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Innerworkings reports Q1 results, Enterprise wins drive revenue growth

Friday, May 07, 2010

Press release from the issuing company

CHICAGO -- InnerWorkings, Inc., a leading global provider of managed print and promotional solutions, today reported results for the three months ended March 31, 2010.

Quarterly Highlights:

-- Revenue generated during the first quarter was $112.2 million, an increase of 19% compared with the first quarter of 2009.

-- Earnings per share for the first quarter were $0.05 per diluted share, including $0.01 from the sale of Echo Global Logistics stock, vs. $0.01 per diluted share in Q1 of 2009.

-- Enterprise revenue in the first quarter increased 28% vs. the first quarter of 2009 to $78.5 million.

-- Seven new enterprise contracts were signed during the quarter, including agreements with Hertz, SiriusXM and Junior Achievement.

-- Adjusted EBITDA increased from $3.3 million in the first quarter of 2009 to $5.5 million in the first quarter of 2010. Please refer to the non-GAAP reconciliation table below for more information.

"We generated healthy sales growth during the first quarter driven primarily by our new enterprise wins ramping to plan while also receiving a modest lift from an increase in same customer spends," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "We are pleased that our new growth strategy is beginning to produce improved results for the Company."

Additional first quarter 2010 financial and operational highlights include the following:

-- For the first quarter of 2010, 70 percent of the Company's revenue was generated from sales to enterprise clients, with the remaining 30 percent derived from transactional clients.

-- As of March 31, 2010, the Company had an outstanding balance of $46.5 million on its $75.0 million bank credit facility and had cash and short-term investments of $27.4 million.


The Company is reaffirming its previously stated 2010 guidance, including a revenue range of $440 million to $470 million and an earnings per share range of $0.24 to $0.29.

"The Company's recent performance coupled with our strong position in the printing industry continues to provide us with exciting market opportunities," said Joseph M. Busky, Chief Financial Officer of InnerWorkings. "While we are cautiously optimistic about our customers' increasing print spends, the Company will continue to manage expenses prudently while seeking to optimize our resources and deliver a strong return on invested capital."




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