WEB NEWS Comments & Business Outlook
"Despite the continuing pressure on our customers' marketing budgets, we are more confident than ever that InnerWorkings offers both a superior and a preferred solution to corporations looking to gain efficiencies, visibility and savings across their print spend," stated Eric Belcher, Chief Executive Officer of InnerWorkings. "The sharp decline in same-customer sales experienced this year has masked our impressive market share gains, and we expect our growth rate to return to a normalized level as our customers' spending patterns return. Our technology has never been more robust and effective, our buying capabilities and clout in the market have never been more significant and our cost structure has positioned us well for years to come."
The Company has drastically reduced its previously stated 2009 guidance .
FULL YEAR 2009 Guidance Ending December a
Full Year 2009 Guidance Full Year 2008 Reported Period Change
GAAP Revenue
$400.0 to $425.0 million
$419.0
4.5% to -1.4%
GAAP EPS
0.14 to $0.20
$0.32
-56.3% to -37.5%
Source: GlobeNewswire (September 2, 2009) a The above forecasts reflect the Company's current and preliminary views and are therefore subject to change. Please refer to the Company's Safe Harbor Statement (usually in press releases) for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.
Comments & Business Outlook
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.”
The Company is reaffirming its previously stated 2009 guidance.
FULL YEAR 2009 Guidance Ending December a
Full Year 2009 Guidance Full Year 2008 Reported Period Change
GAAP Revenue
$450.0 to $475.0 million
$419.0
7.4% to 13.4%
GAAP EPS
0.35 to $0.39
$0.32
9.4% to 21.9%
Source: See Release , May 7, 2009 a The above forecasts reflect the Company's current and preliminary views and are therefore subject to change. Please refer to the Company's Safe Harbor Statement (usually in press releases) for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.
Comments & Business Outlook
Guidance Report:
* Fourth Quarter 2008
Revenue
Diluted EPS
$100 million to $105 million
$0.01 to $0.03
*Full Year 2008
Revenue
Diluted EPS
$415 million to $420 million
$0.33 to $0.35
Previous Full Year 2008 Estimate
Revenue
Diluted EPS
$435 million to $450 million
$0.41 to $0.43
Full Year 2009
Revenue
Diluted EPS
Will revisit during the full year 2008 earnings call
$0.35 to $0.39
* EPS includes a provision for bad debt of approximately $0.02 per share associated with the liquidation of a major retail client
significant drop-off in December performance fueled by continued pressure on marketing and advertising budgets, especially among our clients in the retail, financial, housing and pharmaceutical industries,” stated Joseph M. Busky, Chief Financial Officer of InnerWorkings.
The 2009 EPS range is lower than our guidance announced in November , reflecting the impact of the liquidation of a major retail client and continuing macroeconomic weakness.
Source: Business Wire (January 23, 2009 )
