Three pieces of news today from MDC Partners, parent company to Allison & Partners, Attention, and a number of other PR, advertising, and marketing firms.
First, the company announced that it has increased its revenue guidance for FY 2012 by $50 million. That brings the figure to the $105 billion to $1.075 billion range. EBITDA guidance is also going up by $8 million and free cash flow guidance is going up by $7 million.
“From a balance sheet perspective, we ended the first quarter with approximately $5-10 million of excess cash, zero net borrowings under our $150 million credit facility and total net debt below $340 million,” CFO David Doft said in a statement.
And MDC has made two agency purchases. MDC has taken a minority stake in Doner, a 75-year-old Michigan-based independent ad agency. And it has taken a majority stake in TargetCast, an independent media agency based in New York. The firm has $600 million in billings.
MDC has made a number of investments so far this year, despite saying previously that it wouldn’t.