InnerWorkings Announces Record First Quarter 2011 Results
Chicago-based InnerWorkings Inc., a leading global provider of managed print and promotional solutions, reported results for the three months ended March 31, 2011.
Quarterly Highlights:
• Record revenue generated during the first quarter was $145.2 million, an increase of 29 percent compared with the first quarter of 2010.
• Adjusted EBITDA was $7.3 million, an increase of 33 percent compared to $5.5 million in the year-earlier period. Please refer to the non-GAAP reconciliation table below for more information.
• Net income was $2.8 million, an increase of 29 percent compared to $2.2 million in the year-earlier period. Earnings were $0.06 per diluted share compared to $0.05 per diluted share in the first quarter of 2010. Both earnings per share figures include $0.01 per diluted share from the sale of Echo Global Logistics stock.
• Year-over-year enterprise revenue growth of 35 percent and transactional revenue growth of 14 percent. Revenue from new enterprise accounts was $15.1 million in the first quarter.
• Cash flow generated from operations was $7.1 million compared to $4.2 million in the first quarter of 2010.
"I am pleased with our execution in the quarter and excited about our growth prospects," said Eric D. Belcher, chief executive officer of InnerWorkings. "We generated record revenue for the second consecutive quarter as the company continues to leverage its technology platform to capitalize on the vast opportunities that are easily accessible to us in today's print marketplace. InnerWorkings is progressing rapidly toward our goal of becoming the pre-eminent global print management provider."