Inuvo, Inc. (NYSE MKT: INUV) (the "Company" or "Inuvo"), an Internet marketing and technology company specialized in marketing browser-based consumer applications, managing networks of website publishers and operating specialty websites, today announced second quarter 2012 financial results including revenues of $12.9 million and gross profit of $6.8 million, increases of 40% and 65%, respectively, over the second quarter 2011.
- Second quarter 2012 net revenue was $12.9 million, an increase of $3.7 million or 40% compared to second quarter 2011.
- Gross Profit increased 65% to $6.8 million in Q2 2012 compared to $4.1 million in Q2 2011.
- Adjusted EBITDA, a non-GAAP measure increased 89% to $204,000 in Q2 2012 compared to $107,000 in Q2 2011.
- Tier 1 search queries from alOt increased 15% in the second quarter of 2012.
- Net revenue for the Partner Programs business segment was $2.5 million and gross profit was $1.7 million for the second quarter, an increase of 131% and 285% respectively.
The Company's consolidated financial statements as of June 30, 2012 include the financial results of its Vertro subsidiary from March 2012 forward, prior year periods do not contain financial results of the Vertro subsidiary.
"The second quarter 2012 is the first full quarter of combined results since our merger with Vertro,” stated Peter Corrao, Chief Executive Officer of Inuvo. “We recorded positive adjusted EBITDA and we expect adjusted EBITDA to increase throughout the year. Our alOt live user base grew and search queries increased 15% in Tier 1 markets as we added new users in Tier 1 markets while expanding marketing efforts in 7 new countries. Our Partner Programs segment experienced rapid development, growing both in revenue and gross profit. Going forward, we plan to continue these operational improvements and generate increased revenue through initiatives, such as dual-display advertising, that have already contributed to our preliminary unaudited revenue of approximately $4.6 million for the month of July.”