MDC Reports Loss, Cites Canadian Currency Exchange

  • November 8, 2007
Toronto-based MDC Partners, the ad agency holding company that recently took control of Crispin Porter + Bogusky, Wednesday reported third-quarter revenues of $140.1 million--a 39% increase over the third quarter of 2006--and an organic growth rate of 26%. Operating income for the third quarter of 2007 was $2.1 million, versus $0.6 million for the third quarter of 2006. Net loss from continuing operations for the quarter was $6.8 million, versus a loss of $2.9 million for the same period in 2006. The loss during 2007 included a non-cash unrealized foreign exchange charge of $3.6 million due to the decline of the U.S. dollar relative to the Canadian dollar.
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