RED INK GROWS AT MDC PARTNERS
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 $9.79. The 52-week range is $9.40 and $20.99.
BERMUDA REVIEWS TOURISM PR
Bermuda is reviewing its North American PR account with an open RFP process through May.
Lou Hammond & Associates is the incumbent. The firm won the last review in 2010, regaining the account it handled from 1999-2007 after Corbin & Associates won the business.
Publicasity, London, handles U.K. and Ireland PR for the British colony.
The RFP covers tourism PR for the U.S. and Canada, including business, travel trade and leisure travel. Eighty percent of its travelers come from the U.S.
View the RFP notice: http://odwpr.us/ITHxgl.
OHIO LOOKS FOR TOURISM PITCHES
Ohio kicked off an open review April 26 for its tourism PR account with an RFP process.
The state wants a “creative, results-driven, forward thinking agency partner to take its public relations/media relations efforts to new heights for the 2013/2014 biennium,” reads the RFP, noting current trends point toward value vacations close to home. Key markets are Pennsylvania, Kentucky, West Virginia, Indiana and Michigan.
Fahlgren Mortine PR is the five-year incumbent on a $300K/year contract through June 30.
Deadline for pitches is May 18. RFP: http://odwpr.us/Jj89bp.