Summary
- Accounting restatement complete
- Non-Core motor sports continues to deflate results
- Core business results diluted by unanticipated costs
- Otherwise core margins stable on a run-rate basis
- Further cost reductions necessary
- New business performance strong, especially at McCann
- Revenue comparisons improving sequentially
- Cash flow performance positive
- Balance sheet remains first priority
- Organizational initiatives underway
- Still cautious on short term outlook