Inuvo® (NYSE Mkt: INUV) an Internet marketing and technology company specializing in marketing browser-based consumer applications, managing networks of website publishers and operating specialty websites, today announced its first quarter ending March 31, 2012. The Company’s consolidated financial statements as of March 31, 2012 include one month of operations and financial results of its Vertro subsidiary and the costs of the merger, which became effective on March 1, 2012.
- Completed the merger with Vertro, Inc.
- Achieved adjusted EBITDA of $212,000 with revenues of $8.8 million.
- Reported $4.4 million of revenue for the first month of combined results.
- Over 7 million ALOT Live Users and growing.
- Reorganized the company around three distinct revenue-generating divisions: Software Search, Publisher Network and Partner Programs.
- Focused resources to realize cost savings, as well as incorporate product synergies.
- Successfully negotiated a $15 million Business Financing Agreement with Bridge Bank.
“We are pleased to announce positive adjusted EBITDA for the first quarter of 2012. It is important to note that only one of the three months in this reported quarter represents combined operations on a financial reporting basis. Further, the associated closing costs of the Vertro merger are included in our first quarter results, so we believe the first quarter results of 2012 are not indicative of the Company’s ongoing operations” commented Peter Corrao, President and CEO of Inuvo.
“We remain focused on the integration of the businesses and believe that our financial performance will continue to improve throughout 2012. During the remainder of the year, we plan to remain focused on generating revenue from our newly combined product lines, growing our Software Search segment and integrating and growing our Partner Programs segment, while realizing cost savings from the merger.”