Allen Press, Inc. will host a community open house on Thursday, November 9, 2017 to celebrate its Digital Production Center grand opening. The event will take place from 11 a.m. to 5 p.m. and is open to the public. A Lawrence Chamber of Commerce ribbon cutting ceremony will begin at 11:30 a.m. with remarks from Lawrence City Commission Representative Lisa Larsen and Chamber of Commerce Board member Phil Bradley. Afterwards, guests will have the opportunity to chat with printing, mailing and marketing experts, meet their local sales representative Paula Gibbs, tour the plant and see live demonstrations of two new state-of-the-art digital presses and a variety of high tech finishing equipment. Complimentary food and beverages will be served throughout the day. “Allen Press is a proud staple that has contributed to the Lawrence community for over 80 years,” said Allen Press CEO Randy Radosevich. “We believe it’s important to connect with local residents and the businesses we serve so they continue to be a part of what we’re up to, and with our new digital production equipment and increased creative services capabilities, what better time than now to celebrate together that for the first time we are able to serve everyone’s complete marketing needs.” Click Read More below for additional information.
InnerWorkings, Inc. (NASDAQ: INWK), the leading global marketing execution firm, today announced financial results for the three and nine months ended September 30, 2018. For all non-GAAP references below, please refer to the non-GAAP reconciliation tables at the end of this release for more information.
“While we are experiencing greater revenue declines than expected in transactional and small accounts, we are encouraged by the momentum we continue to build in new enterprise wins,” said Chief Executive Officer Rich Stoddart. “With the new contract we are announcing today, our total new business signings to date surpass the amount of work we were awarded in all of last year. This success is the result of our efforts to focus more intently on growing our core enterprise business, particularly in long-term, comprehensive partnerships with global brands. With this momentum we fully expect to return to our long-term pattern of organic growth in 2019.”
Financial and Business Highlights
• Gross revenue was $270.9 million in the third quarter of 2018, a decrease of 6% compared to $288.5 million in the third quarter of 2017. Excluding currency impacts, third quarter gross revenue decreased 5% compared to the same period of last year. Year-to-date gross revenue was $827.4 million, a decrease of 1% compared to $833.0 million in the same period of 2017.
• Gross profit (net revenue) was $64.0 million, or 23.6% of gross revenue in the third quarter of 2018, compared to $71.9 million, or 24.9% of revenue, in the same period of last year. Excluding the impact of an inventory writeoff related to our retail environments business, our gross margin was 24.0% in the third quarter of 2018.
• Net loss for the third quarter of 2018 was $(44.9) million, or $(0.87) per diluted share, compared to net income of $7.1 million, or $0.13 per diluted share in the third quarter of 2017. Third quarter net loss includes goodwill and intangible asset impairment charges of $41.9 million.
• Non-GAAP diluted earnings per share for the third quarter of 2018 was $0.04, compared to $0.15 in the third quarter of 2017.
• Non-GAAP adjusted EBITDA was $12.2 million in the third quarter of 2018, compared to $18.1 million in the third quarter of 2017.
• Additional work from new and existing clients awarded so far during 2018 is expected to drive approximately $134 million of annual revenue at full run-rate. This includes a major client expansion announced today, a global partnership with a Fortune 100 food and beverage company.
“As planned, we have actioned $11 million of the $20 million in previously announced cost reduction measures as of October 1st,” said Chip Hodgkins, Interim Chief Financial Officer of InnerWorkings. “We are focused on implementing the remaining $9 million and we believe additional cost reductions beyond the original scope are possible and necessary to drive shareholder value. In partnership with third-party experts, we are also scoping further profit enhancement initiatives to drive near-term sustainable margin improvement and will provide an update in tandem with our fourth quarter results.”
more detail at: https://investor.inwk.com/news-releases/news-release-details/innerworkings-announces-third-quarter-2018-results