InnerWorkings Announces Record First Quarter 2012 Results

InnerWorkings Inc., a Chicago-based leading global marketing supply chain company, reported record results for the three months ended March 31, 2012.

Quarterly Highlights:

• Record revenue of $188.5 million, an increase of 30 percent compared to $145.2 million in the first quarter of 2011. Organic revenue growth in the quarter was 21 percent.
• Two of the contracts signed in the quarter are expected to become the Company's largest enterprise relationships.
• Non-GAAP Adjusted EBITDA was $9.6 million, an increase of 31 percent compared to $7.3 million in the year-earlier period. Please refer to the non-GAAP reconciliation table below for more information.
• Net income was $3.7 million, an increase of 32 percent compared to $2.8 million in the year-earlier period. Excluding proceeds from the sale of Echo Global Logistics stock in both periods, earnings per diluted share in the first quarter of 2012 were $0.07 compared to $0.05 per diluted share in the first quarter of 2011.
• Year-over-year enterprise revenue growth of 35 percent and transactional revenue growth of 15 percent. Revenue from new enterprise accounts was a record $23.2 million in the first quarter.
• Amended credit facility, which lowered borrowing costs, increased the line of credit to $150 million and extended the maturity date to August 2015.

"Our business momentum continues to grow, as we delivered record revenue for the sixth consecutive quarter, were awarded what we expect to be our two largest ever enterprise contracts and raised our revenue guidance for the year," said Eric D. Belcher, chief executive officer of InnerWorkings. "The investments we are making to win large global print management contracts and gain share in the middle market are driving the innovation curve in our industry."