Attached files
| file | filename |
|---|---|
| 8-K/A - CURRENT REPORT - INNERWORKINGS INC | v244969_8ka.htm |
| EX-23.1 - EXHIBIT 23.1 - INNERWORKINGS INC | v244969_ex23-1.htm |
| EX-99.2 - EXHIBIT 99.2 - INNERWORKINGS INC | v244969_ex99-2.htm |
| EX-99.3 - EXHIBIT 99.3 - INNERWORKINGS INC | v244969_ex99-3.htm |
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InnerWorkings, Inc. and Productions Graphics Group
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Unaudited Pro Forma Combined Income Statement
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Year Ended December 31, 2010
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Nine Months Ended September 30, 2011
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InnerWorkings
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Productions Graphics
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Pro Form Combined
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InnerWorkings
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Productions Graphics
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Total
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Revenue
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$ | 482,212,101 | $ | 22,374,947 | $ | 504,587,048 | $ | 458,611,577 | $ | 18,689,158 | $ | 477,300,734 | ||||||||||||
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Cost of goods sold
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366,199,728 | 16,274,620 | 382,474,348 | 351,848,878 | 12,685,598 | 364,534,476 | ||||||||||||||||||
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Gross profit
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116,012,373 | 6,100,327 | 122,112,700 | 106,762,699 | 6,003,560 | 112,766,259 | ||||||||||||||||||
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Operating expenses:
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Selling, general, and administrative expenses
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91,796,566 | 4,991,539 | 96,788,105 | 83,365,659 | 5,631,715 | 88,997,374 | ||||||||||||||||||
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Depreciation and amortization
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9,008,514 | 432,892 | 9,441,406 | 7,389,824 | 344,131 | 7,733,956 | ||||||||||||||||||
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Preference claim liability
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- | - | - | 950,000 | - | 950,000 | ||||||||||||||||||
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Income from operations
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15,207,293 | 675,896 | 15,883,189 | 15,057,216 | 27,713 | 15,084,929 | ||||||||||||||||||
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Other income (expense):
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Gain on sale of investment
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3,578,431 | - | 3,578,431 | 2,960,027 | - | 2,960,027 | ||||||||||||||||||
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Interest income
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150,506 | 9,295 | 159,802 | 102,277 | 142,986 | 245,262 | ||||||||||||||||||
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Interest expense
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(1,668,404 | ) | - | (1,668,404 | ) | (1,554,805 | ) | (59,980 | ) | (1,614,785 | ) | |||||||||||||
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Other, net
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(308,531 | ) | 147,396 | (161,136 | ) | (211,155 | ) | (6,168 | ) | (217,323 | ) | |||||||||||||
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Total other income (expense)
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1,752,002 | 156,691 | 1,908,693 | 1,296,344 | 76,838 | 1,373,182 | ||||||||||||||||||
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Income before taxes
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16,959,295 | 832,587 | 17,791,882 | 16,353,559 | 104,551 | 16,458,111 | ||||||||||||||||||
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Income tax expense
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5,748,806 | 156,691 | 5,905,497 | 5,725,157 | 31,607 | 5,756,764 | ||||||||||||||||||
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Net income
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$ | 11,210,489 | $ | 675,896 | $ | 11,886,385 | $ | 10,628,402 | $ | 72,945 | $ | 10,701,347 | ||||||||||||
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InnerWorkings, Inc. and Productions Graphics Group
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Unaudited Pro Forma Combined Balance Sheet
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(unaudited)
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As of September 30, 2011
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INWK
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PG
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Total
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 9,577,286 | $ | 654,959 | $ | 10,232,244 | ||||||
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Short-term investments
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1,750,147 | - | 1,750,147 | |||||||||
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Accounts receivable, net of allowance for doubtful accounts of $3,610,977 and $3,239,005, respectively
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104,954,916 | 9,162,618 | 114,117,534 | |||||||||
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Unbilled revenue
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30,965,531 | - | 30,965,531 | |||||||||
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Inventories
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20,050,654 | 28,820 | 20,079,474 | |||||||||
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Prepaid expenses
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10,727,255 | - | 10,727,255 | |||||||||
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Advances to related parties
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148,416 | - | 148,416 | |||||||||
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Deferred income taxes
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1,653,261 | - | 1,653,261 | |||||||||
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Other current assets
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20,527,897 | 3,123,410 | 23,651,307 | |||||||||
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Total current assets
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200,355,361 | 12,969,806 | 213,325,168 | |||||||||
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Property and equipment, net
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10,501,437 | 847,408 | 11,348,845 | |||||||||
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Intangibles and other assets:
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Goodwill
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131,293,751 | (122,731 | ) | 131,171,020 | ||||||||
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Intangible assets, net of accumulated amortization of $9,789,144 and $12,359,286, respectively
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27,206,425 | - | 27,206,425 | |||||||||
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Deposits
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405,658 | - | 405,658 | |||||||||
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Deferred income taxes
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6,236,530 | - | 6,236,530 | |||||||||
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Other assets
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468,664 | 190,727 | 659,391 | |||||||||
| 165,611,030 | 67,995 | 165,679,025 | ||||||||||
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Total assets
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$ | 376,467,828 | $ | 13,885,210 | $ | 390,353,038 | ||||||
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Liabilities and stockholders' equity
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Current liabilities:
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Accounts payable-trade
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$ | 96,358,716 | $ | 6,657,865 | $ | 103,016,581 | ||||||
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Advances from related parties
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2,008 | - | 2,008 | |||||||||
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Current maturities of capital lease obligations
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2,002 | 4,079,400 | 4,081,402 | |||||||||
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Due to seller
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10,077,567 | - | 10,077,567 | |||||||||
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Customer deposits
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451,478 | - | 451,478 | |||||||||
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Other liabilities
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5,000,948 | 1,985,509 | 6,986,458 | |||||||||
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Accrued expenses
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21,702,132 | - | 21,702,132 | |||||||||
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Total current liabilities
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133,594,853 | 12,722,774 | 146,317,627 | |||||||||
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Revolving credit facility
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53,200,000 | 1,021,797 | 54,221,797 | |||||||||
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Capital lease obligations, less current maturities
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- | - | - | |||||||||
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Other long-term liabilities
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16,834,269 | 70,166 | 16,904,435 | |||||||||
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Total liabilities
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203,629,122 | 13,814,737 | 217,443,859 | |||||||||
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Stockholders' equity:
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Common stock, par value $0.0001 per share, 46,092,291 and 46,539,158, shares were issued and outstanding as of December 31, 2010 and September 30, 2011, respectively
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466 | - | 466 | |||||||||
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Additional paid-in capital
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178,334,260 | - | 178,334,260 | |||||||||
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Treasury stock at cost
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(74,307,200 | ) | - | (74,307,200 | ) | |||||||
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Accumulated other comprehensive income
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1,163,844 | (2,472 | ) | 1,161,372 | ||||||||
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Retained earnings
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67,647,335 | 72,945 | 67,720,280 | |||||||||
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Total stockholders' equity
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172,838,706 | 70,473 | 172,909,179 | |||||||||
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Total liabilities and stockholders' equity
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$ | 376,467,828 | $ | 13,885,210 | $ | 390,353,038 | ||||||