Stagwell (STGW) 8-K Consolidated Statements of Operations

MDC PARTNERS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(US$ in 000s, except share and per share amounts)

		Q1			Q2			Q3			Q4		2008
Revenue	$	140,902		$	156,949		$	142,089		$	144,708		$	584,648
Operating Expenses:
Cost of services sold		95,519			102,332			94,559			99,735			392,145
Office and general expenses		34,455			36,435			31,864			35,001			137,755
Depreciation and amortization		9,776			8,585			7,427			8,615			34,404
		139,751			147,352			133,850			143,351			564,304
Operating Profit		1,152			9,596			8,239			1,357			20,344
Other Income (Expenses):
Gain on sale of assets and other		(11	)		54			(80	)		23			(14	)
Foreign exchange gain (Loss)		3,639			(555	)		2,498			7,675			13,257
Interest expense		(3,911	)		(3,656	)		(3,572	)		(3,858	)		(14,998	)
Interest income		467			428			455			393			1,743
		184			(3,729	)		(699	)		4,233			(12	)
Income (Loss) from Continuing Operations Before Income Taxes,
Equity in Affiliates and Minority Interests		1,335			5,867			7,540			5,590			20,332
Income taxes Expense (Recovery)		(292	)		4,485			2,221			(4,018	)		2,397
Income from Continuing Operations Before Equity in
Affiliates and Minority Interests		1,627			1,382			5,318			9,607			17,935
Equity in earnings of non-consolidated affiliates		140			81			69			59			349
Minority interests in income of consolidated subsidiaries		(2,125	)		(3,044	)		(1,366	)		(1,601	)		(8,136	)
Income (Loss) from Continuing Operations		(358	)		(1,581	)		4,021			8,066			10,148
(Loss) from Discontinued Operations		(3,036	)		(2,891	)		(771	)		(3,317	)		(10,015	)
Net Income (Loss)	$	(3,394	)	$	(4,472	)	$	3,250		$	4,749		$	133
Basic:
Continuing	$	(0.01	)	$	(0.06	)	$	0.15		$	0.30		$	0.38
Discontinued	$	(0.11	)	$	(0.11	)	$	(0.03	)	$	(0.12	)	$	(0.37	)
Net Loss	$	(0.13	)	$	(0.17	)	$	0.12		$	0.18		$	0.01
Diluted:
Continuing	$	(0.01	)	$	(0.06	)	$	0.15		$	0.29		$	0.37
Discontinued	$	(0.11	)	$	(0.11	)	$	(0.03	)	$	(0.11	)	$	(0.36	)
	$	(0.13	)	$	(0.17	)	$	0.12		$	0.18		$	0.01
Basic Shares		26,497,163			26,831,952			26,835,101			26,896,938			26,765,839
Diluted Shares		26,497,163			26,831,952			27,290,259			30,111,225			27,430,162

MDC PARTNERS INC.

RESTATED SEGMENT DISCLOSURE

Q1 2008

	Strategic			Customer			Specialized
	Marketing			Relationship			Communication
(US$ in 000s)	Services			Management			Services			Corporate			Total
Revenue	$	76,978		$	34,663		$	29,261			-		$	140,902
Cost of Services Sold		49,521			25,690			20,308			-			95,519
Office and General expense		18,924			5,921			5,227		$	4,383			34,455
Depreciation and Amortization		7,281			1,825			602			68			9,776
Operating Profit (Loss)	$	1,252		$	1,227		$	3,124		$	(4,451	)	$	1,152
Minority Interest	$	(687	)	$	(57	)	$	(1,381	)	$	0		$	(2,125	)
Non-Cash Stock Based Compensation	$	446		$	32		$	252		$	1,268		$	1,998
EBITDA *	$	8,979		$	3,084		$	3,978		$	(3,115	)	$	12,926
MDC EBITDA **	$	8,292		$	3,027		$	2,597		$	(3,115	)	$	10,801

* EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, and stock-based compensation.

** MDC's Share of EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization and stock-based compensation less minority interests.

MDC PARTNERS INC.

RESTATED SEGMENT DISCLOSURE

Q2 2008

	Strategic			Customer			Specialized
	Marketing			Relationship			Communication
(US$ in 000s)	Services			Management			Services			Corporate			Total
Revenue	$	88,126		$	36,843		$	31,980			-		$	156,949
Cost of Services Sold		53,811			26,358			22,164			-			102,333
Office and General expense		19,649			6,310			5,631		$	4,845			36,435
Depreciation and Amortization		5,931			1,879			706			69			8,585
Operating Profit (Loss)	$	8,735		$	2,296		$	3,479		$	(4,914	)	$	9,596
Minority Interest	$	(1,842	)	$	(130	)	$	(1,072	)	$	0		$	(3,044	)
Non-Cash Stock Based Compensation	$	571		$	35		$	222		$	1,035		$	1,863
EBITDA *	$	15,237		$	4,210		$	4,407		$	(3,810	)	$	20,044
MDC EBITDA **	$	13,395		$	4,080		$	3,335		$	(3,810	)	$	17,000

* EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, and stock-based compensation.

** MDC's Share of EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization and stock-based compensation less minority interests.

MDC PARTNERS INC.

RESTATED SEGMENT DISCLOSURE

Q3 2008

	Strategic			Customer			Specialized
	Marketing			Relationship			Communication
(US$ in 000s)	Services			Management			Services			Corporate			Total
Revenue	$	81,279		$	32,673		$	28,137			-		$	142,089
Cost of Services Sold		49,611			23,888			21,060			-			94,559
Office and General expense		18,108			5,780			5,077		$	2,899			31,864
Depreciation and Amortization		4,871			1,846			641			69			7,427
Operating Profit (Loss)	$	8,689		$	1,159		$	1,359		$	(2,968	)	$	8,239
Minority Interest	$	(1,180	)	$	(60	)	$	(126	)	$	0		$	(1,366	)
Non-Cash Stock Based Compensation	$	475		$	31		$	174		$	1,149		$	1,829
EBITDA *	$	14,035		$	3,036		$	2,174		$	(1,750	)	$	17,495
MDC EBITDA **	$	12,855		$	2,976		$	2,048		$	(1,750	)	$	16,129

* EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, and stock-based compensation.

** MDC's Share of EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization and stock-based compensation less minority interests.

MDC PARTNERS INC.

RESTATED SEGMENT DISCLOSURE

Q4 2008

	Strategic			Customer			Specialized
	Marketing			Relationship			Communication
(US$ in 000s)	Services			Management			Services			Corporate			Total
Revenue	$	86,987		$	29,791		$	27,930			-		$	144,708
Cost of Services Sold		54,586			25,076			20,073			-			99,735
Office and General expense		19,853			4,853			4,800		$	5,495			35,001
Depreciation and Amortization		5,970			1,800			648			197			8,615
Operating Profit (Loss)	$	6,578		$	(1,938	)	$	2,409		$	(5,692	)	$	1,357
Minority Interest	$	(693	)	$	(19	)	$	(889	)	$	0		$	(1,601	)
Non Cash Stock Based Compensation	$	4,670		$	2,318		$	633		$	1,126		$	8,747
EBITDA *	$	17,218		$	2,180		$	3,690		$	(4,369	)	$	18,719
MDC EBITDA **	$	16,525		$	2,161		$	2,801		$	(4,369	)	$	17,118

* EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, and stock-based compensation.

** MDC's Share of EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization and stock-based compensation less minority interests.