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MDC Partners said first-quarter results were hit by increased severance costs and the impact of acquisition activity in the second half of last year. The company said EBITDA, earnings before interest, taxes, depreciation and amortization, dropped to $7.5 million, a 51 percent decline from $15.4 million reported in the 2011 quarter.
Organic growth rose 5.4 percent in the first quarter while revenue increased 9.7 percent to $236 million.
In September, MDC acquired majority stakes in two specialty agencies: Concentric Pharma Advertising and fashion, luxury firm Laird & Partners.
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