MDC Partners reported a $24.9M first-quarter loss, up from $7.1M last year, as revenues jumped 9.7 percent to $236M.
CEO Miles Nadal called the performance “solid” and believes the parent of Allison & Partners, Kwittken + Co. and Sloane & Co. is “positioned nicely” to deliver its annual financial projections.
The company collected $50M in new business wins, which is a gain from the $8.2M picked up a year ago. Organic growth rose 5.4 percent.
Nadal said MDC is focused on profitable organic growth, improving margins/cash flows and de-leveraging its balance sheet.
The company had $370M in long-term debt vs. $36M in cash on March 31. It faces a “substantial amount of acquisition consideration due coming this year and next,” according to CFO David Doft.
MDC stock trades at $10.19. The 52-week range is $9.40 and $20.99.