MDC Reports Revenue Gain But Income Loss

MDC Partners reported its earnings yesterday, announcing a year-over-year increase in revenue for the third quarter – $178.6 million for Q3 2010 versus $134.4 million for Q3 2009. Organic revenue increased 7.5 percent for the quarter.

For the nine months ending September 30, 2010, the company reported $484.4 million in revenue, a 22.5 percent increase over $395.6 million in 2009.

The company also reported net new business wins for third quarter 2010 totaling $14.7 million, with $47.5 million year-to-date.

MDC experienced a net income loss of $10.9 million for the quarter compared to  “nominal income in the third quarter of 2009,” the earnings release said. Net income loss for the first nine months of 2010 was $26.9 million compared to income of $0.1 million for the period in 2009.

“Importantly, our recent acquisitions, all of which are accretive and fully integrated into our network, are performing on or ahead of plan, which will drive material incremental returns going forward,” CFO David Doft said in a statement.

MDC’s roster of firms includes Allison & Partners, Sloane & Company, Lime PR, and Kirshenbaum Bond Senecal + Partners. Last month, MDC acquired a majority stake in Kwittken & Company.