MDC Partners Inc. announced financial results for the three and six months ended June 30, 2008.
Consolidated revenues for the second quarter of 2008 were $158.3 million, an increase of 17.7% compared to $134.5 million in the second quarter of 2007. MDC EBITDA (as defined) for the second quarter of 2008 was $15.8 million, an increase of 64.9% compared to $9.6 million in the second quarter of 2007. Free cash flow (as defined) was $6.6 million in the second quarter of 2008 compared with $3.6 million in the second quarter of 2007.
Consolidated revenues for the first half of 2008 were $301.0 million, an increase of 19.2% compared to $252.6 million in the first half of 2007. MDC EBITDA (as defined) for the first half of 2008 was $25.6 million, an increase of 69.9% compared to $15.1 million in the first half of 2007. Free cash flow (as defined) was $9.4 million in the first half of 2008 compared with $1.7 million in the first half of 2007.
"We are very pleased with another strong quarter of excellent financial results and believe that our investment in talent and technology is continuing to enable us to win market share as we deliver outstanding results for our clients. We believe that our first half momentum will continue for the second half of the year and into 2009, despite the challenging economic environment," said Miles S. Nadal, Chairman & CEO of MDC Partners.
The Company affirms it previously issued guidance for 2008 of revenues of $600 to $610 million, MDC's EBITDA (as defined) of $61 to $64 million and Free Cash Flow (as defined) of $30 to $35 million. -- www.cnxmarketlink.com
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