NEW YORK: MDC Partners has increased its financial guidance for its 2012 fiscal year.
The holding company has increased its revenue guidance by $50 million to a range of $1.05 billion to $1.075 billion, an increase of 11.3% to 14% year-over-year. It earned $943.3 million in revenue in 2011.Previously, it said it expected to earn about $1 billion to $1.025 billion in the period.
“From a balance-sheet perspective, we ended the first quarter with approximately $5 million to $10 million of excess cash, zero net borrowings under our $150 million credit facility, and total net debt below $340 million,” David Doft, CFO of the holding company, said in a statement.
MDC's PR agencies include Sloane & Co., Kwittken & Co., HL Group, and Allison & Partners.