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

Canada’s Hottest Ads: Buzzfeed’s hits and misses

One Advertising's Karen Howe sees branded content upping its game... mostly

Ask me anything: Harlequin Teen launches Twitter oracle

Publisher leverages ' conversational nature' of social for latest book promotion

RW&CO gets suited up with P.K. Subban

NHL star and family star in fall campaign

On the Move: Changes at BBDO, The Globe and Mail, Rogers Media

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

Match Marketing Group acquires Quadrant Marketing

Agency's clients include Kraft Foodservice and P&G

New York Fries’ golden opportunity

Chain rewarding diners fluent in pig latin in celebration of International Bacon Day

FleishmanHillard stays up all night for pro bono work

Toronto office participates in CreateAthon for the second time in three years

OverCat Communications launches one-stop press hub

Users can download press materials 24/7

Praxis picks up three accounts

Toronto firms adds a hotel, an investment firm and a national association to its roster