MDC Partners cuts Q1 net loss
April 29, 2011 | Canadian Press | Comments
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.