Reuters: Global Markets: MDC Partners raises 2012 outlook; shares rise

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MDC Partners raises 2012 outlook; shares rise Apr 4th 2012, 15:21 Wed Apr 4, 2012 11:21am EDT (Reuters) - Canada's MDC Partners Inc (MDZa.TO) raised its 2012 revenue outlook by $50 million, as the advertising and marketing company won new clients and acquired a stake in a Detroit-based agency. The company picked up a "significant" interest in Doner, which counts Chrysler Group LLC, Coca-Cola Co (KO.N), Coleman Co and AutoTrader.com as it clients. "We have a substantial minority (in Doner) and ... will ultimately, convert our convertible preferred, and go to majority," Chief Executive Miles Nadal said in a conference call. MDC Partners did not disclose the financial details of the deal but said it would not spend more than $10-$15 million on acquisitions this year. MDC owns nearly 50 agencies located in the United States, Canada, Sweden and the United Kingdom. It raised its 2012 revenue outlook to between $1.05 billion and $1.08 billion from the earlier estimate of between $1 billion and $1.03 billion. "Our net new business wins were in excess of $40 million in the first quarter, versus a modest $8 million in the first quarter of last year," Nadal said. MDC also raised the estimate for its earnings before interest, taxes, depreciation, and amortization (EBITDA) by $8 million to between $110 million and $115 million. "We have more in the pipeline, and we expect a material ramp up in profitability in Q2," the CEO said. MDC shares were trading up 5 percent at C$11 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sreejiraj Eluvangal) Link this Share this Digg this Email Reprints

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