | (15,991 | ) | |||||
|
Income (loss) Per Common Share:
|
||||||||||||||||
|
Basic:
|
||||||||||||||||
|
Income (loss) from continuing operations attributable to MDC
|
||||||||||||||||
|
Partners Inc. common shareholders
|
$ | 0.05 | $ | (0.18 | ) | $ | (0.25 | ) | $ | (0.53 | ) | |||||
|
Discontinued operations
|
- | $ | (0.03 | ) | - | $ | (0.05 | ) | ||||||||
|
Net income (loss) attributable to MDC Partners Inc.
|
||||||||||||||||
|
common shareholders
|
$ | 0.05 | $ | (0.21 | ) | $ | (0.25 | ) | $ | (0.58 | ) | |||||
|
Income (loss) Per Common Share:
|
||||||||||||||||
|
Diluted:
|
||||||||||||||||
|
Income (loss) from continuing operations attributable to MDC
|
||||||||||||||||
|
Partners Inc. common shareholders
|
$ | 0.04 | $ | (0.18 | ) | $ | (0.25 | ) | $ | (0.53 | ) | |||||
|
Discontinued operations
|
- | $ | (0.03 | ) | - | $ | (0.05 | ) | ||||||||
|
Net income (loss) attributable to MDC Partners Inc.
|
||||||||||||||||
|
common shareholders
|
$ | 0.04 | $ | (0.21 | ) | $ | (0.25 | ) | $ | (0.58 | ) | |||||
|
Weighted Average Number of Common Shares:
|
||||||||||||||||
|
Basic
|
29,016,384 | 27,800,953 | 28,952,182 | 27,716,895 | ||||||||||||
|
Diluted
|
32,301,722 | 27,800,953 | 28,952,182 | 27,716,895 | ||||||||||||
|
SCHEDULE 2
|
|
MDC PARTNERS INC.
|
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA
|
|
(US$ in 000s, except percentages)
|
|
For the Three Months Ended June 30, 2011
|
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 154,957 | $ | 85,519 | - | $ | 240,476 | |||||||||
|
Operating income (loss) as reported
|
$ | 22,871 | $ | 2,404 | $ | (10,720 | ) | $ | 14,555 | |||||||
|
margin
|
14.8 | % | 2.8 | % | 6.1 | % | ||||||||||
|
Add:
|
||||||||||||||||
|
Depreciation and amortization
|
5,182 | 4,437 | 117 | 9,736 | ||||||||||||
|
Stock-based compensation
|
176 | 478 | 5,121 | 5,775 | ||||||||||||
|
Acquisition deal costs
|
113 | 103 | - | 216 | ||||||||||||
|
Deferred acquisition consideration adjustments to P&L
|
954 | 1,046 | - | 2,000 | ||||||||||||
|
Profit distributions from affiliates
|
- | - | 181 | 181 | ||||||||||||
|
EBITDA *
|
$ | 29,296 | $ | 8,468 | $ | (5,301 | ) | $ | 32,463 | |||||||
|
margin
|
18.9 | % | 9.9 | % | 13.5 | % | ||||||||||
|
*
|
EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, stock-based compensation, acquisition deal costs , deferred acquisition consideration adjustments and profit distributions from affiliates.
|
|
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
|
$ | 106,881 | $ | 63,009 | - | $ | 169,890 | |||||||||
|
Operating income (loss) as reported
|
$ | 10,699 | $ | 1,338 | (5,641 | ) | $ | 6,396 | ||||||||
|
margin
|
10.0 | % | 2.1 | % | 3.8 | % | ||||||||||
|
Add:
|
||||||||||||||||
|
Depreciation and amortization
|
4,228 | 3,707 | 94 | 8,029 | ||||||||||||
|
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 | ||||||||||||
|
Profit distributions from affiliates
|
- | - | - | - | ||||||||||||
|
EBITDA*
|
$ | 16,159 | $ | 6,447 | $ | (3,985 | ) | $ | 18,621 | |||||||
|
margin
|
15.1 | % | 10.2 | % | 11.0 | % | ||||||||||
|
*
|
EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, stock-based compensation, acquisition deal costs , deferred acquisition consideration adjustments and profit distributions from affiliates.
|
|
SCHEDULE 3
|
|
MDC PARTNERS INC.
|
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA
|
|
(US$ in 000s, except percentages)
|
|
For the Six Months Ended June 30, 2011
|
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 296,450 | $ | 161,528 | - | $ | 457,978 | |||||||||
|
Operating income (loss) as reported
|
$ | 30,594 | $ | 3,735 | $ | (17,530 | ) | $ | 16,799 | |||||||
|
margin
|
10.3 | % | 2.3 | % | 3.7 | % | ||||||||||
|
Add:
|
||||||||||||||||
|
Depreciation and amortization
|
10,989 | 8,909 | 221 | 20,119 | ||||||||||||
|
Stock-based compensation
|
1,723 | 983 | 7,343 | 10,049 | ||||||||||||
|
Acquisition deal costs
|
400 | 384 | - | 784 | ||||||||||||
|
Deferred acquisition consideration adjustments to P&L
|
558 | (1,535 | ) | - | (977 | ) | ||||||||||
|
Profit distributions from affiliates
|
- | - | 448 | 448 | ||||||||||||
|
EBITDA *
|
44,264 | 12,476 | (9,518 | ) | 47,222 | |||||||||||
|
margin
|
14.9 | % | 7.7 | % | 10.3 | % | ||||||||||
|
*
|
EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, stock-based compensation, acquisition deal costs , deferred acquisition consideration adjustments and profit distributions from affiliates.
|
|
MDC PARTNERS INC.
|
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA
|
|
(US$ in 000s, except percentages)
|
|
For the Six Months Ended June 30, 2010
|
|
Strategic
|
Performance
|
|||||||||||||||
|
Marketing
|
Marketing
|
|||||||||||||||
|
Services
|
Services
|
Corporate
|
Total
|
|||||||||||||
|
Revenue
|
$ | 198,139 | $ | 107,666 | - | $ | 305,805 | |||||||||
|
Operating income (loss) as reported
|
$ | 17,478 | $ | (1,314 | ) | $ | (10,517 | ) | $ | 5,647 | ||||||
|
margin
|
8.8 | % | -1.2 | % | 1.8 | % | ||||||||||
|
Add:
|
||||||||||||||||
|
Depreciation and amortization
|
7,512 | 6,146 | 187 | 13,845 | ||||||||||||
|
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 | ||||||||||||
|
Profit distributions from affiliates
|
- | - | 7 | 7 | ||||||||||||
|
EBITDA*
|
28,171 | 7,137 | (7,413 | ) | 27,895 | |||||||||||
|
margin
|
14.2 | % | 6.6 | % | 9.1 | % | ||||||||||
|
*
|
EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, stock-based compensation, acquisition deal costs , deferred acquisition consideration adjustments and profit distributions from affiliates.
|
|
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,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
EBITDA
|
$ | 32,463 | $ | 18,621 | $ | 47,222 | $ | 27,895 | ||||||||
|
Net Income Attributable to Noncontrolling Interests
|
(2,527 | ) | (2,033 | ) | (4,132 | ) | (3,056 | ) | ||||||||
|
Capital Expenditures, net (1)
|
(3,285 | ) | (2,958 | ) | (7,185 | ) | (5,720 | ) | ||||||||
|
Cash Taxes
|
(71 | ) | (158 | ) | (135 | ) | (803 | ) | ||||||||
|
Cash Interest, net & Other
|
(10,074 | ) | (7,694 | ) | (18,439 | ) | (13,982 | ) | ||||||||
|
Free Cash Flow (2)
|
$ | 16,506 | $ | 5,778 | $ | 17,331 | $ | 4,334 | ||||||||
|
Changes in Working Capital
|
2,969 | 28,500 | (28,053 | ) | 16,435 | |||||||||||
|
Total Free Cash Flow (2)
|
$ | 19,475 | $ | 34,278 | $ | (10,722 | ) | $ | 20,769 | |||||||
|
Diluted Common Shares Outstanding
|
32,301,722 | 27,800,953 | 28,952,182 | 27,716,895 | ||||||||||||
|
Total Free Cash Flow per Share
|
$ | 0.60 | $ | 1.23 | $ | (0.37 | ) | $ | 0.75 | |||||||
|
(1) Capital Expenditures, net represents capital expenditures net of landlord reimbursements.
|
|||||
|
(2) Free Cash Flow and Total Free Cash Flow are non-GAAP measures. As shown above, Free Cash Flow represents EBITDA less net income attributable to noncontrolling interests, less capital expenditures, less net cash interest (including interest paid and to be paid on the 11% Senior Notes), less cash taxes plus realized cash foreign exchange gains. Total Free Cash Flow represents Free Cash Flow plus changes in working capital plus other changes in cash.
|
|||||
|
SCHEDULE 5
|
|
MDC PARTNERS INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(US$ in 000s)
|
|
June 30,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
Assets
|
||||||||
|
Current Assets:
|
||||||||
|
Cash and cash equivalents
|
$ | 5,704 | $ | 10,949 | ||||
|
Accounts receivable, net
|
204,925 | 195,306 | ||||||
|
Expenditures billable to clients
|
28,160 | 30,414 | ||||||
|
Other current assets
|
15,550 | 13,455 | ||||||
|
Total Current Assets
|
254,339 | 250,124 | ||||||
|
Fixed assets, net
|
41,616 | 41,053 | ||||||
|
Investment in affiliates
|
105 | - | ||||||
|
Goodwill
|
546,257 | 514,488 | ||||||
|
Other intangible assets, net
|
60,404 | 67,133 | ||||||
|
Deferred tax assets
|
21,690 | 21,603 | ||||||
|
Other assets
|
28,508 | 19,947 | ||||||
|
Total Assets
|
$ | 952,919 | $ | 914,348 | ||||
|
Liabilities and Shareholders' Equity
|
||||||||
|
Current Liabilities:
|
||||||||
|
Accounts payable
|
$ | 101,357 | $ | 131,074 | ||||
|
Accrued and other liabilities
|
58,414 | 64,050 | ||||||
|
Advance billings
|
114,013 | 124,993 | ||||||
|
Current portion of long term debt
|
1,575 | 1,667 | ||||||
|
Current portion of deferred acquisition consideration
|
27,654 | 30,887 | ||||||
|
Total Current Liabilities
|
303,013 | 352,671 | ||||||
|
Revolving credit facility
|
34,462 | - | ||||||
|
Long-term debt
|
346,050 | 284,549 | ||||||
|
Long-term portion of deferred acquisition consideration
|
63,113 | 77,104 | ||||||
|
Other liabilities
|
13,038 | 10,956 | ||||||
|
Deferred tax liabilities
|
19,554 | 19,642 | ||||||
|
Total Liabilities
|
779,230 | 744,922 | ||||||
|
Redeemable Noncontrolling Interests
|
89,233 | 77,560 | ||||||
|
Shareholders' Equity:
|
||||||||
|
Common shares
|
228,557 | 226,753 | ||||||
|
Additional paid in capital
|
- | - | ||||||
|
Charges in excess of capital
|
(19,950 | ) | (16,809 | ) | ||||
|
Accumulated deficit
|
(153,960 | ) | (146,600 | ) | ||||
|
Stock subscription receivable
|
(135 | ) | (135 | ) | ||||
|
Accumulated other comprehensive loss
|
(2,864 | ) | (4,148 | ) | ||||
|
MDC Partners Inc. Shareholders' Equity
|
51,648 | 59,061 | ||||||
|
Noncontrolling Interests
|
32,808 | 32,805 | ||||||
|
Total Equity
|
84,456 | 91,866 | ||||||
|
Total Liabilities, Redeemable Noncontrolling
|
||||||||
|
Interests and Equity
|
$ | 952,919 | $ | 914,348 | ||||
|
SCHEDULE 6
|
|
MDC PARTNERS INC.
|
|
SUMMARY CASH FLOW DATA
|
|
(US$ in 000s)
|
|
Six Months Ended June 30,
|
||||||||
|
2011
|
2010
|
|||||||
|
Cash flows (used in) provided by continuing operating activities
|
$ | (25,702 | ) | $ | 2,899 | |||
|
Discontinued operations
|
- | (1,083 | ) | |||||
|
Net cash (used in) provided by operating activities
|
(25,702 | ) | 1,816 | |||||
|
Net cash used in continuing investing activities
|
(46,101 | ) | (63,230 | ) | ||||
|
Discontinued operations
|
- | (710 | ) | |||||
|
Net cash used in investing activities
|
(46,101 | ) | (63,940 | ) | ||||
|
Net cash provided by continuing financing activities
|
66,730 | 57,579 | ||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
(172 | ) | 73 | |||||
|
Net decrease in cash and cash equivalents
|
$ | (5,245 | ) | $ | (4,472 | ) | ||