Six Month Financial Results for the period ended June 30, 2012
In the six months ended June 30, 2012, net revenues increased 3.0% to $21.6 million compared to the same period in 2011. Gross profit increased by 6.9% to $10.2 million in the six months ended June 30, 2012 compared to the same period of 2011. These increases were due primarily to revenue from the Software Search segment as a result of the merger with Vertro.
Net revenues from the Software Search segment were $7.3 million for the six months ended June 30, 2012, accounting for 33.6% of total revenues for that period.
Net revenue from the Partner Programs segment were $3.9 million for the six months ended June 30, 2012, accounting for 18.1% of total revenues for that period and increased 28.8% 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.Net revenue from the Publisher Network segment were $10.5 million for the six months ended June 30, 2012, accounting for 48.3% of total revenues for that period and decreased 41.8% compared to the same period of 2011. This was primarily a result of a decrease in the number of transactions driven through the Company’s owned and operated websites and through third party affiliates using the ValidClick platform. The Company reported a net loss for the six month period ended June 30, 2012, of $4.8 million, or $0.26 per share, compared to $3.2 million, or $0.37 per share for the same period in 2011. Balance Sheet as of June 30, 2012 Cash and cash equivalents totaled $3.3 million at June 30, 2012. As of June 30, 2012, the working capital deficit was $2.6 million compared to $2.0 million on December 31, 2011. Current assets and total assets were $11.3 million and $32.3 million, respectively and current liabilities and total liabilities were $14.0 million and $26.1 million, respectively.
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