MDC Partners cuts Q1 net loss

MDC Partners Inc., a Canadian-U.S. marketing, consulting and advertising company, reports its net loss narrowed in the first quarter as the company generated higher revenues.

MDC Partners Inc., a Canadian-U.S. marketing, consulting and advertising company, reports its net loss narrowed in the first quarter as the company generated higher revenues.

The New York firm, which started in Canada, reported late Thursday it lost US$8.7 million or 31 cents a share for the three months ended March 31.

That compared with a net loss of US$10.2 million or 35 cents a year earlier.

Consolidated revenue for the first quarter jumped 60% to $217.5 million from $135.9 million.

“Our strong results this quarter sets us up nicely to deliver the organic growth, margin expansion and free cash flow generation that we forecasted for 2011,” said David Doft, MDC’s chief financial officer.

“We are confident that we can approach a $1 billion run rate in revenue in the next nine months and the capital raise that we recently successfully completed underscores how strongly the market believes in our model and prospects for future shareholder value creation.”

MDC wholly or partially owns a number of marketing, communications and strategic consulting services including Henderson Bas Kohn, Kirshenbaum Bond Senecal + Partners and CPB Canada.

Advertising Articles

Diageo launches Jeremiah Weed in Canada

Brand takes 'irreverent approach' to connect with millennials

FCB named BMO’s lead agency

Agency replaces Y&R, will continue BMO's attempts to humanize its brand

ZAK rounds out hiring spree with three more additions

Gail Pak, Alicia Brown and Samantha Angu join the Toronto agency

The new reality of customer-centric marketing (Column)

Cundari CEO on creating content that provides value, engages brand advocates

Ads You Must See: Leo Burnett PSA takes your breath away

Leo Burnett Change tries to save a life, British Red Cross gets lost in baby bling

Havas goes on a hiring spree

Agency adds eight team members across its Montreal and Toronto offices

On The Move: changes at Naked Creative, Manifest, Télé-Québec

A weekly recap of who's headed where in Canadian marketing and communications

BBDO taps Timothy Welsh to lead post-production operation

Agency expands Ricochet to meet rising demand for video content