By Kevin McCauley
MDC Partners suffered a $20.1M second-quarter loss compared to a year ago $1.3M profit. Revenue advanced 15.2 percent to $274.1M. The firm lost $46.3M during the first-half, up from $7.3M a year ago.
Despite the gloomy financial performance, CEO Miles Nadal says MDC performed “very well” during the first-half and is on a “good trajectory” to achieve overall financial 2012 targets.
Net new business wins soared 71 percent to $80M during the first-half. Nadal likes where MDC is standing heading for the remainder of the year as he expects his strategic investments to show benefits “in the form of new business wins, quality of work, performance of clients and improved profitability,” according to his statement.
MDC stock is trading at $9.40, near its $9.24 52-week low.
The NASDAQ-listed parent of Sloane & Co and Kwittken & Co. had traded as high as $20.21 during the last 52 weeks. |