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CONWAY, Ark., May 9, 2013 (GLOBE NEWSWIRE) -- Inuvo, Inc. (NYSE MKT:INUV) (the "Company" or "Inuvo"), an Internet marketing and technology company that develops consumer applications and delivers targeted advertisements onto websites reaching desktop and mobile, today announced revenue for the first quarter of 2013 increased 82% to $15.9 million compared to the same period of 2012. Adjusted EBITDA was $1.4million, a six fold increase, compared to the first quarter of 2012. The Company improved gross profit by 147% to $8.4 million from $3.4 million in the prior year, increasing gross profit as a percent of revenue to 53% in the first quarter of 2013 compared to 39% in the first quarter of 2012. As a result, the net loss was materially reduced to $291 thousand from $1.9 million over that same period.
"Revenue, margins, expenses, debt and income were all improved within the quarter and as a result, we are very pleased with the progress we have made so far this year," stated Richard Howe, Chairman and Chief Executive Officer of Inuvo. "As we look ahead, we see growth opportunity across our segments but in particular, our expansion into mobile offers the most significant upside."
First Quarter 2013 Highlights
Net revenue of $15.9 million, increased $7.2 million or 82% compared to the first quarter of 2012.
Gross profit of $8.4 million, increased 147% compared to $3.4 million in the first quarter of 2012.
Adjusted EBITDA, a non-GAAP measure, increased to $1.4 million compared to $212 thousand in the first quarter of 2012.
Net revenue for the Network segment was $10.8 million and gross profit was $3.7million, an increase of 69% and 151% from the first quarter of 2012, respectively.
Net revenue for the Applications segment was $5.1 million and gross profit was $4.7million compared to $2.4 million net revenue and $1.9 million gross profit in first quarter 2012.
The Company's consolidated financial statements as of March 31, 2013 include the financial results of its Vertro subsidiary from March 2012 forward; prior year periods do not contain financial results of the Vertro subsidiary. In addition, after combining operations, management has modified the reported operating segments into two segments; Network and Applications, rather than the former three segments; Software Search, Publisher, and Partner Programs. The Partner Programs segment is absorbed into the other two segments for all period
Three-month financial results for the period ended March 31, 2013
Net revenues for the three months ended March 31, 2013, were $15.9 million, up 82% compared to the three months ended March 31, 2012. Gross profit increased 147% to $8.4 million in the three months ended March 31, 2013 compared to the same period of 2012. Growth in the quarter was driven primarily via the Network segment, where revenue increased to $4.4 million, a 69% improvement over the same period in 2012. Net revenue from the Applications segment was $5.1 million, or 32% of total net revenues.