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Inuvo, Inc. Reports Net Income Of $0.02 Per Share On Higher Revenue In The Second Quarter

Stocks in this article: INUV

CONWAY, Ark., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Inuvo, Inc. (NYSE MKT:INUV), an Internet marketing and technology company that delivers targeted advertisements into websites and applications reaching desktop and mobile devices, today announced net income of $382 thousand or 2₵ per diluted share for the second quarter of 2013 compared to a net loss of $3.0 million, or $0.13 per share loss last year. Revenue for the second quarter of 2013 was $13.1 million compared to $12.9 million in the same period of 2012. Adjusted EBITDA was $848 thousand, a 316% increase, compared to the second quarter of 2012. The company reported that unaudited revenue for the month of July exceeded $5 million.

"We are delighted to report a GAAP net income for the second quarter, the direct result of higher revenues and lower operating expenses," stated Richard Howe, Chairman and Chief Executive Officer of Inuvo. "With revenue through the first half of the year up 34% over last year and compensation and SG&A expenses in 2013 down $0.5 million in June from January, our Company's relocation and product strategies appear to be gaining traction."

Second Quarter 2013 Highlights

  • Net revenue of $13.1 million, compared to $12.9 in the second quarter of 2012.
  • Net income of $382 thousand, compared to a net loss of $3 million in the second quarter of 2012.
  • Adjusted EBITDA, a non-GAAP measure, increased to $848 thousand compared to $204 thousand in the second quarter of 2012.
  • Net revenue for the Network segment was $10.1 million and gross profit was $3.4 million, an increase of 86% and 259% from the second quarter of 2012, respectively.
  • Net revenue for the Applications segment was $3.0 million and gross profit was $2.8 million compared to $7.4 million net revenue and $5.8 million gross profit in second quarter 2012.

Three-month financial results for the period ended June 30, 2013

Net revenues for the three months ended June 30, 2013, were $13.1 million, up from the $12.9 million reported in three months ended June 30, 2012. Growth in the quarter was driven by the Network segment, where revenue increased to $10.1 million, an 86% improvement over the same period in 2012. Net revenue from the Applications segment was $3.0 million, or 23% of total net revenues. Gross profit decreased to $6.2 million in the three months ended June 30, 2013 compared to $6.8 million for the same period of 2012 due to the decrease in the Applications segment revenue.

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