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Innerworkings Reports Record Revenue, Deeper Loss in Q4

Wednesday, February 19, 2014

Press release from the issuing company

Announces record revenue and adjusted operating cash flow in the fourth quarter and full year; forecasts 8 to 12 percent revenue growth in 2014

CHICAGO - InnerWorkings, Inc., a leading global marketing supply chain company, today reported preliminary results for the fourth quarter and fiscal year ended December 31, 2013.

Quarterly Highlights:

  • Record revenue of $245.6 million, an increase of 22% compared to $201.9 million in the fourth quarter of 2012. Organic revenue growth totaled $28 million, representing 14% growth over the prior year period. Please refer to the revenue growth table below for more information.
  • Record non-GAAP adjusted operating cash flow generated from operations of $27.2 million, an increase of 24% compared to $22.0 millionin the fourth quarter of 2012. Please refer to the non-GAAP reconciliation table below for more information.
  • Non-GAAP adjusted EBITDA of $6.2 million, compared to $6.3 million in the year-earlier period. Please refer to the non-GAAP reconciliation table below for more information.
  • Non-GAAP diluted earnings per share of ($.02), compared to ($.01) in the fourth quarter of 2012. Please refer to the non-GAAP reconciliation table below for more information.

Fiscal Year Highlights:

  • Record revenue of $893.4 million, an increase of 13% compared to $789.6 million in 2012. Organic revenue growth was $72 million, representing 9% growth over the prior year. Please refer to the revenue growth table below for more information.
  • Record non-GAAP adjusted operating cash flow generated from operations of $39.0 million, an increase of 88% compared to $20.8 millionin 2012. Please refer to the non-GAAP reconciliation table below for more information.
  • Non-GAAP adjusted EBITDA of $25.8 million, compared to $37.4 million in 2012, due primarily to the spending reduction by a large retail customer announced in April 2013, as well as the underperformance of the Inside Sales business. Please refer to the non-GAAP reconciliation table below for more information.
  • Non-GAAP diluted earnings per share of $.07, compared to $0.24 in 2012. Please refer to the non-GAAP reconciliation table below for more information.

"Despite a number of unexpected challenges in 2013, our team was able to drive double-digit top-line growth," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "With our focus on our growing core enterprise business, we expect to generate stronger bottom line results and shareholder value in 2014 and beyond."

Full Release

 

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