NEW YORK, April 27, 2015 /PRNewswire/ --
FIRST QUARTER HIGHLIGHTS:
- Revenue increased to $302.2
million from $274.9 million,
an increase of 10.0%
- Net loss attributable to MDC Partners of ($32.1) million versus ($8.8) million in the same period last
year
- Organic revenue increased 7.4%
- Adjusted EBITDA of $31.2
million versus $35.8 million
in the same period last year (see Schedules 2 and
3)
- Adjusted EBITDA margin of 10.3% versus 13.0% in the same
period last year (see Schedules 2 and 3)
- Adjusted EBITDA Available for General Capital Purposes of
$10.3 million versus $20.5 million in the same period last year
(see Schedule 4)
- Net New Business wins totaled $27.9
million
- Declared cash dividend of $0.21 per share
(NASDAQ: MDCA; TSX: MDZ.A) – MDC Partners Inc. ("MDC Partners"
or the "Company") today announced financial results for the three
months ended March 31, 2015.
Miles S. Nadal, Chairman and
Chief Executive Officer of MDC Partners, said, "We are pleased with
our operational and financial results in the first quarter, which
included organic revenue growth of 7.4% and profitability that is
tracking according to our full-year plan. The $28 million of net new business in the first
quarter, last year's record new business performance, and our
ongoing focus on profitable organic growth, expanding margins, and
improved cash generation, positions us nicely to deliver on our
annual projections and we are therefore reiterating our 2015
financial guidance."
Guidance for 2015 is maintained as follows:
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Implied
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2014
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2015
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Year over
Year
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Actuals
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Guidance
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Change
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Revenue
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$1.22
billion
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$1.300 - $1.330
billion
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+6.5% to
+8.5%
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Adjusted
EBITDA
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$179.4
million
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$195 - $205
million
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+8.7% to
+14.3%
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Implied Adjusted
EBITDA Margin
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14.7%
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15.0% to
15.4%
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+35 to 75 basis
points
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Adjusted EBITDA
Available for
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$98.8
million
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$109 - $119
million
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+10.3% to
+20.4%
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General Capital
Purposes
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Consolidated revenue for the first quarter of 2015 was
$302.2 million, an increase of 10.0%,
compared to $274.9 million in the
first quarter of 2014. Adjusted EBITDA for the first quarter
of 2015 was $31.2 million compared to
$35.8 million in the first quarter of
2014. Net loss attributable to MDC Partners in the first
quarter was ($32.1) million compared
to a loss of ($8.8) million in the
first quarter of 2014. Loss per share from continuing
operations attributable to MDC Partners common shareholders for the
first quarter of 2015 was ($0.52)
compared to a loss of ($0.17) per
share in the first quarter of 2014. Adjusted EBITDA Available
for General Capital Purposes was $10.3
million in the first quarter of 2015 compared to
$20.5 million in the first quarter of
2014.
David Doft, CFO of MDC Partners,
said, "This was a solid performance this quarter despite continued
currency headwinds that negatively impacted reported revenue by two
percent and the previously disclosed timing of revenue recognition
for some of our larger, more complicated pieces of new business.
Notwithstanding these factors, the year is very much on track with
our projections as we expect profitability growth to accelerate as
the year progresses. Our business is strong and we remain
highly focused on executing the strategic and financial framework
that we have previously presented, which we are confident will
drive increasing value to our shareholders over time."
Perquisite Repayment; Implementation of New Policies and
Procedures
MDC Partners is committed to the highest standards of corporate
governance and transparency in its reporting practices. Since
October 5, 2014, the Company has been
actively cooperating with the production of documents for review by
the Securities and Exchange Commission (the "SEC") pursuant to a
Subpoena. In connection with this production of documents,
the Company formed a Special Committee of independent directors to
review certain matters relating to the reimbursement of expenses
incurred by the CEO. The Special Committee is being advised
by Bruch Hanna LLP, as special independent advisor, and by Simpson
Thacher & Bartlett LLP, as legal counsel. The Special
Committee, through its counsel, received full cooperation from
Company management and Board members, reviewed and analyzed
thousands of documents, emails and other accounting information,
and interviewed several individuals.
The Special Committee completed an extensive review of
perquisites and payments made by the Company to or on behalf of
Miles Nadal and Nadal Management
Limited during the six-year period from 2009 through 2014. The
review included a detailed analysis of the available back-up
documentation supporting such payments, as well as consideration of
the Management Services Agreement among Mr. Nadal, Nadal Management
Limited and the Company and certain historical practices. These
payments included, among other things, travel and commutation
expenses, charitable donations, medical expenses, and certain
expenses for which the information was incomplete.
Mr. Nadal cooperated fully with the review. Following the
review, Mr. Nadal agreed to reimburse the Company for perquisites
and payments for which the Company sought reimbursement, in the
aggregate amount of $8.6
million. The Company does not expect there will be any
impact to its previously issued financial statements as a result of
the review.
During the quarter ended March 31,
2015, the Company incurred approximately $5.8 million in legal fees and other related
expenses relating to the SEC inquiry. The Company expects to
recognize a gain of $8.6 million in
the quarter ending June 30, 2015,
relating to the reimbursement of perquisites and payments by the
CEO.
In addition to this reimbursement, the Special Committee
recommended, the Audit Committee has adopted, and the Company has
adopted and implemented, a series of remedial steps to improve and
strengthen the Company's internal controls and procedures regarding
travel, entertainment and related expenses. The remedial steps
include:
- Adoption and implementation of a new Private Aircraft Usage
Policy and a new Travel & Entertainment Policy.
- Hiring two (2) new senior executives, including a Senior Vice
President, Internal Controls and Compliance and a Director,
Compliance & Risk Management. These new senior executives are
responsible for managing internal controls, reviewing monthly
expense reports and ensuring full compliance with the Company's new
policies. Both senior executives report to the Company's
independent Audit Committee.
- Quarterly review and reporting to the Company's Audit Committee
with respect to compliance by the Company's executive officers with
travel and expense reimbursement policies.
The Subpoena received from the SEC also requested production of
documents relating to the Company's goodwill and certain other
accounting practices, as well as information relating to trading in
the Company's securities by third parties. The Company has
been fully cooperating with the SEC and believes that the inquiries
are at an early stage.
Effective as of April 23, 2015,
the Company's prior Chief Accounting Officer, Michael Sabatino, transitioned to a new role in
the company, in which he will work on special projects. In
connection with this transition in Mr. Sabatino's role and
responsibilities, Mr. Doft has assumed the additional role as the
Company's principal accounting officer.
MDC Partners Announces $0.21
per Share Quarterly Cash Dividend
MDC Partners today also announced that its Board of Directors
has declared a cash dividend of $0.21
per share on all of its outstanding Class A shares and Class B
shares. The quarterly dividend will be payable on or about
May 22, 2015, to shareholders of
record at the close of business on May 8,
2015.
Conference Call
Management will host a conference call on Monday, April 27, 2015, at 4:30 p.m. (ET) to discuss results. Access
the conference call by dialing 1-412-902-4266 or toll free
1-888-346-6216. An investor presentation has been posted on
our website www.mdc-partners.com and may be referred to during the
conference call.
A recording of the conference call will be available one hour
after the call until 9:00 a.m. (ET),
May 12, 2015, by dialing
1-412-317-0088 or toll free 1-877-344-7529 (passcode 10064651), or
by visiting our website at www.mdc-partners.com.
About MDC Partners Inc.
MDC Partners is one of the world's largest Business
Transformation Organizations that utilizes technology, marketing
communications, data analytics, insights and strategic consulting
solutions to drive meaningful returns on Marketing and
Communications Investments for multinational clients in
the United States, Canada, Europe, Asia
and Latin America.
MDC Partners' 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 the Company'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".
Please visit us: www.mdc-partners.com
Follow us on Twitter: http://www.twitter.com/mdcpartners
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
Adjusted EBITDA and EBITDA margin (as defined) for the three months
ended March 31, 2015, and 2014; and
(2) presenting Adjusted EBITDA Available for General Capital
Purposes for the three ended March 31,
2015, and 2014. Included in this earnings release are
tables reconciling MDC Partners' 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, earnings guidance, 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 the Subpoena and ongoing SEC
investigation outlined in this press release;
- risks associated with severe effects of international,
national and regional economic downturn;
- the Company's ability to attract new clients and retain
existing clients;
- the spending patterns and 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
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MDC PARTNERS
INC.
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UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
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(US$ in 000s,
except share and per share amounts)
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Three Months Ended
March 31,
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2015
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2014
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Revenue
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$302,222
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$274,854
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Operating
Expenses:
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Cost of services
sold
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210,419
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181,468
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Office and general
expenses
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74,308
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71,336
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Depreciation and
amortization
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12,300
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10,482
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297,027
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263,286
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Operating
profit
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5,195
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11,568
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Other Income
(Expenses):
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Other, net
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(18,040)
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(6,571)
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Interest expense and
finance charges
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(15,096)
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(12,759)
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Interest
income
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119
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140
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Loss from continuing
operations before income taxes
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and equity in
non-consolidated affiliates
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(27,822)
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(7,622)
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Income tax
benefit
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(4,054)
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(346)
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Loss from continuing
operations before equity in non-consolidated affiliates
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(23,768)
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(7,276)
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Equity in earnings of
non-consolidated affiliates
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351
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63
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Loss from continuing
operations
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(23,417)
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(7,213)
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Loss from
discontinued operations attributable to MDC Partners Inc., net of
taxes
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(6,294)
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(271)
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Net loss
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(29,711)
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(7,484)
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Net income
attributable to the noncontrolling interests
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(2,380)
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(1,362)
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Net loss attributable
to MDC Partners Inc.
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($32,091)
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($8,846)
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Loss Per Common
Share:
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Basic and
Diluted
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Loss from continuing
operations attributable to MDC
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Partners
Inc. common shareholders
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($0.52)
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($0.17)
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Discontinued
operations attributable to MDC
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Partners
Inc. common shareholders
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($0.13)
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($0.01)
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Net loss attributable
to MDC Partners Inc.
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common
shareholders
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($0.65)
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($0.18)
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Weighted Average
Number of Common Shares Outstanding:
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Basic and
Diluted
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49,754,961
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49,338,332
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SCHEDULE
2
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MDC PARTNERS
INC.
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
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(US$ in 000s,
except percentages)
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For the Three
Months Ended March 31, 2015
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Strategic
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Performance
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Marketing
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Marketing
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Services
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Services
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Corporate
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Total
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Revenue
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$240,436
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$61,786
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$
-
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$302,222
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Net loss attributable
to MDC Partners Inc.
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($32,091)
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Adjustments to
reconcile to Operating profit (loss):
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Net
income attributable to the noncontrolling interests
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2,380
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Loss
from discontinued operations attributable to
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MDC Partners Inc.,
net of taxes
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6,294
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Equity
in earnings of non-consolidated affiliates
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(351)
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Income
tax benefit
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(4,054)
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Interest
expense and finance charges, net
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14,977
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Other,
net
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18,040
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Operating profit
(loss)
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$18,831
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|
$809
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($14,445)
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5,195
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margin
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7.8%
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1.3%
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1.7%
|
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|
Additional
adjustments to reconcile to Adjusted EBITDA:
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Depreciation and
amortization
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6,423
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5,430
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447
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12,300
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Stock-based
compensation
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2,524
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1,121
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800
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4,445
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Acquisition deal
costs
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449
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6
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419
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874
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Deferred acquisition
consideration adjustments to P&L
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1,548
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700
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-
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2,248
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Profit distributions
from non-consolidated affiliates
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304
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30
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8
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342
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Other non-recurring
items **
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-
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-
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5,762
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5,762
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Adjusted EBITDA
*
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$30,079
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$8,096
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($7,009)
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$31,166
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margin
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12.5%
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13.1%
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10.3%
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* Adjusted EBITDA is
a non-GAAP measure, but as shown above it represents operating
profit (loss) plus depreciation and amortization,
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stock-based
compensation, acquisition deal costs, deferred acquisition
consideration adjustments, profit distributions from affiliates,
and other non-recurring items.
|
** Other
non-recurring items includes ongoing legal fees and other related
expenses related to the SEC inquiry. Additional costs may be
incurred in future periods
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related to these
matters.
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SCHEDULE
3
|
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MDC PARTNERS
INC.
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(US$ in 000s,
except percentages)
|
|
|
|
|
|
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For the Three
Months Ended March 31, 2014
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Strategic
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Performance
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Marketing
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Marketing
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Services
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Services
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Corporate
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|
Total
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|
|
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|
|
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|
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|
Revenue
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$214,804
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|
$60,050
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$
-
|
|
$274,854
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|
|
|
|
|
|
|
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|
|
Net loss attributable
to MDC Partners Inc.
|
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|
|
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($8,846)
|
Adjustments to
reconcile to Operating profit (loss):
|
|
|
|
|
|
|
|
|
Net loss
attributable to the noncontrolling interests
|
|
|
|
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1,362
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Loss
from discontinued operations attributable to
|
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|
|
|
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|
|
MDC Partners Inc.,
net of taxes
|
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|
|
|
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271
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Equity
in earnings of non-consolidated affiliates
|
|
|
|
|
|
|
|
(63)
|
Income
tax benefit
|
|
|
|
|
|
|
|
(346)
|
Interest
expense and finance charges, net
|
|
|
|
|
|
|
|
12,619
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Other,
net
|
|
|
|
|
|
|
|
6,571
|
Operating profit
(loss)
|
|
$24,050
|
|
($2,005)
|
|
($10,477)
|
|
$11,568
|
margin
|
|
11.2%
|
|
-3.3%
|
|
|
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4.2%
|
|
|
|
|
|
|
|
|
|
Additional
adjustments to reconcile to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
5,148
|
|
4,832
|
|
502
|
|
10,482
|
Stock-based
compensation
|
|
2,139
|
|
1,277
|
|
952
|
|
4,368
|
Acquisition deal
costs
|
|
155
|
|
584
|
|
332
|
|
1,071
|
Deferred acquisition
consideration adjustments to P&L
|
|
4,445
|
|
3,577
|
|
-
|
|
8,022
|
Profit distributions
from non-consolidated affiliates
|
|
-
|
|
238
|
|
43
|
|
281
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
*
|
|
$35,937
|
|
$8,503
|
|
($8,648)
|
|
$35,792
|
margin
|
|
16.7%
|
|
14.2%
|
|
|
|
13.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted EBITDA is a
non-GAAP measure, but as shown above it represents operating profit
(loss) plus depreciation and amortization, stock-based
compensation,
|
acquisition deal
costs, deferred acquisition consideration adjustments and profit
distributions from affiliates.
|
|
|
|
|
SCHEDULE
4
|
|
|
|
MDC PARTNERS
INC.
|
ADJUSTED EBITDA
AVAILABLE FOR GENERAL CAPITAL PURPOSES
|
(US$ in
000s)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2015
|
2014
|
Adjusted EBITDA
(1)
|
$31,166
|
$35,792
|
Net income
attributable to noncontrolling interests
|
(2,380)
|
(1,362)
|
Capital expenditures,
net (2)
|
(5,300)
|
(2,496)
|
Cash taxes
|
(540)
|
(83)
|
Cash interest, net
& other (3)
|
(12,651)
|
(11,331)
|
|
|
|
Adjusted EBITDA
Available for General Capital Purposes (4)
|
$10,295
|
$20,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted EBITDA
is a non GAAP measure. See schedules 2 and 3 for a
reconciliation of Net income (loss) to Adjusted
EBITDA.
|
(2) Capital
expenditures, net represents capital expenditures net of landlord
reimbursements.
|
(3) Cash interest,
net & other represents the quarterly accrual of cash interest
under our Senior Notes.
|
(4) Adjusted EBITDA
Available for General Capital Purposes is a non-GAAP measure, and
represents funds available for repayment of debt, acquisitions,
deferred acquisition consideration, dividends, and other general
corporate initiatives.
|
SCHEDULE
5
|
|
|
|
|
|
MDC PARTNERS
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(US$ in
000s)
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$17,612
|
|
$119,767
|
Accounts receivable,
net
|
|
453,362
|
|
355,295
|
Expenditures billable
to clients
|
|
45,854
|
|
40,202
|
Other current
assets
|
|
48,892
|
|
36,978
|
Total Current
Assets
|
|
565,720
|
|
552,242
|
|
|
|
|
|
Fixed assets,
net
|
|
59,598
|
|
60,240
|
Investment in
non-consolidated affiliates
|
|
8,888
|
|
6,110
|
Goodwill
|
|
838,857
|
|
851,373
|
Other intangible
assets, net
|
|
77,365
|
|
86,121
|
Deferred tax
assets
|
|
23,570
|
|
18,758
|
Other
assets
|
|
66,127
|
|
74,046
|
Total
Assets
|
|
$1,640,125
|
|
$1,648,890
|
|
|
|
|
|
|
|
|
|
|
Liabilities,
Redeemable Noncontrolling Interests and Shareholders'
Deficit
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$251,892
|
|
$316,285
|
Accruals and other
liabilities
|
|
324,021
|
|
271,273
|
Advance
billings
|
|
173,104
|
|
142,608
|
Current portion of
long term debt
|
|
532
|
|
534
|
Current portion of
deferred acquisition consideration
|
100,131
|
|
90,804
|
Total Current
Liabilities
|
|
849,680
|
|
821,504
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
761,799
|
|
742,593
|
Long-term portion of
deferred acquisition consideration
|
100,673
|
|
114,564
|
Other
liabilities
|
|
45,814
|
|
45,861
|
Deferred tax
liabilities
|
|
78,740
|
|
77,997
|
Total
Liabilities
|
|
1,836,706
|
|
1,802,519
|
|
|
|
|
|
Redeemable
Noncontrolling Interests
|
|
202,338
|
|
194,951
|
|
|
|
|
|
Shareholders'
Deficit
|
|
|
|
|
Common
shares
|
|
268,822
|
|
265,818
|
Charges in excess of
capital
|
|
(229,622)
|
|
(209,668)
|
Accumulated
deficit
|
|
(521,724)
|
|
(489,633)
|
Accumulated other
comprehensive loss
|
|
(40)
|
|
(7,752)
|
MDC Partners Inc.
Shareholders' Deficit
|
|
(482,564)
|
|
(441,235)
|
Noncontrolling
Interests
|
|
83,645
|
|
92,655
|
Total Shareholders'
Deficit
|
|
(398,919)
|
|
(348,580)
|
|
|
|
|
|
Total Liabilities,
Redeemable Noncontrolling
|
|
|
|
|
Interests and Shareholders' Deficit
|
|
$1,640,125
|
|
$1,648,890
|
|
|
|
|
|
SCHEDULE
6
|
|
|
|
|
MDC PARTNERS
INC.
|
SUMMARY CASH FLOW
DATA
|
(US$ in
000s)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2015
|
2014
|
|
|
|
|
Cash flows used in
continuing operating activities
|
|
($118,552)
|
($40,049)
|
Discontinued
operations
|
|
(1,294)
|
746
|
Net cash used in
operating activities
|
|
(119,846)
|
(39,303)
|
|
|
|
|
Cash flows used in
continuing investing activities
|
|
(8,913)
|
(44,243)
|
Discontinued
operations
|
|
(153)
|
(500)
|
Net cash used in
investing activities
|
|
(9,066)
|
(44,743)
|
|
|
|
|
Net cash provided by
(used in) continuing financing activities
|
|
26,086
|
(451)
|
Discontinued
operations
|
|
(40)
|
(40)
|
Net cash provided by
(used in) financing activities
|
|
26,046
|
(491)
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
711
|
27
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
($102,155)
|
($84,510)
|
|
|
|
|
FOR:
|
MDC Partners
Inc.
|
CONTACT:
|
Matt Chesler,
CFA
|
|
745 Fifth Avenue,
19th Floor
|
|
VP, Investor
Relations
|
|
New York, NY
10151
|
|
646-412-6877
|
|
|
|
mchesler@mdc-partners.com
|
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SOURCE MDC Partners Inc.