InnerWorkings Announces Record First Quarter 2012 Results
Major new enterprise wins contribute to increase in revenue guidance
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Additional first quarter 2012 financial and operational highlights include the following:
- 79 percent of the Company's revenue was generated from sales to enterprise clients, with the remaining 21 percent derived from transactional clients.
- As of March 31, 2012, the Company had an outstanding balance of $71.4 million on its newly amended $150 million bank credit facility and retained cash and short-term investments of $16.6 million.
"We continued to execute effectively against our goals, generating strong operational and financial results," said Joseph M. Busky, chief financial officer of InnerWorkings. "We also amended our credit facility, which lowers our borrowing costs by 20 percent, and also provides the Company with additional liquidity to continue growing the business."
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