InnerWorkings Announces Record Fourth Quarter and Full Year 2010 Results

InnerWorkings, Inc. INWK today reported results for the fourth quarter and fiscal year ended December 31, 2010. Quarterly Highlights: Record revenue for the fourth quarter of $130.4 million, an increase of 20.9% compared to revenue of $107.9 million in the fourth quarter of 2009. Net income was $3.5 million, an increase of 61.9% compared to $2.2 million in the year-earlier period. Earnings were $0.07 per diluted share compared to $0.05 per diluted share in the fourth quarter of 2009. Adjusted EBITDA was $7.9 million, an increase of 30.2% compared to $6.1 million in the year-earlier period. Please refer to the non-GAAP reconciliation table below for more information. Revenue from new accounts was $12.8 million. Cash flow generated from operations was $6.2 million compared to $4.1 million in the fourth quarter of 2009. Fiscal Year Highlights: Record revenue for fiscal year 2010 of $482.2 million, an increase of 20.4% compared to revenue of $400.4 million in fiscal year 2009. Net income was $11.2 million and diluted earnings per share were $0.24, compared to net income of $6.3 million and diluted earnings per share of $0.13 in fiscal year 2009, an increase of 77.7% and 84.6%, respectively. Adjusted EBITDA was $27.4 million, an increase of 37.0% compared to $20.0 million in fiscal year 2009. Please refer to the non-GAAP reconciliation table below for more information. Revenue from new accounts was $59.7 million. Cash flow generated from operations was $8.3 million compared to $14.2 million in fiscal year 2009.