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Article: NO LICENSE TO PRINTMONEY; Delay in economic upswing hasInnerWorkings' investors getting impatient.(NEWS)(InnerWorkings Inc.)
- Article from:
- Crain's Chicago Business
- Article date:
- September 14, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: H. LEE MURPHY
As the chastened executives at printing broker InnerWorkings Inc. have come to conclude, the economic recovery still lies somewhere in the distant future.
That uncertainty has proved too much for some investors to handle, while those remaining have adopted a longer-term perspective on the company.
This month, Chicago-based InnerWorkings, which negotiates printing contracts for corporate clients, cut its 2009 earnings estimate by 54%, conceding that a surge in orders anticipated for the fourth quarter is unlikely.
"We have not seen the recovery we had assumed, Chief Financial Officer Joseph Busky said in a ...