EX-99 4 presentation.txt EXHIBIT 99.3- PRESENTATION SUMMARY MDC PARTNERS INC. SUMMARY OF ADJUSTMENTS US GAAP - US$'000'S INCREASE (DECREASE)
YEAR ENDED DECEMBER 31, 2002 YEAR ENDED DECEMBER 31, 2003 ------------------------------------ ------------------------------------ OPERATING NET OPERATING NET REVENUE INCOME INCOME REVENUE INCOME INCOME ---------- ---------- ---------- ---------- ---------- ---------- REVENUE RECOGNITION (3,898) (827) (926) (1,679) (755) (545) INVESTMENT ACCOUNTING (11,085) (1,641) 0 (12,036) (3,755) (433) ACQUISITION ACCOUNTING 0 0 0 0 (1,333) (1,201) CUSTOM DIRECT GAIN INCLUDING DERIVATIVE 0 0 0 0 0 (10,871) DEFERRED FINANCING COSTS 0 2,092 0 0 2,225 3,085 FOREIGN EXCHANGE 0 0 0 0 0 (2,023) STOCK BASED COMPENSATION 0 0 0 0 (708) (708) LITIGATION ACCRUAL 0 0 0 0 0 0 AMORTIZATION OF INTANGIBLES 0 0 0 0 0 0 ---------- ---------- ---------- ---------- ---------- ---------- TOTAL ADJUSTMENT (14,983) (376) (926) (13,715) (4,326) (12,696) ========== ========== ========== ========== ========== ========== 9 MONTHS ENDED SEPTEMBER 30, 2004(1) ------------------------------------ CUMMULATIVE OPERATING NET SHAREHOLDERS REVENUE INCOME INCOME EQUITY @ 9/30/04 ---------- ---------- ---------- ----------------- REVENUE RECOGNITION (1,227) (357) (158) (2,028) INVESTMENT ACCOUNTING (7,194) (412) (139) (139) ACQUISITION ACCOUNTING 0 0 0 (685) CUSTOM DIRECT GAIN INCLUDING DERIVATIVE 0 0 12,429 0 DEFERRED FINANCING COSTS 0 0 (5,026) 0 FOREIGN EXCHANGE 0 0 (368) 0 STOCK BASED COMPENSATION 0 (555) (555) 0 LITIGATION ACCRUAL 0 2,350 2,350 2,350 AMORTIZATION OF INTANGIBLES 0 (920) (920) (920) ---------- ---------- ---------- ----------------- TOTAL ADJUSTMENT (8,421) 139 7,613 (1,422) ========== ========== ========== =================
(1) ADJUSTMENTS FROM NOVEMBER 4, 2004 PRESS RELEASE TO Q3 10Q. MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2002
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 162,382 0 (11,085) 0 0 Products 215,877 (3,898) 0 0 0 -------------- -------------- -------------- -------------- -------------- 378,259 (3,898) (11,085) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 98,488 (3,071) 0 0 0 Salary and related costs 107,319 0 (2,301) 0 0 Office and general expenses 120,934 0 (6,997) 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 14,243 0 (146) 0 0 Writedown of fixed and other assets 3,391 0 0 0 0 Goodwill charges 72,522 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 416,897 (3,071) (9,444) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) (38,638) (827) (1,641) 0 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 108,325 0 0 0 0 Foreign exchange 4,380 0 0 0 0 Interest expense (20,281) 0 259 0 0 Interest income 531 0 (8) 0 0 -------------- -------------- -------------- -------------- -------------- 92,955 0 251 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 54,317 (827) (1,390) 0 0 INCOME TAXES (RECOVERY) 15,475 99 (249) 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 38,842 (926) (1,141) 0 0 EQUITY IN AFFILIATES 1,700 0 442 0 0 MINORITY INTERESTS (6,959) 0 699 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) 33,583 (926) 0 0 0 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 0 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 0 Depreciation and amortization (2,092) 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- (2,092) 0 0 0 -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 2,092 0 0 0 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 0 0 0 Foreign exchange 0 0 0 0 Interest expense (2,092) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- (2,092) 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 0 0 0 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 0 0 0 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) 0 0 0 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 151,297 Products 0 211,979 -------------- -------------- 0 363,276 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 95,417 Salary and related costs 0 105,018 Office and general expenses 0 113,937 Other charge (recovery) 0 0 Depreciation and amortization 0 12,005 Writedown of fixed and other assets 0 3,391 Goodwill charges 0 72,522 -------------- -------------- 0 402,290 -------------- -------------- OPERATING PROFIT (LOSS) 0 (39,014) -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 108,325 Foreign exchange 0 4,380 Interest expense 0 (22,114) Interest income 0 523 -------------- -------------- 0 91,114 -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 52,100 INCOME TAXES (RECOVERY) 0 15,325 -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 36,775 EQUITY IN AFFILIATES 0 2,142 MINORITY INTERESTS 0 (6,260) -------------- -------------- NET INCOME (LOSS) 0 32,657 ============== ==============
MDC PARTRNERS INC. BALANCE SHEET AS AT DECEMBER 31, 2002
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 32,250 0 (1,024) 0 0 Accounts receivable, less allowance for doubtful accounts 53,102 0 (914) 0 0 Expenditures billable to clients 7,193 0 (572) 0 0 Inventories 7,005 924 0 0 0 Prepaid expenses and other current assets 6,063 0 (15) 0 0 -------------- -------------- -------------- -------------- -------------- Total Current Assets 105,613 924 (2,525) 0 0 Fixed assets 47,591 0 (2,810) 0 0 Investment in Affiliates 18,144 0 2,604 0 0 Goodwill 154,562 0 (2,179) 0 0 Deferred Tax Asset 19,778 134 0 0 0 Intangibles 0 0 0 0 0 Other Assets 7,841 0 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Assets 353,529 1,058 (4,910) 0 0 ============== ============== ============== ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities 70,047 0 (390) 0 0 Advance billings 10,810 2,383 (985) 0 0 Current portion of long-term debt 2,395 0 (82) 0 0 Deferred acqusition consideration 23,966 0 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Current Liabilities 107,218 2,383 (1,457) 0 0 Long-Term Debt 149,044 0 (3,334) 0 0 Convertible Notes 31,694 0 0 0 0 Other Liabilities 245 0 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Liabilities 288,201 2,383 (4,791) 0 0 -------------- -------------- -------------- -------------- -------------- Minority Interests 9,824 0 (119) 0 0 -------------- -------------- -------------- -------------- -------------- Shareholders' Equity Common stock 91,561 0 0 0 0 Additional paid in capital 0 0 0 0 0 Retained earnings(deficit) (44,744) (1,325) 0 0 0 Accumulated other comprehensive income(loss) 8,687 0 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Shareholders' Equity 55,504 (1,325) 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Liabilities and Shareholders' Equity 353,529 1,058 (4,910) 0 0 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 0 0 0 0 Accounts receivable, less allowance for doubtful accounts 0 0 0 0 Expenditures billable to clients 0 0 0 0 Inventories 0 0 0 0 Prepaid expenses and other current assets 0 0 0 0 -------------- -------------- -------------- -------------- Total Current Assets 0 0 0 0 Fixed assets 0 0 0 0 Investment in Affiliates 0 0 0 0 Goodwill 0 0 0 0 Deferred Tax Asset 0 0 0 0 Intangibles 0 0 0 0 Other Assets 0 0 0 0 -------------- -------------- -------------- -------------- Total Assets 0 0 0 0 ============== ============== ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities 0 0 0 0 Advance billings 0 0 0 0 Current portion of long-term debt 0 0 0 0 Deferred acqusition consideration 0 0 0 0 -------------- -------------- -------------- -------------- Total Current Liabilities 0 0 0 0 Long-Term Debt 0 0 0 0 Convertible Notes 0 0 0 0 Other Liabilities 0 0 0 0 -------------- -------------- -------------- -------------- Total Liabilities 0 0 0 0 -------------- -------------- -------------- -------------- Minority Interests 0 0 0 0 -------------- -------------- -------------- -------------- Shareholders' Equity Common stock 0 0 0 0 Additional paid in capital 0 0 0 0 Retained earnings(deficit) 0 0 0 0 Accumulated other comprehensive income(loss) 0 0 0 0 -------------- -------------- -------------- -------------- Total Shareholders' Equity 0 0 0 0 -------------- -------------- -------------- -------------- Total Liabilities and Shareholders' Equity 0 0 0 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 0 31,226 Accounts receivable, less allowance for doubtful accounts 0 52,188 Expenditures billable to clients 0 6,621 Inventories 0 7,929 Prepaid expenses and other current assets 0 6,048 -------------- -------------- Total Current Assets 0 104,012 Fixed assets 0 44,781 Investment in Affiliates 0 20,748 Goodwill 0 152,383 Deferred Tax Asset 0 19,912 Intangibles 0 0 Other Assets 0 7,841 -------------- -------------- Total Assets 0 349,677 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities 0 69,657 Advance billings 0 12,208 Current portion of long-term debt 0 2,313 Deferred acqusition consideration 0 23,966 -------------- -------------- Total Current Liabilities 0 108,144 Long-Term Debt 0 145,710 Convertible Notes 0 31,694 Other Liabilities 0 245 -------------- -------------- Total Liabilities 0 285,793 -------------- -------------- Minority Interests 0 9,705 -------------- -------------- Shareholders' Equity Common stock 0 91,561 Additional paid in capital 0 0 Retained earnings(deficit) 0 (46,069) Accumulated other comprehensive income(loss) 0 8,687 -------------- -------------- Total Shareholders' Equity 0 54,179 -------------- -------------- Total Liabilities and Shareholders' Equity 0 349,677 ============== ==============
MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2003
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 183,619 0 (12,036) 0 0 Products 115,606 (1,679) 0 0 0 -------------- -------------- -------------- -------------- -------------- 299,225 (1,679) (12,036) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 57,578 (924) 0 0 0 Salary and related costs 108,694 0 (2,174) 0 0 Office and general expenses 106,369 0 (5,934) 0 0 Other charge (recovery) 0 0 0 1,333 0 Depreciation and amortization 11,623 0 (173) 0 0 Writedown of fixed and other assets 8,126 0 0 0 0 Goodwill charges 10,012 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 302,402 (924) (8,281) 1,333 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) (3,177) (755) (3,755) (1,333) 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 48,589 0 (162) 132 (9,510) Foreign exchange 0 0 0 0 0 Interest expense (14,126) 0 291 0 0 Interest income 937 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 35,400 0 129 132 (9,510) -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 32,223 (755) (3,626) (1,201) (9,510) INCOME TAXES (RECOVERY) 4,643 (210) (256) 0 1,361 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 27,580 (545) (3,370) (1,201) (10,871) EQUITY IN AFFILIATES 2,616 0 2,313 0 0 MINORITY INTERESTS (5,069) 0 624 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) 25,127 (545) (433) (1,201) (10,871) ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 708 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 0 Depreciation and amortization (2,225) 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- (2,225) 0 708 0 -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 2,225 0 (708) 0 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 3,085 0 0 0 Foreign exchange 0 (2,023) 0 0 Interest expense (2,225) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- 860 (2,023) 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 3,085 (2,023) (708) 0 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 3,085 (2,023) (708) 0 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) 3,085 (2,023) (708) 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 171,583 Products 0 113,927 -------------- -------------- 0 285,510 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 56,654 Salary and related costs 0 107,228 Office and general expenses 0 100,435 Other charge (recovery) 0 1,333 Depreciation and amortization 0 9,225 Writedown of fixed and other assets 0 8,126 Goodwill charges 0 10,012 -------------- -------------- 0 293,013 -------------- -------------- OPERATING PROFIT (LOSS) 0 (7,503) -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 42,134 Foreign exchange 0 (2,023) Interest expense 0 (16,060) Interest income 0 937 -------------- -------------- 0 24,988 -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 17,485 INCOME TAXES (RECOVERY) 0 5,538 -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 11,947 EQUITY IN AFFILIATES 0 4,929 MINORITY INTERESTS 0 (4,445) -------------- -------------- NET INCOME (LOSS) 0 12,431 ============== ==============
MDC PARTRNERS INC. BALANCE SHEET AS AT DECEMBER 31, 2003
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 66,726 0 (797) 0 0 Accounts receivable, less allowance for doubtful accounts 60,115 0 (1,251) 0 0 Expenditures billable to clients 7,422 0 (269) 0 0 Inventories 6,795 940 0 0 0 Prepaid expenses and other current assets 4,924 0 (61) 0 0 -------------- -------------- -------------- -------------- -------------- Total Current Assets 145,982 940 (2,378) 0 0 Fixed assets 42,025 0 (3,250) 0 0 Investment in Affiliates 36,084 0 2,951 0 (4,673) Goodwill 87,479 0 (2,653) (1,627) 0 Deferred Tax Asset 12,580 344 0 0 (1,361) Intangibles 0 0 0 0 0 Other Assets 6,030 0 (19) 0 0 -------------- -------------- -------------- -------------- -------------- Total Assets 330,180 1,284 (5,349) (1,627) (6,034) ============== ============== ============== ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities 74,050 0 (376) (978) 0 Advance billings 13,391 3,154 (814) 0 0 Current portion of long-term debt 16,486 0 (108) 0 0 Deferred acqusition consideration 1,113 0 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Current Liabilities 105,040 3,154 (1,298) (978) 0 Long-Term Debt 95,946 0 (3,950) 0 3,974 Convertible Notes 37,794 0 0 0 0 Other Liabilities 516 0 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Liabilities 239,296 3,154 (5,248) (978) 3,974 -------------- -------------- -------------- -------------- -------------- Minority Interests 2,533 0 (101) 0 0 -------------- -------------- -------------- -------------- -------------- Shareholders' Equity Common stock 115,996 0 0 0 0 Additional paid in capital 3,272 0 0 630 0 Retained earnings(deficit) (25,148) (1,870) 0 (1,201) (11,304) Accumulated other comprehensive income(loss) (5,769) 0 0 (78) 1,296 -------------- -------------- -------------- -------------- -------------- Total Shareholders' Equity 88,351 (1,870) 0 (649) (10,008) -------------- -------------- -------------- -------------- -------------- Total Liabilities and Shareholders' Equity 330,180 1,284 (5,349) (1,627) (6,034) ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 0 0 0 0 Accounts receivable, less allowance for doubtful accounts 0 0 0 0 Expenditures billable to clients 0 0 0 0 Inventories 0 0 0 0 Prepaid expenses and other current assets 0 0 0 0 -------------- -------------- -------------- -------------- Total Current Assets 0 0 0 0 Fixed assets 0 0 0 0 Investment in Affiliates 0 0 0 0 Goodwill 0 0 0 0 Deferred Tax Asset 0 0 0 0 Intangibles 0 0 0 0 Other Assets 3,085 0 0 0 -------------- -------------- -------------- -------------- Total Assets 3,085 0 0 0 ============== ============== ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities 0 0 0 0 Advance billings 0 0 0 0 Current portion of long-term debt 0 0 0 0 Deferred acqusition consideration 0 0 0 0 -------------- -------------- -------------- -------------- Total Current Liabilities 0 0 0 0 Long-Term Debt 0 0 0 0 Convertible Notes 0 0 0 0 Other Liabilities 0 0 0 0 -------------- -------------- -------------- -------------- Total Liabilities 0 0 0 0 -------------- -------------- -------------- -------------- Minority Interests 0 0 0 0 -------------- -------------- -------------- -------------- Shareholders' Equity Common stock 0 0 0 0 Additional paid in capital 0 0 708 0 Retained earnings(deficit) 3,085 (2,023) (708) 0 Accumulated other comprehensive income(loss) 0 2,023 0 0 -------------- -------------- -------------- -------------- Total Shareholders' Equity 3,085 0 0 0 -------------- -------------- -------------- -------------- Total Liabilities and Shareholders' Equity 3,085 0 0 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 0 65,929 Accounts receivable, less allowance for doubtful accounts 0 58,864 Expenditures billable to clients 0 7,153 Inventories 0 7,735 Prepaid expenses and other current assets 0 4,863 -------------- -------------- Total Current Assets 0 144,544 Fixed assets 0 38,775 Investment in Affiliates 0 34,362 Goodwill 0 83,199 Deferred Tax Asset 0 11,563 Intangibles 0 0 Other Assets 0 9,096 -------------- -------------- Total Assets 0 321,539 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities 0 72,696 Advance billings 0 15,731 Current portion of long-term debt 0 16,378 Deferred acqusition consideration 0 1,113 -------------- -------------- Total Current Liabilities 0 105,918 Long-Term Debt 0 95,970 Convertible Notes 0 37,794 Other Liabilities 0 516 -------------- -------------- Total Liabilities 0 240,198 -------------- -------------- Minority Interests 0 2,432 -------------- -------------- Shareholders' Equity Common stock 0 115,996 Additional paid in capital 0 4,610 Retained earnings(deficit) 0 (39,169) Accumulated other comprehensive income(loss) 0 (2,528) -------------- -------------- Total Shareholders' Equity 0 78,909 -------------- -------------- Total Liabilities and Shareholders' Equity 0 321,539 ============== ==============
MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED(1) RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 180,859 0 (7,194) 0 0 Products 56,536 (1,227) 0 0 0 -------------- -------------- -------------- -------------- -------------- 237,395 (1,227) (7,194) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 34,864 (870) 0 0 0 Salary and related costs 106,418 0 (2,172) 0 0 Office and general expenses 86,677 0 (4,366) 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 8,120 0 (244) 0 0 Writedown of fixed and other assets 0 0 0 0 0 Goodwill charges 0 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 236,079 (870) (6,782) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 1,316 (357) (412) 0 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 6,793 0 0 0 11,068 Foreign exchange 212 0 0 0 0 Interest expense (5,885) 0 155 0 0 Interest income 607 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 1,727 0 155 0 11,068 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 3,043 (357) (257) 0 11,068 INCOME TAXES (RECOVERY) 1,468 (199) (6) 0 (1,361) -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 1,575 (158) (251) 0 12,429 EQUITY IN AFFILIATES 3,247 0 92 0 0 MINORITY INTERESTS (5,912) 0 20 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) (1,090) (158) (139) 0 12,429 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 555 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 (2,350) Depreciation and amortization 0 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 555 (2,350) -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 0 0 (555) 2,350 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other (2,914) 0 0 0 Foreign exchange 0 (368) 0 0 Interest expense (2,112) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- (5,026) (368) 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (5,026) (368) (555) 2,350 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (5,026) (368) (555) 2,350 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) (5,026) (368) (555) 2,350 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 173,665 Products 0 55,309 -------------- -------------- 0 228,974 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 33,994 Salary and related costs 0 104,801 Office and general expenses 0 82,311 Other charge (recovery) 0 (2,350) Depreciation and amortization 920 8,796 Writedown of fixed and other assets 0 0 Goodwill charges 0 0 -------------- -------------- 920 227,552 -------------- -------------- OPERATING PROFIT (LOSS) (920) 1,422 -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 14,947 Foreign exchange 0 (156) Interest expense 0 (7,842) Interest income 0 607 -------------- -------------- 0 7,556 -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (920) 8,978 INCOME TAXES (RECOVERY) 0 (98) -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (920) 9,076 EQUITY IN AFFILIATES 0 3,339 MINORITY INTERESTS 0 (5,892) -------------- -------------- NET INCOME (LOSS) (920) 6,523 ============== ==============
(1) PRESS RELEASE OF NOVEMBER 4, 2004 MDC PARTRNERS INC. BALANCE SHEET AS AT SEPTEMBER 30, 2004
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED(1) RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 16,579 0 (230) 0 0 Accounts receivable, less allowance for doubtful accounts 109,423 0 (2,015) 0 0 Expenditures billable to clients 21,938 0 (859) 0 0 Inventories 7,737 1,078 0 0 0 Prepaid expenses and other current assets 6,732 0 (96) 0 0 -------------- -------------- -------------- -------------- -------------- Total Current Assets 162,409 1,078 (3,200) 0 0 Fixed assets 54,737 0 (255) 0 0 Investment in Affiliates 4,655 0 3,583 0 0 Goodwill 189,197 0 (2,226) (685) 0 Deferred Tax Asset 11,363 543 (44) 0 0 Intangibles 0 0 0 0 0 Other Assets 9,311 0 (838) 0 0 -------------- -------------- -------------- -------------- -------------- Total Assets 431,672 1,621 (2,980) (685) 0 ============== ============== ============== ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities 13,836 0 0 0 0 Accounts payable and accrued liabilities 128,871 0 (1,633) 0 0 Advance billings 42,689 3,649 (1,422) 0 0 Current portion of long-term debt 2,452 0 (25) 0 0 Deferred acqusition consideration 416 0 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Current Liabilities 188,264 3,649 (3,080) 0 0 Long-Term Debt 54,234 0 0 0 0 Convertible Notes 0 0 0 0 0 Other Liabilities 4,091 0 0 0 0 -------------- -------------- -------------- -------------- -------------- Total Liabilities 246,589 3,649 (3,080) 0 0 -------------- -------------- -------------- -------------- -------------- Minority Interests 36,947 0 239 0 0 -------------- -------------- -------------- -------------- -------------- Shareholders' Equity Common stock 167,015 0 0 0 0 Additional paid in capital 14,910 0 0 630 0 Retained earnings(deficit) (29,904) (2,028) (139) (1,201) (816) Accumulated other comprehensive income(loss) (3,885) 0 0 (114) 816 -------------- -------------- -------------- -------------- -------------- Total Shareholders' Equity 148,136 (2,028) (139) (685) 0 -------------- -------------- -------------- -------------- -------------- Total Liabilities and Shareholders' Equity 431,672 1,621 (2,980) (685) 0 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 0 0 0 0 Accounts receivable, less allowance for doubtful accounts 0 0 0 0 Expenditures billable to clients 0 0 0 0 Inventories 0 0 0 0 Prepaid expenses and other current assets 0 0 0 0 -------------- -------------- -------------- -------------- Total Current Assets 0 0 0 0 Fixed assets 0 0 0 0 Investment in Affiliates 0 0 0 0 Goodwill 0 0 0 0 Deferred Tax Asset 0 0 0 0 Intangibles 0 0 0 0 Other Assets 0 0 0 0 -------------- -------------- -------------- -------------- Total Assets 0 0 0 0 ============== ============== ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities 0 0 0 0 Accounts payable and accrued liabilities 0 0 0 (2,350) Advance billings 0 0 0 0 Current portion of long-term debt 0 0 0 0 Deferred acqusition consideration 0 0 0 0 -------------- -------------- -------------- -------------- Total Current Liabilities 0 0 0 (2,350) Long-Term Debt 0 0 0 0 Convertible Notes 0 0 0 0 Other Liabilities 0 0 0 0 -------------- -------------- -------------- -------------- Total Liabilities 0 0 0 (2,350) -------------- -------------- -------------- -------------- Minority Interests 0 0 0 0 -------------- -------------- -------------- -------------- Shareholders' Equity Common stock 0 0 0 0 Additional paid in capital 0 0 1,263 0 Retained earnings(deficit) 0 (2,391) (1,263) 2,350 Accumulated other comprehensive income(loss) 0 2,391 0 0 -------------- -------------- -------------- -------------- Total Shareholders' Equity 0 0 0 2,350 -------------- -------------- -------------- -------------- Total Liabilities and Shareholders' Equity 0 0 0 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- ASSETS Current Assets: Cash and cash equivalents 0 16,349 Accounts receivable, less allowance for doubtful accounts 0 107,408 Expenditures billable to clients 0 21,079 Inventories 0 8,815 Prepaid expenses and other current assets 0 6,636 -------------- -------------- Total Current Assets 0 160,287 Fixed assets 0 54,482 Investment in Affiliates 0 8,238 Goodwill (4,100) 182,186 Deferred Tax Asset 0 11,862 Intangibles 0 0 Other Assets 3,180 11,653 -------------- -------------- Total Assets (920) 428,708 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities 0 13,836 Accounts payable and accrued liabilities 0 124,888 Advance billings 0 44,916 Current portion of long-term debt 0 2,427 Deferred acqusition consideration 0 416 -------------- -------------- Total Current Liabilities 0 186,483 Long-Term Debt 0 54,234 Convertible Notes 0 0 Other Liabilities 0 4,091 -------------- -------------- Total Liabilities 0 244,808 -------------- -------------- Minority Interests 0 37,186 -------------- -------------- Shareholders' Equity Common stock 0 167,015 Additional paid in capital 0 16,803 Retained earnings(deficit) (920) (36,312) Accumulated other comprehensive income(loss) 0 (792) -------------- -------------- Total Shareholders' Equity (920) 146,714 -------------- -------------- Total Liabilities and Shareholders' Equity (920) 428,708 ============== ==============
(1) PRESS RELEASE OF NOVEMBER 4, 2004 MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2003
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 39,689 0 (1,907) 0 0 Products 43,525 (211) 0 0 0 -------------- -------------- -------------- -------------- -------------- 83,214 (211) (1,907) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 18,729 (222) 0 0 0 Salary and related costs 27,139 0 (542) 0 0 Office and general expenses 28,362 0 (1,082) 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 3,365 0 (36) 0 0 Writedown of fixed and other assets 0 0 0 0 0 Goodwill charges 0 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 77,595 (222) (1,660) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 5,619 11 (247) 0 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 0 0 0 0 Foreign exchange 0 0 0 0 0 Interest expense (4,326) 0 68 0 0 Interest income 93 0 0 0 0 -------------- -------------- -------------- -------------- -------------- (4,233) 0 68 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 1,386 11 (179) 0 0 INCOME TAXES (RECOVERY) (21) 31 (36) 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 1,407 (20) (143) 0 0 EQUITY IN AFFILIATES 498 0 64 0 0 MINORITY INTERESTS (1,018) 0 79 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) 887 (20) 0 0 0 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 0 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 0 Depreciation and amortization (619) 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- (619) 0 0 0 -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 619 0 0 0 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 0 0 0 Foreign exchange 0 (655) 0 0 Interest expense (619) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- (619) (655) 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 (655) 0 0 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 (655) 0 0 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) 0 (655) 0 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 37,782 Products 0 43,314 -------------- -------------- 0 81,096 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 18,507 Salary and related costs 0 26,597 Office and general expenses 0 27,280 Other charge (recovery) 0 0 Depreciation and amortization 0 2,710 Writedown of fixed and other assets 0 0 Goodwill charges 0 0 -------------- -------------- 0 75,094 -------------- -------------- OPERATING PROFIT (LOSS) 0 6,002 -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 0 Foreign exchange 0 (655) Interest expense 0 (4,877) Interest income 0 93 -------------- -------------- 0 (5,439) -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 563 INCOME TAXES (RECOVERY) 0 (26) -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 589 EQUITY IN AFFILIATES 0 562 MINORITY INTERESTS 0 (939) -------------- -------------- NET INCOME (LOSS) 0 212 ============== ==============
MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE QUARTER ENDED JUNE 30, 2003
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 45,849 0 (3,105) 0 0 Products 33,750 (666) 0 0 0 -------------- -------------- -------------- -------------- -------------- 79,599 (666) (3,105) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 15,620 (688) 0 0 0 Salary and related costs 27,666 0 (578) 0 0 Office and general expenses 30,165 0 (1,523) 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 3,310 0 (42) 0 0 Writedown of fixed and other assets 8,126 0 0 0 0 Goodwill charges 10,012 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 94,899 (688) (2,143) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) (15,300) 22 (962) 0 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 48,594 0 (183) 0 (3,786) Foreign exchange 0 0 0 0 0 Interest expense (4,936) 0 76 0 0 Interest income 78 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 43,736 0 (107) 0 (3,786) -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 28,436 22 (1,069) 0 (3,786) INCOME TAXES (RECOVERY) 6,012 12 (88) 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 22,424 10 (981) 0 (3,786) EQUITY IN AFFILIATES 724 0 505 0 0 MINORITY INTERESTS (361) 0 184 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) 22,787 10 (292) 0 (3,786) ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 206 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 0 Depreciation and amortization (601) 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- (601) 0 206 0 -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 601 0 (206) 0 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 0 0 0 Foreign exchange 0 (876) 0 0 Interest expense (601) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- (601) (876) 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 (876) (206) 0 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 (876) (206) 0 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) 0 (876) (206) 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 42,744 Products 0 33,084 -------------- -------------- 0 75,828 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 14,932 Salary and related costs 0 27,294 Office and general expenses 0 28,642 Other charge (recovery) 0 0 Depreciation and amortization 0 2,667 Writedown of fixed and other assets 0 8,126 Goodwill charges 0 10,012 -------------- -------------- 0 91,673 -------------- -------------- OPERATING PROFIT (LOSS) 0 (15,845) -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 44,625 Foreign exchange 0 (876) Interest expense 0 (5,461) Interest income 0 78 -------------- -------------- 0 38,366 -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 22,521 INCOME TAXES (RECOVERY) 0 5,936 -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 16,585 EQUITY IN AFFILIATES 0 1,229 MINORITY INTERESTS 0 (177) -------------- -------------- NET INCOME (LOSS) 0 17,637 ============== ==============
MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 2003
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 45,987 0 (3,115) 0 0 Products 18,898 316 0 0 0 -------------- -------------- -------------- -------------- -------------- 64,885 316 (3,115) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 12,073 436 0 0 0 Salary and related costs 25,698 0 (510) 1,333 0 Office and general expenses 21,662 0 (1,342) 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 2,465 0 (41) 0 0 Writedown of fixed and other assets 0 0 0 0 0 Goodwill charges 0 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 61,898 436 (1,893) 1,333 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 2,987 (120) (1,222) (1,333) 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 1,842 0 21 132 866 Foreign exchange 0 0 0 0 0 Interest expense (2,321) 0 76 0 0 Interest income 495 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 16 0 97 132 866 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 3,003 (120) (1,125) (1,201) 866 INCOME TAXES (RECOVERY) (1,221) (27) (57) 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 4,224 (93) (1,068) (1,201) 866 EQUITY IN AFFILIATES 530 0 853 0 0 MINORITY INTERESTS (1,596) 0 94 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) 3,158 (93) (121) (1,201) 866 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 349 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 0 Depreciation and amortization (473) 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- (473) 0 349 0 -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 473 0 (349) 0 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 0 0 0 Foreign exchange 0 20 0 0 Interest expense (473) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- (473) 20 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 20 (349) 0 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 20 (349) 0 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) 0 20 (349) 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 42,872 Products 0 19,214 -------------- -------------- 0 62,086 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 12,509 Salary and related costs 0 26,870 Office and general expenses 0 20,320 Other charge (recovery) 0 0 Depreciation and amortization 0 1,951 Writedown of fixed and other assets 0 0 Goodwill charges 0 0 -------------- -------------- 0 61,650 -------------- -------------- OPERATING PROFIT (LOSS) 0 436 -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 2,861 Foreign exchange 0 20 Interest expense 0 (2,718) Interest income 0 495 -------------- -------------- 0 658 -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 1,094 INCOME TAXES (RECOVERY) 0 (1,305) -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 2,399 EQUITY IN AFFILIATES 0 1,383 MINORITY INTERESTS 0 (1,502) -------------- -------------- NET INCOME (LOSS) 0 2,280 ============== ==============
MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE QUARTER ENDED DECEMBER 31, 2003
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 52,094 0 (3,909) 0 0 Products 19,433 (1,118) 0 0 0 -------------- -------------- -------------- -------------- -------------- 71,527 (1,118) (3,909) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 11,156 (450) 0 0 0 Salary and related costs 28,191 0 (544) 0 0 Office and general expenses 26,180 0 (1,987) 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 2,483 0 (54) 0 0 Writedown of fixed and other assets 0 0 0 0 0 Goodwill charges 0 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 68,010 (450) (2,585) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 3,517 (668) (1,324) 0 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other (1,847) 0 0 0 (6,590) Foreign exchange 0 0 0 0 0 Interest expense (2,543) 0 71 0 0 Interest income 271 0 0 0 0 -------------- -------------- -------------- -------------- -------------- (4,119) 0 71 0 (6,590) -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (602) (668) (1,253) 0 (6,590) INCOME TAXES (RECOVERY) (127) (226) (75) 0 1,361 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (475) (442) (1,178) 0 (7,951) EQUITY IN AFFILIATES 864 0 891 0 0 MINORITY INTERESTS (2,094) 0 267 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) (1,705) (442) (20) 0 (7,951) ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 153 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 0 Depreciation and amortization (532) 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- (532) 0 153 0 -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 532 0 (153) 0 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 3,085 0 0 0 Foreign exchange 0 (512) 0 0 Interest expense (532) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- 2,553 (512) 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 3,085 (512) (153) 0 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 3,085 (512) (153) 0 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) 3,085 (512) (153) 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 48,185 Products 0 18,315 -------------- -------------- 0 66,500 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 10,706 Salary and related costs 0 27,800 Office and general expenses 0 24,193 Other charge (recovery) 0 0 Depreciation and amortization 0 1,897 Writedown of fixed and other assets 0 0 Goodwill charges 0 0 -------------- -------------- 0 64,596 -------------- -------------- OPERATING PROFIT (LOSS) 0 1,904 -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 (5,352) Foreign exchange 0 (512) Interest expense 0 (3,004) Interest income 0 271 -------------- -------------- 0 (8,597) -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 (6,693) INCOME TAXES (RECOVERY) 0 933 -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 0 (7,626) EQUITY IN AFFILIATES 0 1,755 MINORITY INTERESTS 0 (1,827) -------------- -------------- NET INCOME (LOSS) 0 (7,698) ============== ==============
MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2004
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 56,266 0 (4,308) 0 0 Products 18,847 (810) 0 0 0 -------------- -------------- -------------- -------------- -------------- 75,113 (810) (4,308) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 11,567 (392) 0 0 0 Salary and related costs 36,768 0 (634) 0 0 Office and general expenses 29,115 0 (3,401) 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 2,343 0 (38) 0 0 Writedown of fixed and other assets 0 0 0 0 0 Goodwill charges 0 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 79,793 (392) (4,073) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) (4,680) (418) (235) 0 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 7,165 0 0 0 11,068 Foreign exchange 0 0 0 0 0 Interest expense (2,313) 0 75 0 0 Interest income 420 0 1 0 0 -------------- -------------- -------------- -------------- -------------- 5,272 0 76 0 11,068 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 592 (418) (159) 0 11,068 INCOME TAXES (RECOVERY) 1,753 (137) (58) 0 (1,361) -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (1,161) (281) (101) 0 12,429 EQUITY IN AFFILIATES 1,446 0 95 0 0 MINORITY INTERESTS (1,303) 0 6 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) (1,018) (281) 0 0 12,429 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 137 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 0 Depreciation and amortization 0 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 137 0 -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 0 0 (137) 0 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other (1,922) 0 0 0 Foreign exchange 0 170 0 0 Interest expense (536) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- (2,458) 170 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (2,458) 170 (137) 0 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (2,458) 170 (137) 0 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) (2,458) 170 (137) 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED --------------- -------------- REVENUE Services 0 51,958 Products 0 18,037 --------------- -------------- 0 69,995 --------------- -------------- OPERATING EXPENSES Cost of products sold 0 11,175 Salary and related costs 0 36,271 Office and general expenses 0 25,714 Other charge (recovery) 0 0 Depreciation and amortization 240 2,545 Writedown of fixed and other assets 0 0 Goodwill charges 0 0 --------------- -------------- 240 75,705 --------------- -------------- OPERATING PROFIT (LOSS) (240) (5,710) --------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 16,311 Foreign exchange 0 170 Interest expense 0 (2,774) Interest income 0 421 --------------- -------------- 0 14,128 --------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (240) 8,418 INCOME TAXES (RECOVERY) 0 197 --------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (240) 8,221 EQUITY IN AFFILIATES 0 1,541 MINORITY INTERESTS 0 (1,297) --------------- -------------- NET INCOME (LOSS) (240) 8,465 =============== ==============
MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE QUARTER ENDED JUNE 30, 2004
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 58,828 0 (501) 0 0 Products 17,159 74 0 0 0 -------------- -------------- -------------- -------------- -------------- 75,987 74 (501) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 10,730 (344) 0 0 0 Salary and related costs 31,424 0 (394) 0 0 Office and general expenses 26,726 0 928 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 2,726 0 (38) 0 0 Writedown of fixed and other assets 0 0 0 0 0 Goodwill charges 0 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 71,606 (344) 496 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 4,381 418 (997) 0 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other (73) 0 0 0 0 Foreign exchange 0 0 0 0 0 Interest expense (1,784) 0 74 0 0 Interest income 51 0 (1) 0 0 -------------- -------------- -------------- -------------- -------------- (1,806) 0 73 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 2,575 418 (924) 0 0 INCOME TAXES (RECOVERY) (386) 48 (251) 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 2,961 370 (673) 0 0 EQUITY IN AFFILIATES 939 0 404 0 0 MINORITY INTERESTS (2,505) 0 162 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) 1,395 370 (107) 0 0 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 69 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 0 Depreciation and amortization 0 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 69 0 -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 0 0 (69) 0 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 0 0 0 Foreign exchange 0 288 0 0 Interest expense (605) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- (605) 288 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (605) 288 (69) 0 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (605) 288 (69) 0 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) (605) 288 (69) 0 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 58,327 Products 0 17,233 -------------- -------------- 0 75,560 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 10,386 Salary and related costs 0 31,099 Office and general expenses 0 27,654 Other charge (recovery) 0 0 Depreciation and amortization 340 3,028 Writedown of fixed and other assets 0 0 Goodwill charges 0 0 -------------- -------------- 340 72,167 -------------- -------------- OPERATING PROFIT (LOSS) (340) 3,393 -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 (73) Foreign exchange 0 288 Interest expense 0 (2,315) Interest income 0 50 -------------- -------------- 0 (2,050) -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (340) 1,343 INCOME TAXES (RECOVERY) 0 (589) -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (340) 1,932 EQUITY IN AFFILIATES 0 1,343 MINORITY INTERESTS 0 (2,343) -------------- -------------- NET INCOME (LOSS) (340) 932 ============== ==============
MDC PATRNERS INC. STATEMENT OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 2004
ORIGINALLY REVENUE INVESTMENT ACQUISITION REPORTED RECOGNITION ACCOUNTING ACCOUNTING DISPOSITIONS -------------- -------------- -------------- -------------- -------------- REVENUE Services 65,765 0 (2,385) 0 0 Products 20,530 (491) 0 0 0 -------------- -------------- -------------- -------------- -------------- 86,295 (491) (2,385) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 12,567 (134) 0 0 0 Salary and related costs 37,904 0 (822) 0 0 Office and general expenses 30,426 0 (1,483) 0 0 Other charge (recovery) 0 0 0 0 0 Depreciation and amortization 3,051 0 (168) 0 0 Writedown of fixed and other assets 0 0 0 0 0 Goodwill charges 0 0 0 0 0 -------------- -------------- -------------- -------------- -------------- 83,948 (134) (2,473) 0 0 -------------- -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 2,347 (357) 88 0 0 -------------- -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other (299) 0 0 0 0 Foreign exchange 212 0 0 0 0 Interest expense (1,788) 0 6 0 0 Interest income 136 0 0 0 0 -------------- -------------- -------------- -------------- -------------- (1,739) 0 6 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS 608 (357) 94 0 0 INCOME TAXES (RECOVERY) 329 (110) 75 0 0 -------------- -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS 279 (247) 19 0 0 EQUITY IN AFFILIATES 504 0 (49) 0 0 MINORITY INTERESTS (2,250) 0 (2) 0 0 -------------- -------------- -------------- -------------- -------------- NET INCOME (LOSS) (1,467) (247) (32) 0 0 ============== ============== ============== ============== ============== DEFERRED FOREIGN STOCK BASED LITIGATION FINANCE COSTS EXCHANGE COMPENSATION ACCRUAL -------------- -------------- -------------- -------------- REVENUE Services 0 0 0 0 Products 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 0 0 -------------- -------------- -------------- -------------- OPERATING EXPENSES Cost of products sold 0 0 0 0 Salary and related costs 0 0 349 0 Office and general expenses 0 0 0 0 Other charge (recovery) 0 0 0 (2,350) Depreciation and amortization 0 0 0 0 Writedown of fixed and other assets 0 0 0 0 Goodwill charges 0 0 0 0 -------------- -------------- -------------- -------------- 0 0 349 (2,350) -------------- -------------- -------------- -------------- OPERATING PROFIT (LOSS) 0 0 (349) 2,350 -------------- -------------- -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other (992) 0 0 0 Foreign exchange 0 (826) 0 0 Interest expense (971) 0 0 0 Interest income 0 0 0 0 -------------- -------------- -------------- -------------- (1,963) (826) 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (1,963) (826) (349) 2,350 INCOME TAXES (RECOVERY) 0 0 0 0 -------------- -------------- -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (1,963) (826) (349) 2,350 EQUITY IN AFFILIATES 0 0 0 0 MINORITY INTERESTS 0 0 0 0 -------------- -------------- -------------- -------------- NET INCOME (LOSS) (1,963) (826) (349) 2,350 ============== ============== ============== ============== AMORTIZATION OF INTANGIBLES RESTATED -------------- -------------- REVENUE Services 0 63,380 Products 0 20,039 -------------- -------------- 0 83,419 -------------- -------------- OPERATING EXPENSES Cost of products sold 0 12,433 Salary and related costs 0 37,431 Office and general expenses 0 28,943 Other charge (recovery) 0 (2,350) Depreciation and amortization 340 3,223 Writedown of fixed and other assets 0 0 Goodwill charges 0 0 -------------- -------------- 340 79,680 -------------- -------------- OPERATING PROFIT (LOSS) (340) 3,739 -------------- -------------- OTHER INCOME (EXPENSES) Gain on sale of assets and other 0 (1,291) Foreign exchange 0 (614) Interest expense 0 (2,753) Interest income 0 136 -------------- -------------- 0 (4,522) -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES, EQUITY IN AFFILIATES AND MINORITY INTERESTS (340) (783) INCOME TAXES (RECOVERY) 0 294 -------------- -------------- INCOME (LOSS) BEFORE EQUITY IN AFFILIATES AND MINORITY INTERESTS (340) (1,077) EQUITY IN AFFILIATES 0 455 MINORITY INTERESTS 0 (2,252) -------------- -------------- NET INCOME (LOSS) (340) (2,874) ============== ==============