InnerWorkings Announces First Quarter 2009 Results
CHICAGO, May 07, 2009 (BUSINESS WIRE) -- InnerWorkings, Inc. (NASDAQ:INWK), a leading global provider of managed print and promotional solutions to corporate clients, today reported results for the three months ended March 31, 2009.
"Our enterprise offering represents our most significant growth opportunity and is resonating strongly with customers as evidenced by the fact that we added eight new accounts in the period while continuing to retain and grow existing relationships," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "We strongly believe that the Company is poised for healthy and profitable market share gains in the months and years ahead."
Revenue for the Company's first quarter was $94.3 million, an increase of eight percent compared to revenue of $87.2 million in the first quarter of 2008. First quarter net income was $0.2 million, or $0.01 per diluted share.
Additional first quarter 2009 financial and operational highlights include the following:
The Company is reaffirming its previously stated 2009 guidance, including a revenue range of $450 million to $475 million and an earnings per share range of $0.35 to $0.39.
"The current economic environment and our strong financial position in the industry are creating market opportunities for us and we remain positive about the business for 2009 and beyond," said Joseph M. Busky, Chief Financial Officer of InnerWorkings. "Furthermore, our focus on disciplined cost management and maximizing the deployment of capital will continue to reap long-term benefits while enhancing shareholder value."
A conference call will be broadcast live on Thursday, May 7, 2009, at 4:30 p.m. Central Time (5:30 p.m. Eastern Time). The live webcast discussion, which will include a Q&A session, will be hosted by Eric D. Belcher, Chief Executive Officer, and Joseph M. Busky, Chief Financial Officer. Interested parties are invited to listen to the live webcast by visiting the Investor "Events & Presentations" section of InnerWorkings' website at www.inwk.com. A replay of the webcast will be available later that day in the same section of the website.
About InnerWorkings, Inc.
InnerWorkings, Inc. (NASDAQ: INWK) is a leading global provider of managed print and promotional solutions to corporate clients across a wide range of industries. With proprietary technology, an extensive supplier network and domain expertise, the Company procures, manages and delivers printed materials and promotional products as part of a comprehensive outsourced enterprise solution. The Company is based in Chicago with other offices in the United States and in the United Kingdom. For more information on InnerWorkings, visit: www.inwk.com.
This release contains statements relating to future results. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any future results discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the "Risk Factors" section of our most recently filed Form 10-K.
|Consolidated Statements of Income (Unaudited)|
|Three months ended March 31,|
|Revenue||$ 87,191,586||$ 94,277,433|
|Cost of goods sold||65,623,360||71,267,277|
|Selling, general, and administrative expenses||15,050,555||20,619,116|
|Depreciation and amortization||722,923||1,495,375|
|Income from operations||5,794,748||895,665|
|Total other income (expense)||574,913||(492,101||)|
|Income before taxes||6,369,661||403,564|
|Income tax expense||2,511,645||155,153|
|Net income||$ 3,858,016||$ 248,411|
|Basic earnings per share||$ 0.08||$ 0.01|
|Diluted earnings per share||$ 0.08||$ 0.01|
|Weighted average shares outstanding, basic||48,025,475||45,399,786|
|Weighted average shares outstanding, diluted||51,319,426||47,034,006|
|Consolidated Balance Sheets|
|December 31,||March 31,|
|Balance Sheet Data|
|Cash and cash equivalents||$ 4,011,855||$ 4,911,317|
|Accounts receivable, net of allowance for doubtful accounts||73,628,112||78,245,896|
|Other current assets||8,081,553||8,634,657|
|Total long-term assets||123,501,173||129,254,733|
|Total assets||$ 253,822,316||$ 263,670,245|
|Accounts payable-trade||$ 54,084,430||68,758,423|
|Other current liabilities||65,854,864||54,961,885|
|Total long-term liabilities||144,993||5,006,711|
|Total stockholders' equity||133,738,029||134,943,226|
|Total liabilities and stockholders' equity||$ 253,822,316||$ 263,670,245|
|Cash Flow Data (Unaudited)|
|Three Months Ended March 31,|
|Net cash provided by operating activities||
|Net cash used in investing activities||(23,353||)||(6,138,780||)|
|Net cash provided by (used in) financing activities||1,020,130||(477,393||)|
|Effect of exchange rate changes on cash and cash equivalents||-||
|Increase in cash and cash equivalents||2,798,422||899,462|
|Cash and cash equivalents, beginning of period||26,716,239||4,011,855|
|Cash and cash equivalents, end of period||
SOURCE: InnerWorkings, Inc.
Kyle Berry, 312-784-2607
Copyright Business Wire 2009