Three Month Financial Results for the period ended June 30, 2012
Net revenues for the three months ended June 30, 2012, were $12.9 million, up 39.7% compared to the three months ended June 30, 2011. Gross profit increased 64.7% to $6.8 million in the three months ended June 30, 2012 compared to the same period of 2011. These increases were due primarily to revenue from the Company’s Software Search segment as a result of the merger with Vertro.
Net revenue from the Software Search segment was $5.5 million, or 42.7% of total revenues. As this segment derives from the merger with Vertro and this is the first full quarter of combined operations and financial results.
Net revenue from the Partner Programs segment increased 131.2% for the three months ended June 30, 2012 compared to the same period of 2011 primarily due to revenue derived from partner programs associated with the alOt operations acquired in the merger with Vertro on March 1, 2012.Revenue from the Publisher Network segment decreased 40.4% to $4.9 million for the three months ended June 30, 2012 compared to the same period of 2011. This decrease was primarily due to a decline in the number of transactions driven through our owned and operated websites and through third party affiliates using the ValidClick platform. Revenue from the Publisher Network has been volatile and while revenue for the three months ended June 30, 2012 decreased 40.4% compared to the three months ended June 30, 2011, and decreased 14% compared to the three months ended March 31, 2012, we did see signs of stability and moderate recovery in revenue in the latter part of the quarter. The Company reported a net loss of $3.0 million, or $0.13 per share, for the three months ended June 30, 2012, compared to a net loss of $1.9 million, or $0.21 per share, for the corresponding period last year.
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