1
FORM 6-K
Securities and Exchange Commission
washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of, December 2003
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Commission File Number 001-13718
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MDC CORPORATION INC.
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(Translation of registrant's name into English)
45 Hazelton Avenue, Toronto, Ontario, Canada, M5R 2E3
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40F.
Form 20-F Form 40-F X
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Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): ______
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ______
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b) : 82-_______________
DOCUMENT INDEX
Document Page No.
1. News Release dated December 2, 2003 3
2. News Release dated December 8, 2003 5
3. News Release dated December 18, 2003 7
4. Selected Historical Financial Information 9
Document 1
PRESS RELEASE
FOR IMMEDIATE RELEAST
FOR: MDC Corporation Inc.
45 Hazelton Avenue
Toronto, Ontario M5R 2E3
CONTACTS: Miles S. Nadal Peter M. Lewis
Chairman, President & Executive Vice-President & CFO
CEO (416) 960-9000 Ext.223 (416) 960-9000 Ext. 272
Walter Campbell Trevor Maunder
Senior Vice-President Finance Director, Investor Relations
(416) 960-9000 Ext.336 (416) 960-9000 Ext.226
TSE STOCK SYMBOL: MDZ.A
NASDAQ STOCK SYMBOL: MDCA
WEBSITE: www.mdccorp.com
UNDERWRITING SYNDICATE TO EXERCISE OVER-ALLOTMENT OPTION TO
PURCHASE 503,451 ADJUSTABLE RATE EXCHANGEABLE SECURITIES OF MDC
CORPORATION INC. FOR ADDITIONAL GROSS PROCEEDS OF $4.4 MILLION
TOTAL GROSS PROCEEDS OF OFFERING TO TOTAL $34 MILLION
TORONTO, ONTARIO (DECEMBER 2, 2003) - MDC Corporation Inc., operating as MDC
Partners ("MDC") of Toronto, today announced that the underwriters plan to
exercise their over-allotment option to purchase 503,451 Adjustable Rate
Exchangeable Securities due December 31, 2028 at an offering price of $8.75 per
Exchangeable Security. The securities will pay interest monthly at a rate equal
to the actual distribution by Custom Direct Income Fund (the "Fund") in that
month and a holder of an Exchangeable Security will have the right to exchange
the security for a unit of the Fund once MDC is entitled to effectively
exchange its 20% ownership of Custom Direct, Inc. into units of the Fund.
The closing will result in total net proceeds from MDC's offering of
Exchangeable Securities of $31.7 million. Closing of the offering, including
the over-allotment option, is expected to occur on December 8, 2003.
The Exchangeable Securities and units of the Fund have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be any sale of
the Exchangeable Securities in any State in which such offer, solicitation or
sale would be unlawful.
ABOUT MDC PARTNERS
MDC Partners is one of the world's leading marketing communications firms.
Through its partnership of entrepreneurial firms, MDC provides creative,
integrated and specialized communication services to leading brands throughout
the United States, Canada and the United Kingdom. MDC Class A shares are
publicly traded on the Toronto Stock Exchange under the symbol MDZ.A and on the
NASDAQ under the symbol MDCA.
This press release contains forward-looking statements within the meaning of
section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements involve risks and
uncertainties which may cause the actual results or objectives to be materially
different from those expressed or implied by such forward-looking statements.
Such factors include, among other things, the Company's financial performance;
changes in the competitive environment; adverse changes in the economy; ability
to maintain long-term relationships with customers; financing requirements and
other factors set forth in the Company's Form 40-F for its fiscal year ended
December 31, 2002 and subsequent SEC filings.
Document 2
PRESS RELEASE
FOR IMMEDIATE RELEASE
FOR: MDC Corporation Inc.
45 Hazelton Avenue
Toronto, Ontario M5R 2E3
CONTACTS: Miles S. Nadal Peter M. Lewis
Chairman, President & CEO Executive Vice-President & CFO
(416) 960-9000 Ext.223 (416) 960-9000 Ext. 272
Walter Campbell Trevor Maunder
Senior Vice-President Finance Director, Investor Relations
(416) 960-9000 Ext.336 (416) 960-9000 Ext.226
TSE STOCK SYMBOL: MDZ.A
NASDAQ STOCK SYMBOL: MDCA
Website: www.mdccorp.com
MDC CORPORATION INC. CLOSES OFFERING OF 3,903,451 ADJUSTABLE RATE
EXCHANGEABLE SECURITIES DUE DECEMBER 31, 2028
FOR GROSS PROCEEDS OF $34 MILLION.
THE SECURITIES WILL EACH BE EXCHANGEABLE INTO A UNIT OF
CUSTOM DIRECT INCOME FUND
TORONTO, ONTARIO (DECEMBER 8, 2003) - MDC Corporation Inc. operating as MDC
Partners ("MDC") of Toronto today announced that it has closed its previously
announced offering of 3,903,451 Adjustable Rate Exchangeable Securities due
December 31, 2028, including 503,451 Exchangeable Securities issued pursuant to
the exercise of the over-allotment option, for total net proceeds to MDC of
$31.7 million. The net proceeds of the offering will be used for general
corporate purposes.
The securities pay interest monthly at a rate equal to the actual distribution
by Custom Direct Income Fund (the "Fund") in that month and a holder of an
Exchangeable Security will have the right to exchange the security for a unit
of the Fund once MDC is entitled to effectively exchange its 20% ownership of
Custom Direct, Inc. into units of the Fund.
The Exchangeable Securities and units of the Fund have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be any sale of
the Exchangeable Securities in any State in which such offer, solicitation or
sale would be unlawful.
ABOUT MDC PARTNERS
MDC Partners is one of the world's leading marketing communications firms.
Through its partnership of entrepreneurial firms, MDC provides creative,
integrated and specialized communication services to leading brands throughout
the United States, Canada and the United Kingdom. MDC Class A shares are
publicly traded on the Toronto Stock Exchange under the symbol MDZ.A and on the
NASDAQ under the symbol MDCA.
This press release contains forward-looking statements within the meaning of
section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements involve risks and
uncertainties which may cause the actual results or objectives to be materially
different from those expressed or implied by such forward-looking statements.
Such factors include, among other things, the Company's financial performance;
changes in the competitive environment; adverse changes in the economy; ability
to maintain long-term relationships with customers; financing requirements and
other factors set forth in the Company's Form 40-F for its fiscal year ended
December 31, 2002 and subsequent SEC filings.
Document 3
PRESS RELEASE
FOR IMMEDIATE RELEASE
FOR: MDC Corporation Inc.
45 Hazelton Avenue
Toronto, Ontario M5R 2E3
CONTACTS: Miles S. Nadal Peter M. Lewis
Chairman, President & CEO Executive Vice-President & CFO
(416) 960-9000 Ext.223 (416) 960-9000 Ext. 272
Walter Campbell Trevor Maunder
Senior Vice-President Finance Director, Investor Relations
(416) 960-9000 Ext.336 (416) 960-9000 Ext.226
TSX Stock Symbol: MDZ.N
Website: www.mdccorp.com
MDC CORPORATION INC. ANNOUNCES DECEMBER INTEREST PAYMENT ON
ADJUSTABLE RATE EXCHANGEABLE SECURITIES DUE DECEMBER 31, 2028
TORONTO, Ontario (December 18, 2003) - MDC Corporation Inc. operating as MDC
Partners ("MDC") of Toronto announced today an interest payment on Adjustable
Rate Exchangeable Securities (the "Exchangeable Securities") of C$0.1125 per
Exchangeable Security for the month of December 2003 payable on January 15,
2004 to Exchangeable Security holders of record at the close of business on
December 31, 2003.
A holder of an Exchangeable Security will have the right to exchange the
security for a unit of Custom Direct Income Fund (the "Fund") once MDC is
entitled to effectively exchange its 20% ownership of Custom Direct, Inc. into
units of the Fund. MDC's shares of Custom Direct, Inc. are effectively
exchangeable into units of the Fund once (a) the Fund has earned audited
EBITDA of approximately US$22.2 million for the year ending December 31, 2003
or for any fiscal year subsequent to 2003, and (b) the Fund has made average
monthly per unit cash distributions of at least C$0.1125 for the period from
May 29, 2003 to December 31, 2003 or for any fiscal year subsequent to 2003.
For purposes of determining whether the EBITDA target has been met, the
audited financial statements for the year ending December 31, 2003 are
anticipated to be prepared by March 2004.
About MDC Partners
MDC Partners is one of the world's leading marketing communications firms.
Through its partnership of entrepreneurial firms, MDC provides creative,
integrated and specialized communication services to leading brands throughout
the United States, Canada and the United Kingdom. MDC Class A shares are
publicly traded on the Toronto Stock Exchange under the symbol MDZ.A and on
the NASDAQ under the symbol MDCA. The Exchangeable Securities are publicly
traded on the Toronto Stock Exchange under the symbol MDZ.N.
This press release contains forward-looking statements within the meaning of
section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements involve risks and
uncertainties which may cause the actual results or objectives to be
materially different from those expressed or implied by such forward-looking
statements. Such factors include, among other things, the Company's financial
performance; changes in the competitive environment; adverse changes in the
economy; ability to maintain long-term relationships with customers; financing
requirements and other factors set forth in the Company's Form 40-F for its
fiscal year ended December 31, 2002 and subsequent SEC filings.
Document 4
Selected Historical Financial Information (US$)
MDC CORPORATION INC.
CONSOLIDATED BALANCE SHEET
(Unaudited) (US$ '000's)
DEC. MAR. JUN. SEP. DEC. MAR JUN. SEP.
2001 2002 2002 2002 2002 2003 2003 2003
CASH AND CASH EQUIVALENTS 37,231 36,388 28,491 30,832 37,788 32,776 44,887 52,700
SECURITIES HELD FOR SALE - - - - - - 20,675 -
ACCOUNTS RECEIVABLE 89,634 93,659 83,871 75,444 67,457 74,130 75,930 78,021
INVENTORY 14,617 14,434 8,057 6,651 7,005 7,020 5,814 5,464
PREPAID EXPENSES AND SUNDRY 7,514 9,624 9,298 7,930 6,266 8,563 5,064 5,676
FUTURE INCOME TAXES 17,579 16,058 - - - - - -
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
166,575 170,163 129,717 120,857 118,516 122,489 152,370 141,861
PORTFOLIO INVESTMENTS - - - 64 103 103 15,103 15,834
CAPITAL AND OTHER ASSETS 104,494 103,621 87,396 82,158 79,864 82,652 59,375 59,660
GOODWILL 290,524 288,533 159,631 163,509 185,637 181,705 78,315 100,879
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
561,593 562,317 376,744 366,588 384,120 386,949 305,163 318,234
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
ACCOUNTS PAYABLE
AND ACCRUED LIABILITIES 112,757 111,574 95,697 87,615 82,874 82,106 84,697 83,402
DEFERRED ACQUISITION
CONSIDERATION 15,943 14,947 4,362 3,942 23,966 23,385 9,311 5,350
DEFERRED REVENUE 14,924 18,907 13,053 12,722 11,104 16,148 13,658 15,011
CURRENT PORTION OF
LONG TERM DEBT 7,565 3,971 4,783 3,140 4,088 3,955 4,616 11,885
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
151,189 149,399 117,895 107,419 122,032 125,594 112,282 115,648
LONG TERM DEBT 331,158 334,545 161,801 155,437 155,514 157,655 86,838 79,288
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
482,347 483,944 279,696 262,856 277,546 283,249 199,120 194,936
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
MINORITY INTEREST 9,576 9,917 9,619 9,230 9,824 10,209 9,554 2,534
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
SHARE CAPITAL 95,111 96,407 96,407 96,407 96,407 96,407 96,407 116,925
OTHER PAID IN CAPITAL 32,687 22,753 24,335 23,640 24,179 26,442 29,299 29,146
CUMULATIVE TRANSLATION
ADJUSTMENT 3,447 3,585 3,684 7,518 7,858 1,634 (6,208) (5,370)
RETAINED EARNINGS (DEFICIT) (61,575) (54,289) (36,997) (33,063) (31,694) (30,992) (23,009) (19,937)
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
69,670 68,456 87,429 94,502 96,750 93,491 96,489 120,764
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
561,593 562,317 376,744 366,588 384,120 386,949 305,163 318,234
----------- ---------- ---------- ----------- ----------- ---------- ----------- -----------
MDC CORPORATION INC.
STATEMENT OF OPERATIONS
(Unaudited)(US$ '000's)
PERIOD YEAR QUARTER QUARTER QUARTER QUARTER YEAR
DEC. MAR. JUN. SEP. DEC. DEC.
2001 2002 2002 2002 2002 2002
GROSS BILLINGS 718,189 170,073 142,996 140,545 146,659 600,273
--------- --------- ---------- ---------- --------- ---------
REVENUES 509,747 121,655 89,749 88,548 87,813 387,765
OPERATING COSTS 429,945 102,456 79,832 77,267 73,584 333,139
--------- --------- ---------- ---------- --------- ---------
OPERATING INCOME BEFORE UNDERNOTED ITEMS 79,802 19,199 9,917 11,281 14,229 54,626
--------- --------- ---------- ---------- --------- ---------
RESTRUCTURING, DISPOSITIONS AND OTHER CHARGES 59,212 (5,860) (92,167) (1,456) 2,195 (97,288)
UNREALIZED FOREIGN EXCHANGE GAIN (LOSS) 12,034 98 (4,478) - - (4,380)
AMORTIZATION 23,717 5,369 3,273 3,566 3,963 16,171
INTEREST 34,070 6,366 3,838 3,873 3,733 17,810
INCOME PARTICIPATION OF MINORITY PARTNERS 3,644 461 891 900 1,675 3,927
--------- --------- ---------- ---------- --------- ---------
132,677 6,434 (88,643) 6,883 11,566 (63,760)
--------- --------- ---------- ---------- --------- ---------
INCOME (LOSS) BEFORE INCOME TAXES, GOODWILL
CHARGES AND MINORITY INTEREST (52,875) 12,765 98,560 4,398 2,663 118,386
INCOME TAXES (18,414) 2,920 18,335 224 541 22,020
--------- --------- ---------- ---------- --------- ---------
INCOME (LOSS) BEFORE GOODWILL CHARGES
AND MINORITY INTEREST (34,461) 9,845 80,225 4,174 2,122 96,366
GOODWILL CHARGES 42,999 - - - - -
MINORITY INTEREST (4,178) 2,319 209 (5) 509 3,032
--------- --------- ---------- ---------- --------- ---------
INCOME (LOSS) FROM CONTINUING OPERATIONS (73,282) 7,526 80,016 4,179 1,613 93,334
LOSS FROM DISCONTINUED OPERATIONS (25,428) - - - - -
--------- --------- ---------- ---------- --------- ---------
NET INCOME (LOSS) (98,710) 7,526 80,016 4,179 1,613 93,334
--------- --------- ---------- ---------- --------- ---------
[Table continued]
MDC CORPORATION INC.
STATEMENT OF OPERATIONS
(Unaudited)(US$ '000's)
PERIOD QUARTER QUARTER QUARTER Y.T.D.
MAR. JUN. SEP. SEP.
2003 2003 2003 2003
GROSS BILLINGS 140,368 137,796 132,140 410,304
--------- --------- --------- --------
REVENUES 85,958 82,882 68,088 236,928
OPERATING COSTS 76,188 74,719 60,252 211,159
--------- --------- --------- --------
OPERATING INCOME BEFORE UNDERNOTED ITEMS 9,770 8,163 7,836 25,769
--------- --------- --------- --------
RESTRUCTURING, DISPOSITIONS AND OTHER CHARGES (36) (14,934) (445) (15,415)
UNREALIZED FOREIGN EXCHANGE GAIN (LOSS) - - - -
AMORTIZATION 3,589 3,556 2,723 9,868
INTEREST 3,792 4,423 1,439 9,654
INCOME PARTICIPATION OF MINORITY PARTNERS 1,011 1,553 1,455 4,019
--------- --------- --------- --------
8,356 (5,402) 5,172 8,126
--------- --------- --------- --------
INCOME (LOSS) BEFORE INCOME TAXES, GOODWILL
CHARGES AND MINORITY INTEREST 1,414 13,565 2,664 17,643
INCOME TAXES 435 6,505 (818) 6,122
--------- --------- --------- --------
INCOME (LOSS) BEFORE GOODWILL CHARGES
AND MINORITY INTEREST 979 7,060 3,482 11,521
GOODWILL CHARGES - - - -
MINORITY INTEREST 7 (1,192) 141 (1,044)
--------- --------- --------- --------
INCOME (LOSS) FROM CONTINUING OPERATIONS 972 8,252 3,341 12,565
LOSS FROM DISCONTINUED OPERATIONS - - - -
--------- --------- --------- --------
NET INCOME (LOSS) 972 8,252 3,341 12,565
--------- --------- --------- --------
MDC CORPORATION INC.
SEGMENTED INFORMATION
MARKETING COMMUNICATIONS DIVISION
(Unaudited)(US$ '000's)
PERIOD YEAR QUARTER QUARTER QUARTER QUARTER
DEC. MAR. JUN. SEP. DEC.
2001 2002 2002 2002 2002
GROSS BILLINGS 384,795 87,951 94,717 94,204 105,181
----------------------------------------------------
REVENUES 176,353 39,533 41,470 42,207 46,335
-------- --------- --------- --------- ---------
Salaries and related costs 86,571 19,898 19,724 19,961 20,126
General and other operating costs 68,814 15,683 17,417 17,482 18,234
-------- --------- --------- --------- ---------
OPERATING COSTS 155,385 35,581 37,141 37,443 38,360
-------- --------- --------- --------- ---------
OPERATING INCOME BEFORE UNDERNOTED ITEMS 20,968 3,952 4,329 4,764 7,975
-------- --------- --------- --------- ---------
RESTRUCTURING, DISPOSITIONS AND OTHER CHARGES 9,140 - - - 576
AMORTIZATION 6,623 1,709 1,814 1,926 2,106
INTEREST 4,160 1,317 1,347 1,369 1,264
INCOME PARTICIPATION OF MINORITY PARTNERS 3,644 461 891 900 1,675
-------- --------- --------- --------- ---------
23,567 3,487 4,052 4,195 5,621
-------- --------- --------- --------- ---------
INCOME (LOSS) BEFORE INCOME TAXES, GOODWILL
CHARGES AND MINORITY INTEREST (2,599) 465 277 569 2,354
INCOME TAXES (1,660) (38) (115) 165 1,150
-------- --------- --------- --------- ---------
INCOME (LOSS) BEFORE GOODWILL CHARGES
AND MINORITY INTEREST (939) 503 392 404 1,204
GOODWILL CHARGES 9,622 - - - -
-------- --------- --------- --------- ---------
NET INCOME (LOSS) (10,561) 503 392 404 1,204
-------- --------- --------- --------- ---------
[Table continued]
MDC CORPORATION INC.
SEGMENTED INFORMATION
MARKETING COMMUNICATIONS DIVISION
(Unaudited)(US$ '000's)
PERIOD YEAR QUARTER QUARTER QUARTER Y.T.D.
DEC. MAR. JUN. SEP. SEP.
2002 2003 2003 2003 2003
GROSS BILLINGS 382,053 96,083 102,634 111,528 310,245
------------------------------------------------------
REVENUES 169,545 41,673 47,720 47,476 136,869
---------- --------- --------- --------- ----------
Salaries and related costs 79,709 21,218 21,826 21,566 64,610
General and other operating costs 68,816 15,979 18,983 18,466 53,428
---------- --------- --------- --------- ----------
OPERATING COSTS 148,525 37,197 40,809 40,032 118,038
---------- --------- --------- --------- ----------
OPERATING INCOME BEFORE UNDERNOTED ITEMS 21,020 4,476 6,911 7,444 18,831
---------- --------- --------- --------- ----------
RESTRUCTURING, DISPOSITIONS AND OTHER CHARGES 576 - (116) (47) (163)
AMORTIZATION 7,555 1,884 1,978 1,990 5,852
INTEREST 5,297 1,302 1,605 1,717 4,624
INCOME PARTICIPATION OF MINORITY PARTNERS 3,927 1,011 1,553 1,455 4,019
---------- --------- --------- --------- ----------
17,355 4,197 5,020 5,115 14,332
---------- --------- --------- --------- ----------
INCOME (LOSS) BEFORE INCOME TAXES, GOODWILL
CHARGES AND MINORITY INTEREST 3,665 279 1,891 2,329 4,499
INCOME TAXES 1,162 209 672 252 1,133
---------- --------- --------- --------- ----------
INCOME (LOSS) BEFORE GOODWILL CHARGES
AND MINORITY INTEREST 2,503 70 1,219 2,077 3,366
GOODWILL CHARGES - - - - -
---------- --------- --------- --------- ----------
NET INCOME (LOSS) 2,503 70 1,219 2,077 3,366
---------- --------- --------- --------- ----------
MDC CORPORATION INC.
SEGMENTED INFORMATION
SECURE TRANSACTIONS DIVISION
(Unaudited)(US$ '000's)
PERIOD YEAR QUARTER QUARTER QUARTER QUARTER
DEC. MAR. JUN. SEP. DEC.
2001 2002 2002 2002 2002
GROSS BILLINGS 305,156 77,950 45,038 45,516 40,596
---------------------------------------------------
REVENUES 305,156 77,950 45,038 45,516 40,596
-------- --------- --------- --------- ---------
Cost of sales 139,568 36,557 20,874 20,396 17,406
Salaries and related costs 40,646 10,353 6,552 6,064 5,812
General and other operating costs 62,355 15,074 10,785 11,720 10,645
-------- --------- --------- --------- ---------
OPERATING COSTS 242,569 61,984 38,211 38,180 33,863
-------- --------- --------- --------- ---------
OPERATING INCOME BEFORE UNDERNOTED ITEMS 62,587 15,966 6,827 7,336 6,733
-------- --------- --------- --------- ---------
RESTRUCTURING, DISPOSITIONS AND OTHER CHARGES 7,838 (7,751) (92,738) (1,349) 1,619
AMORTIZATION 13,798 3,277 1,211 1,415 1,311
INTEREST 10,344 3,106 2,732 2,540 2,389
-------- --------- --------- --------- ---------
31,980 (1,368) (88,795) 2,606 5,319
-------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAXES, GOODWILL
CHARGES AND MINORITY INTEREST 30,607 17,334 95,622 4,730 1,414
INCOME TAXES 12,011 4,708 17,505 367 (233)
-------- --------- --------- --------- ---------
INCOME BEFORE GOODWILL CHARGES
AND MINORITY INTEREST 18,596 12,626 78,117 4,363 1,647
GOODWILL CHARGES 14,705 - - - -
MINORITY INTEREST (642) 2,196 90 (89) 182
-------- --------- --------- --------- ---------
NET INCOME 4,533 10,430 78,027 4,452 1,465
-------- --------- --------- --------- ---------
[Table continued]
MDC CORPORATION INC.
SEGMENTED INFORMATION
SECURE TRANSACTIONS DIVISION
(Unaudited)(US$ '000's)
PERIOD YEAR QUARTER QUARTER QUARTER Y.T.D.
DEC. MAR. JUN. SEP. SEP.
2002 2003 2003 2003 2003
GROSS BILLINGS 209,100 43,525 33,750 18,898 96,173
------------------------------------------------------
REVENUES 209,100 43,525 33,750 18,898 96,173
---------- --------- --------- --------- ----------
Cost of sales 95,233 18,729 15,620 12,073 46,422
Salaries and related costs 28,781 6,083 5,683 3,069 14,835
General and other operating costs 48,224 12,086 10,433 2,548 25,067
---------- --------- --------- --------- ----------
OPERATING COSTS 172,238 36,898 31,736 17,690 86,324
---------- --------- --------- --------- ----------
OPERATING INCOME BEFORE UNDERNOTED ITEMS 36,862 6,627 2,014 1,208 9,849
---------- --------- --------- --------- ----------
RESTRUCTURING, DISPOSITIONS AND OTHER CHARGES (100,219) (36) (15,691) (1,876) (17,603)
AMORTIZATION 7,214 1,359 1,267 544 3,170
INTEREST 10,767 2,407 2,019 238 4,664
---------- --------- --------- --------- ----------
(82,238) 3,730 (12,405) (1,094) (9,769)
---------- --------- --------- --------- ----------
INCOME BEFORE INCOME TAXES, GOODWILL
CHARGES AND MINORITY INTEREST 119,100 2,897 14,419 2,302 19,618
INCOME TAXES 22,347 754 6,657 (480) 6,931
---------- --------- --------- --------- ----------
INCOME BEFORE GOODWILL CHARGES
AND MINORITY INTEREST 96,753 2,143 7,762 2,782 12,687
GOODWILL CHARGES - - - - -
MINORITY INTEREST 2,379 (11) (1,539) 14 (1,536)
---------- --------- --------- --------- ----------
NET INCOME 94,374 2,154 9,301 2,768 14,223
---------- --------- --------- --------- ----------
MDC CORPORATION INC.
SEGMENTED INFORMATION
CORPORATE & OTHER
(Unaudited)(US$ '000's)
PERIOD YEAR QUARTER QUARTER QUARTER QUARTER
DEC. MAR. JUN. SEP. DEC.
2001 2002 2002 2002 2002
GROSS BILLINGS 28,238 4,172 3,241 825 882
----------------------------------------------------
REVENUES 28,238 4,172 3,241 825 882
-------- --------- --------- --------- ---------
Cost of sales 12,144 2,164 1,505 238 240
Salaries and related costs 10,141 929 430 718 538
General and other operating costs 9,706 1,798 2,545 688 583
-------- --------- --------- --------- ---------
OPERATING COSTS 31,991 4,891 4,480 1,644 1,361
-------- --------- --------- --------- ---------
OPERATING INCOME (LOSS) BEFORE UNDERNOTED ITEMS (3,753) (719) (1,239) (819) (479)
-------- --------- --------- --------- ---------
RESTRUCTURING, DISPOSITIONS AND OTHER CHARGES 42,234 1,891 571 (107) -
UNREALIZED FOREIGN EXCHANGE GAIN (LOSS) 12,034 98 (4,478) - -
AMORTIZATION 3,296 383 248 225 546
INTEREST 19,566 1,943 (241) (36) 80
-------- --------- --------- --------- ---------
77,130 4,315 (3,900) 82 626
-------- --------- --------- --------- ---------
INCOME (LOSS) BEFORE INCOME TAXES, GOODWILL
CHARGES AND MINORITY INTEREST (80,883) (5,034) 2,661 (901) (1,105)
INCOME TAXES (28,765) (1,750) 945 (308) (376)
-------- --------- --------- --------- ---------
INCOME (LOSS) BEFORE GOODWILL CHARGES
AND MINORITY INTEREST (52,118) (3,284) 1,716 (593) (729)
GOODWILL CHARGES 18,672 - - - -
MINORITY INTEREST (3,536) 123 119 84 327
-------- --------- --------- --------- ---------
INCOME (LOSS) FROM CONTINUING OPERATIONS (67,254) (3,407) 1,597 (677) (1,056)
LOSS FROM DISCONTINUED OPERATIONS (25,428) - - - -
-------- --------- --------- --------- ---------
NET INCOME (LOSS) (92,682) (3,407) 1,597 (677) (1,056)
-------- --------- --------- --------- ---------
MDC CORPORATION INC.
SEGMENTED INFORMATION
CORPORATE & OTHER
(Unaudited)(US$ '000's)
PERIOD YEAR QUARTER QUARTER QUARTER Y.T.D.
DEC. MAR. JUN. SEP. SEP.
2002 2003 2003 2003 2003
GROSS BILLINGS 9,120 760 1,412 1,714 3,886
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REVENUES 9,120 760 1,412 1,714 3,886
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Cost of sales 4,147 179 176 189 544
Salaries and related costs 2,615 1,966 106 979 3,051
General and other operating costs 5,614 (52) 1,892 1,362 3,202
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OPERATING COSTS 12,376 2,093 2,174 2,530 6,797
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OPERATING INCOME (LOSS) BEFORE UNDERNOTED ITEMS (3,256) (1,333) (762) (816) (2,911)
---------- --------- --------- --------- ----------
RESTRUCTURING, DISPOSITIONS AND OTHER CHARGES 2,355 - 873 1,478 2,351
UNREALIZED FOREIGN EXCHANGE GAIN (LOSS) (4,380) - - - -
AMORTIZATION 1,402 346 311 189 846
INTEREST 1,746 83 799 (516) 366
---------- --------- --------- --------- ----------
1,123 429 1,983 1,151 3,563
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INCOME (LOSS) BEFORE INCOME TAXES, GOODWILL
CHARGES AND MINORITY INTEREST (4,379) (1,762) (2,745) (1,967) (6,474)
INCOME TAXES (1,489) (528) (824) (590) (1,942)
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INCOME (LOSS) BEFORE GOODWILL CHARGES
AND MINORITY INTEREST (2,890) (1,234) (1,921) (1,377) (4,532)
GOODWILL CHARGES - - - - -
MINORITY INTEREST 653 18 347 127 492
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INCOME (LOSS) FROM CONTINUING OPERATIONS (3,543) (1,252) (2,268) (1,504) (5,024)
LOSS FROM DISCONTINUED OPERATIONS - - - - -
---------- --------- --------- --------- ----------
NET INCOME (LOSS) (3,543) (1,252) (2,268) (1,504) (5,024)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MDC CORPORATION INC.
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(Registrant)
Date: December 23, 2003 By: /s/ Walter Campbell
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(Signature)
Walter Campbell
Senior Vice President Finance