• Adweek, Friday, May 1, 2009 10:45 AM

MDC Partners says its first-quarter revenue dropped 10% to $126.7 million, after what CEO Miles Nadal described as a "very difficult" period. The company, whose subsidiaries include Crispin Porter + Bogusky and Kirshenbaum Bond + Partners, says organic revenue dropped 6.7%. MDC's new business wins totaled $1.1 million.

"Our first quarter demonstrated that our retainer businesses continue to grow, and our disciplined approach to managing expenses and capital investments was successful. We believe that revenue growth will accelerate in the second half of the year," says Nadal.

The CEO told analysts he is keeping his initial 2009 targets despite the industry's tough year. The company is aiming to grow revenue 1-3% and raise cash flow 3% to 9% to $34 million to $36 million.

Read the whole story at Adweek »