INVESTOR
NEWSLETTER
HIGHLIGHTS FROM OUR PARTNER NETWORK
KEY FINANCIAL HIGHLIGHTS
CORPORATE ACTIVITY
FACT SHEET
4
CP+B/Turkish Airlines
THE VARIABLES OF BUSINESS
ARE CHANGING AT AN
ACCELERATED PACE.
YOU’RE EITHER A CHANGE
AGENT OR YOU ARE BEING
CHANGED.
MILES NADAL
CHAIRMAN & CEO, MDC PARTNERS
2014 Q4 INVESTOR NEWSLETTER
1
HIGHLIGHTS FROM OUR
PARTNER NETWORK
UNVEILING A SNAPSHOT
OF AMERICA’S FOOD
MEDIA PALATE Hunter PR,
12th Annual Food News Study
Each year, the food we eat makes major
headlines, from sourcing and safety issues, to
ingredient trends, nutrition and brand news.
But which stories break through in terms of
awareness and concern in the hearts and minds
of Americans and influence their behavior? In
the age of digital and social media, where are
Americans getting their food news?
This marks the 12th consecutive year that Hunter
PR has conducted an annual Food News Study
to highlight the most significant food news of the
year as well as the impact that news has on the
way Americans shop and eat. The study explored
how food news stories influence consumer
Anomaly/Dick’s Sporting Goods
behavior and the top media sources for food
information – broken out by recipes, general food
news and nutrition.
The study revealed that while the Great Western
US Drought and the diminishing bee population
were the most popular food-related stories of
the year, they had less impact on behavior than
stories that can result in immediate change.
Articles around issues such as the ‘war on sugar’,
new food-labeling standards and GMOs, which
gave consumers an opportunity to take action,
Introducing Dom, Domino’s Voice
Ordering App
Relaunching the World’s Biggest
Spirit
CP+B, Domino’s
72andSunny, Smirnoff
It’s no secret that there are many voice operating systems
around, from Siri to Cortana. People are continuing
to become more digitally attuned and consumers are
spending increasing amounts of time on second-screen
devices. Yet despite the widespread adoption of mobile
and social technologies, the process of ordering pizza
remains a rather archaic process. To capitalize on the rise
of voice operating systems and to modernize the way
people order pizza, Domino’s and CP+B introduced ‘Dom’,
a virtual voice-ordering assistant for smartphone users.
To relaunch Smirnoff as the true quality vodka that’s
“Exclusively for Everyone”, 72andSunny repositioned
the brand under a common global insight and purpose,
bringing it to life with a new tone of voice, iconography
and look and feel across advertising, activations and
social media. Targeting 21-to-29-year-olds in key sales
markets, the US launched with the spot “The Party”,
which championed the truth that good times are better
when everyone’s invited. For the Africa launch, the
brand’s “Double Side” campaign challenged habit and
routine, backing those who make the less obvious
choice. Taking the sentiment beyond traditional
advertising into culture - and to further support its
positioning as “Exclusively for Everyone”, the brand
partnered with EDM music festival Tomorrowland to
activate the #SmirnoffHouse. The on-site “house party”
featured performances by main stage DJs, steering the
focus away from the VIP red rope scene and back to
the music, allowing the artists to reconnect with their
fans in a very authentic way.
CP+B worked with Domino’s to give Dom a form – a happy
microphone with a Domino’s cap – and a personality,
inspired by hard-working, eager to please Domino’s
employees, with thousands of unique things to say. The
world’s first major fast-food chain to offer a voice-enabled
phone app, Dom officially launched in October with a
national TV campaign and was an instant hit, especially
among Millennials – a group notoriously one step ahead
of the tech curve. The immediate campaign goal was to
increase downloads of Domino’s mobile ordering app while
continuing to achieve same-store-sales growth for the
company. Domino’s ended-up with a 100% increase in app
downloads, and within 6 months, more than 500K voice
orders had been placed using ‘Dom’.
2014 Q4 INVESTOR NEWSLETTER
resulted in higher levels of behavioral change.
Another key finding for brands and marketers
was the various platforms where target audiences
get their general food news – Facebook for
Millenials and TV evening news for Gen X
versus newspapers for Boomers and Matures.
Conversely, mobile is increasingly becoming the
on-the-go resource for Americans across all
age demographics.
Ultimately, by considering the impact these
stories have on consumer behavior, and knowing
that the media sources they rely on directly affect
the type of food news they see, Hunter PR’s
annual study provides a snapshot of America’s
ever-evolving food media palate.
Since the campaign launch, Smirnoff has seen uplift
in engagement, equity and sales with over 61 million
unique views of the Party campaign, volume sales
increase 4.3%, dollar sales increase 3% and share
of total vodka increase from 20% to 25%. As the
brand continues to gain market share, the Smirnoff
momentum keeps growing, inviting a new generation to
come together and celebrate Smirnoff: Exclusively for
Everybody.
2
72andsunny/Smirnoff
HIGHLIGHTS FROM OUR
PARTNER NETWORK
Q4 New Business*
These select account
wins solidified $56.7
million of net annualized
new revenue for this
quarter:
Infiniti
CP+B
Unilever (Magnum Ice Cream)
kbs+ and Attention
Awards
Diageo (Johnnie Walker)
Anomaly
Northstar won two awards at the
Market Research Society Awards
Concentric won four awards for the
28th Annual Rx Club Show
AmBev/InBev (Corona)
CP+B Brazil
At the Canadian Marketing
Association Awards, Real Interactive
and kbs+ won silver and bronze,
Anomaly won gold, silver and bronze
and Union took home two bronzes
Kwittken’s Jason Schlossberg was
named to the Holmes Report’s
Innovator 25 List
Ruiz Foods (El Monterey Frozen Burritos)
Colle+McVoy
SOBI
Concentric
HONOR
HL Group
Neato Robotics
Doner
Jafra
Doner
CP+B’s work for Sony Mobile and
Swedish Radio won Digital and Mobile
Campaign of the Month
72U’s documentary on Lolita fashion,
“Sugar Coated”, won LA International
Underground Film Festival’s Best
Documentary Short
72andSunny’s Evin Shutt was named
as one of Adweek’s 50, recognizing the
movers and shakers behind today’s top
brands
CP+B won gold for its Paddy Power
“Ball of Shame” work at the Campaign
Big Awards
Elevate
Assembly
72andSunny and kbs+ were named to
Ad Age’s list of Best Places to Work
Veritas took home a bronze for PR
Agency of the Year at Strategy’s
AOY Awards where Union was also
shortlisted
Ryder Systems
CP+B
Allison+Partners and Hunter PR were
featured in New York Observer’s 2014
PR Power List
Shots awarded 72andSunny’s Google
Night Walk as Digital Campaign of
the Year
kbs+’s Jay-Z Gold Window was a
winner at MediaPost’s Digital Out of
Home Awards
BMIR won four platinums and four
golds at the 2014 MarCom Awards
Seventh Generation
Allison+Partners
Eisai (Belviq)
Assembly
BMIR won the Award of Excellence at
the Corporate Reporting Awards
Includes select wins in the public domain only.
CP+B’s #FML campaign for Jello won
Adweek’s Media Plan of the Year
Allison+Partners won two awards at the
PRSA-LA PRism Awards
72andSunny’s Carlton Starbucks ad
was named The Best Commercial of
the Holiday Season
MediaPost named The Media Kitchen
as Programmatic and Search Agency
of the Year and Assembly’s Steve
Farella as Media Executive of the Year
72andSunny’s outdoor campaign for
Google was #1 in Adweek’s list of “14
Brilliant Outdoor Ads That Rocked the
Real World in 2014
At the 65th Annual ADCC Awards,
kbs+ and Real Interactive won gold,
kbs+ won four silvers and six bronzes,
and Anomaly took home a silver and
four bronzes
In Fast Company’s 20 Best Ads
of 2014, Anomaly was #8 for its
Budweiser, 72andSunny was #9 and
#14 for Samsung, and kbs+ was #18
for BMWi8
Colle+McVoy was named as one of
Outside Online’s 2014 Best Places
to Work
Source Marketing/Eight O’Clock Coffee
2014 Q4 INVESTOR NEWSLETTER
3
72andSunny/Starbucks
IT’S NOT WHAT YOU SAY,
IT’S WHAT PEOPLE HEAR
FRANK LUNTZ
FOUNDER & PRESIDENT, LUNTZ GLOBAL
2014 Q4 INVESTOR NEWSLETTER
4
Q4 KEY FINANCIAL
HIGHLIGHTS
ORGANIC REVENUE (1)
GROWTH OF 12.5% IN Q4
NET NEW BUSINESS
$56.7 MILLION IN Q4
FULL YEAR
PERFORMANCE
2015 Guidance*
ADJUSTED EBITDA (2)
GROWTH OF 14.6% IN Q4
+ 10.8%
Organic revenue (1)
increased 10.8%
Revenue
Adusted EBITDA (2)
+ 15.2%
Reported revenue increased to
$1.22 billion from $1.06 billion, an
increase of 15.2%
2014 Actuals
2015 Guidance
Implied Year
Over Year Change
$1.22 billion
$1.300 to $1.330 billion
+6.5% to +8.5%
$179.4 million
$195 to $205 million
+8.7% to +14.3%
14.7%
15.0% to 15.4%
+35 to +75 basis points
$98.8 million
$109 to $119 million
+10.3% to +20.4%
EBITDA Margin
Adjusted EBITDA Available for
General Capital Purposes (3)
INCREASED QUARTERLY
DIVIDEND BY 10.5% TO $0.21
+ 17.0%
Adjusted EBITDA(2) increased
17.0% to $179.4 million from
$153.3 million with margins
at 14.7%
Summary Financial Statement Data
$ in Millions, except per share data
12 months ended
December 31, 2013
3 months ended
December 31, 2014
12 months ended
December 31, 2014
$1,062.5
$339.9
$1,223.5
$162.7 Million
Total Revenue
Net annualized new business
revenue won in 2014
Organic Revenue Growth (1)
+9.4%
+12.5%
+10.8%
Adjusted EBITDA (2)
$153.3
$51.8
$179.4
$(148.9)
$(26.8)
$(24.1)
$88.4
$31.1
$98.8
Cash and Cash Equivalents
$102.0
$119.8
$119.8
Total Long-Term Debt
$665.1
$743.1
$743.1
Closing Price
$25.51
$22.72
$22.72
47.1
49.7
49.5
Operating Data
Net Income (Loss)
Adjusted EBITDA Available for General Capital
Purposes (3)
Balance Sheet Data
Other Data
Q4 CONFERENCE
CALL REPLAY
A recording of the conference call will be
available until 9:00 am (ET) on March 10,
2015, by dialing 1-412-317-0088 or toll free
1-877-344-7529 (passcode: 10060211) or
by visiting www.mdc-partners.com.
Wtd. Avg. Dil. Shares Outstanding
(1) Organic revenue growth is a non-GAAP measure that refers to growth in revenues from sources other than acquisition or foreign exchange impacts.
(2) Adjusted EBITDA is a non-GAAP measure, and represents operating profit plus depreciation and amortization, stock-based compensation, acquisition deal costs,
deferred acquisition consideration adjustments, one time incentive compensation, and profit distributions from affiliates.
(3) Adjusted EBITDA Available for General Capital Purposes is a non-GAAP measure, and represents funds available for repayment of debt, acquisitions, deferred
acquisition consideration, dividends, and other general corporate initiatives.
Note: A reconciliation of non-GAAP to US GAAP reported results has been provided by the Company in the tables included in the earnings release issued
on February 23, 2015. Figures exclude discontinued opperations.
2014 Q4 INVESTOR NEWSLETTER
Agendy / Year
* As of February 23, 2015.
5
Q4 KEY FINANCIAL
HIGHLIGHTS
MDC Partners vs. Peers
Calendar Year Organic Revenue Growth
25%
20%
15%
10%
5%
-0%
-5%
-10%
2008
2009
2010
2011
2012
(1)
MDC Partners
2013
2014
Peers include Omnicom, Interpublic, WPP, Havas and Publicis
Peers
(2)
Pro Forma for planned divestiture of ACCENT
MDC Global Network
UNITED STATES
CANADA
UK/EUROPE
Allison+Partners
Anomaly
Attention
Assembly
Bruce Mau Design
Civilian
Colle+McVoy
Concentric
CP+B
Doner
Hello Design
HL Group
Hunter PR
kbs+
Kingsdale
Kwittken
Laird+Partners
LBN
Luntz Global
mono Advertising
Northstar
Redscout
Relevent
Hud:sun
Rumble Fox
Sloane & Company
Source Marketing
72andSunny
TEAM
The Media Kitchen
Trade X
VITRO
Varick Media Management
Yamamoto
6 Degrees
Andretti Sports Marketing
Anomaly
Attention
BOOM! Marketing
Bruce Mau Design
BMIR
Gale43
kbs+
Kenna
Kwittken
Kingsdale
Northstar
Tatt2 Media
Union
Veritas
72andSunny
Albion
Allison+Partners
Anomaly
CP+B
Doner
kbs+
Kwittken
Northstar
Path Worldwide
Redscout
2014 Q4 INVESTOR NEWSLETTER
ASIA
Allison+Partners
Anomaly
CP+B
kbs+
SOUTH AMERICA
CP+B
Agendy / Year
6
Bruce Mau Design/Biomuseo
CREATIVITY IS FAR, FAR
BIGGER THAN A DEPARTMENT,
AND FAR MORE FUNDAMENTAL
THAN EXECUTION
CARL JOHNSON,
FOUNDER & GLOBAL CEO, ANOMALY
2014 Q4 INVESTOR NEWSLETTER
7
Doner/JBL
MDC PARTNERS
CORPORATE ACTIVITY
CP+B/Fruit of the Loom
Kbs+/BMO
Expansion of Credit Facility
Redscout Opens London Office
MDC completed the expansion and extension
of our bank facility which serves to increase
our borrowing capacity by $100 million to
$325 million, and extends the maturity out
an additional 18 months until September 30,
2019. We see this as an important step in
the evolution of MDC as a larger company
competing on a global scale – increasing
our capital base, further reducing our cost of
capital, and providing further financial flexibility
to help fund our growing business. This,
together with our strong balance sheet and
liquidity position, makes for a very attractive
financial foundation for MDC to grow.
Extending its reach overseas, MDC’s
innovation agency Redscout has opened an
office in London to support its growth plans
and international expansion. The London
operations will be led by Jason Cobbold, a
proven through-leader and market-disruptor
who joins Redscout from Publicis London. With
over half of the agency’s business focused on
global clients, the London office will serve as
an important hub for its global work.
Kwittken Launches in Toronto
Public relations firm Kwittken has launched
a Canadian practice, marking the agency’s
third office worldwide alongside the New
York headquarters and its London outpost.
Kwittken’s Toronto practice will be located
inside the office of its parent company, KBS
Toronto, and will serve as a complementary
offering to the KBS stack as well as be
positioned to facilitate cross-selling from
existing KBS clients.
2014 Q4 INVESTOR NEWSLETTER
Doner/AutoTrader
Update on Accent
In December MDC announced plans to pursue a
partner for our customer engagement business,
Accent Marketing Services. As we discussed at
the investor day, we believe the planned Accent
transaction will make MDC a faster growing, higher
margin, and less capital-intensive business overall.
We are running an active process and are engaged
in productive conversations which gives us
considerable confidence that a transaction will take
place during the first half of this year. Given the
pending divestiture, the business has been moved
to discontinued operations, and our reported
financials from continuing operations exclude
Accent both in the current and prior period.
8
MDC PARTNERS
CORPORATE ACTIVITY
Doner/JBL
MDC PARTNERS HOLDS
2014 INVESTOR DAY
MDC Partners hosted a well-attended
investor day on December 4 in New
York City. Througout the program, MDC
Partners showcased our growth strategy,
exceptional talent and transformative
client work, demonstrating the power
of our disruptive approach and why we
believe we are positioned to gain material
RECENT EVENTS
UPCOMING EVENTS
11/21/2014
12/8/2014
2/24/2015
3/11/2015
Morgan Stanley
European Technology,
Media & Telecoms
Conference
Barcelona, Spain
UBS 42nd Annual
Global Media and
Communications
Conference
New York, NY
JP Morgan Global High
Yield & Leveraged
Finance Conference
Miami, FL
Piper Jaffray
Technology, Media and
Telecommunications
Conference
New York, NY
agency leadership during a networking
12/4/2014
12/9/2014
3/10/2015
3/11/2015
lunch. Attendance was up 40% from last
MDC Partners 2014
Investor Day
New York, NY
BMO Technology &
Digital Media Conference
New York, NY
Deutsche Bank Media,
Internet & Telecom
Conference
Palm Beach, FL
Goldman Sachs TMT
Leveraged Finance
Conference
New York, NY
market share for many years to come.
The event featured keynote presentations
and panel discussions led by MDC
Partners management and partner agency
leaders. There was also an opportunity to
meet with MDC Partners executives and
year, with 90 people donning the Oculus
Rift headset to try out the virtual reality
experience created by our partner Relevent
to promote HBO’s “Game of Thrones”.
1/7/2015
MDC 2014 Investor Day
Citi 2015 Internet, Media
& Telecommunications
Conference
Las Vegas, NV
Additional information about MDC investor events
is available at www.mdc-partners.com.
MDC CARES SPOTLIGHT
This fall, MDC Partners proudly kicked off our
new partnership with Dreamflight, a UK-based
children’s organization that takes children with
serious illness or disability to Orlando, Florida
for the trip of a lifetime. While in Orlando, the
On a sunny Saturday in late October, MDC
alongside kbs+, Assembly, Laird+Partners and
Partners brought together a team of more than
several more and gathered food in support of
150 racers from kbs+, Concentric, Laird+Partners,
the Bowery Mission’s Food Bank and programs
Redscout, HL Group, Assembly and MDC as we
to benefit New York’s homeless.
participated in the Westside YMCA’s Fit for All
5K, raising funds for youth obesity prevention
programs. The team dressed for the occasion,
sporting fantastic Halloween costumes, and for the
second year in a row, the MDC team was awarded
community and philanthropic initiatives,
please visit the MDC Cares Blog at
www.mdccares.com
the “Biggest Team Award”.
children visit area theme parks accompanied by a
And finally, as the holidays drew near, holiday
full medical staff and a team of volunteers. MDC
initiatives kicked off across the network. At MDC
proudly supported the volunteer involvement of five
Toronto, team members shopped and wrapped
head office staff members who joined the group,
gifts for children sponsored from the Toronto
accompanying the children on rides, running
Kiwanis Boys and Girls Clubs. Meanwhile, the
games and activities, and making sure it was a
New York team wrapped up the holidays in support
trip to remember.
of the New York Cares Winter Wishes program,
2014 Q4 INVESTOR NEWSLETTER
For more information about MDC’s ongoing
9 9
MDC runners at YMCA’s Fit For All 5K
Global Leadership
MDC PARTNERS
FACT SHEET
Miles S. Nadal
Chairman & CEO
David Doft
CFO
Bob Kantor
Chief Marketing & Business Development Officer
A PARTNER COMPANY
NOT A PARENT COMPANY
Partners
MDC Partners is one of the leading and fastest-growing
global Business Transformation Organizations. We thrive by
empowering the most talented, entrepreneurial and innovative
thought leaders to drive competitive advantage and business
growth for clients. Our agency partners leverage technology,
marketing communications, data analytics, insights
and strategic consulting solutions to drive meaningful,
measureable returns on marketing and communications
investments for over 1,500 clients worldwide.
Notable Awards
4A’s O’TOOLE
Awards
mono
Small Agency of the
Year (2012)
Advertising Age
72andSunny
Agency of the Year
(2014)
72andSunny
Most Viral Agency of
the Year (2014)
Anomaly
Most Viral Super Bowl
Ad (2014)
CP+B
Agency of the Decade
(2010)
Adweek
72andSunny
Agency of the Year
(2013)
kbs+
Project Isaac
Awards (2014), 2 Gold
Cannes Lions
72andSunny
Gold (2014) (Samsung)
Anomaly
Gold (2014) (Dick’s
Sporting Goods)
MDC Various
Five Grand Prix (2012)
Creativity A-List
EMMYS
ONE Show
72andSunny
Innovators of the Year
(2014)
CP+B
Late Night with
Jimmy Fallon (2014)
Anomaly
Gold (2014) (Budweiser)
72andSunny
Agency of the Year
(2013)
Anomaly
Avec Eric (2011)
The Holmes Report
The Delaney Report
Doner
Agency of the Year
(2013)
EFFIES
72andSunny
Gold (2014)
(Activision)
72andSunny
Silver (2014)
(Samsung)
Anomaly
Silver (2014)
(Bud Canada)
72andSunny
Grand Prix, Gold (2013)
(Activision)
CP+B
Gold (2013)
(Kraft)
CP+B
Gold (2013)
(Amex)
CP+B
Gold (2012)
(Baby Carrots)
Allison+Partners
Grand North American
Agency of the Year
(2014)
Kwittken
Small Agency of the
Year (2014)
Veritas
Canadian Consultancy
of the Year (2014)
Hunter PR
Consumer Agency of
the Year (2014)
Sloane & Company
Crisis Agency of the
Year (2012)
Jay Chiat Awards
for Strategic
Excellence
72andSunny
Grand Prix (2013)
Kwittken
72andSunny
Laird+Partners
Albion
LBN
Allison+Partners
Luntz Global
Andretti Sports
Marketing
MDC Media Partners
Anomaly
Northstar Research
Partners
Attention
Path Worldwide
BOOM! Marketing
Real Interactive
Bruce Mau Design
Redscout
Bryan Mills Iradesso
Relevent
Civilian
Rumble Fox
Colle+McVoy
Sloane & Company
Concentric
Source Marketing
CP+B
TEAM
Doner
The Media Kitchen
Exponent PR
Trade X
Hello Design
Union
HL Group
Varick Media
Management
Hud:sun Media
Hunter PR
kbs+
Automobile Advertising
of the Year (2013)
(BMW)
kbs+
Ogilvy Awards
CP+B
Grand Prix (2011)
(Domino’s)
PRSA
Exponent PR
Industry Campaign of
the Year (Healthcare)
(2014)
(Medtronic)
Exponent
Industry Campaign of
the Year (B2B) (2014)
(DuPont)
PRWeek
Allison+Partners
Technology Campaign
of the Year (2013)
(Dropbox)
Medical Market &
Media Magazine
mono
Assembly
72andSunny
Gold (2014) (Samsung)
Kenna
Veritas
VITRO
Yamamoto
Kingsdale Shareholder
Services
Contacts
Investor Inquiries
Matt Chesler, CFA
VP, Investor Relations
[email protected]
646-412-6877
Press Inquiries
Alexandra Delanghe
SVP, Corporate Communications
[email protected]
646-429-1845
Company Securities
Concentric
Top 100 Agencies
(2014)
Follow us on:
2014 Q4 INVESTOR NEWSLETTER
6 Degrees
Twitter
Instagram
LinkedIn
MDC Partners’ Class A Shares are
publically traded on NASDAQ under
the symbol “MDCA” and on the
Toronto Stock Exchange under the
symbol “MDZ.A”
Additional Information
Additional information is available on
our corporate website at
www.mdc-partners.com
1010
Forward Looking Statements & Other Information
This presentation, including our “2015 Guidance Outlook”, contains forwardlooking statements. The Company’s representatives may also make forward-looking
statements orally from time to time. Statements in this presentation that are not
historical facts, including statements about the Company’s beliefs and expectations,
earnings guidance, recent business and economic trends, potential acquisitions,
estimates of amounts for deferred acquisition consideration and “put” option rights,
constitute forward-looking statements. These statements are based on current
plans, estimates and projections, and are subject to change based on a number of
factors, including those outlined in this section. Forward-looking statements speak
only as of the date they are made, and the Company undertakes no obligation to
update publicly any of them in light of new information or future events, if any.
Forward-looking statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially from those contained
in any forward-looking statements. Such risk factors include, but are not limited to,
the following:
·risks associated with severe effects of international, national and regional
economic downturn;
·the Company’s ability to attract new clients and retain existing clients;
·the spending patterns and financial success of the Company’s clients;
·the Company’s ability to remain in compliance with its debt agreements and the
Company’s ability to finance its contingent payment obligations when due and
payable, including but not limited to those relating to “put” option rights and
deferred acquisition consideration;
·the successful completion and integration of acquisitions which compliment and
expand the Company’s business capabilities; and
· foreign currency fluctuations.
The Company’s business strategy includes ongoing efforts to engage in material
acquisitions of ownership interests in entities in the marketing communications
services industry. The Company intends to finance these acquisitions by using
available cash from operations and through incurrence of bridge or other debt
financing, either of which may increase the Company’s leverage ratios, or by issuing
equity, which may have a dilutive impact on existing shareholders proportionate
ownership. At any given time the Company may be engaged in a number of
discussions that may result in one or more material acquisitions. These opportunities
require confidentiality and may involve negotiations that require quick responses by
the Company. Although there is uncertainty that any of these discussions will result
in definitive agreements or the completion of any transactions, the announcement
of any such transaction may lead to increased volatility in the trading price of the
Company’s securities.
Investors should carefully consider these risk factors and the additional risk factors
outlined in more detail in the Annual Report on Form 10-K under the caption “Risk
Factors” and in the Company’s other SEC filings.
2014 Q4 FINANCIAL NEWSLETTER