InnerWorkings Announces Record First Quarter 2011 Results
Additional first quarter 2011 financial and operational highlights include the following:
• 76 percent of the company's revenue was generated from sales to enterprise clients, with the remaining 24 percent derived from transactional clients.
• As of March 31, 2011, the company had an outstanding balance of $47.9 million on its $100 million bank credit facility and retained cash and short-term investments of $10.4 million.
"Our momentum in the first quarter is setting the tone for 2011," said Joseph M. Busky, chief financial officer of InnerWorkings. "We are confident in our ability to generate strong performance, both in terms of revenue and profitability, while investing in strategic initiatives across the business to ensure that InnerWorkings remains a high-growth company for the foreseeable future."