InnerWorkings Reports Q1 Results
Results impacted by previously announced spending reduction from large customer; new organic enterprise business continues to fuel growth.
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Additional first quarter 2013 financial and operational highlights include the following:
- The enterprise channel accounted for 79 percent of revenue and middle market accounted for 21 percent, consistent with the revenue mix in the first quarter of 2012.
- Gross profit margin was 22.5 percent, compared to 22.0 percent in the prior year period.
- DB Studios, a California-based distributor of permanent point-of-purchase displays was acquired in March 2013. DB Studios is expected to generate revenues of approximately $20 million during the period from acquisition date to the end of the year.
“While we continue to realize solid new enterprise growth, we are disappointed by our modest growth in the first quarter due to a decrease in a large customer’s spending,” said Joseph M. Busky, chief financial officer of InnerWorkings. “Given the new enterprise activity happening across our global footprint, we anticipate stronger results for the balance of the year.”
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