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

For the quarter ended June 30, 2013, Adjusted EBITDA, a non-GAAP measure, increased to $848 thousand compared to $204 thousand in the second quarter of 2012. The Company reported net income of $382 thousand, or $0.02 per diluted share, for the three months ended June 30, 2013, compared to a net loss of $3.0 million, or $0.13 per share loss, for the corresponding period last year.

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

Net revenues for the first six months of 2013 were $29.1 million, up from the $21.6 million reported in the same six months of 2012. The Network segment revenue increased 77% to $20.9 million over the same period in 2012. Net revenue from the Applications segment was $8.2 million, or 28% of total net revenues. Gross profit increased to $14.6 million in the six months ended June 30, 2013 compared to $10.2 million the same period of 2012. The higher gross profit is due to the higher percent of revenue from the higher margin Applications segment in the first quarter of 2013.

For the six months ended June 30, 2013, Adjusted EBITDA, a non-GAAP measure, increased to $2.2 million compared to $432 thousand in the same period of 2012. The Company reported net income of $91 thousand for the six months ended June 30, 2013, compared to a net loss of $4.8 million, or $0.26 per share loss for the corresponding period last year.

The Company's consolidated financial statements as of June 30, 2013 include the financial results of its Vertro subsidiary from March 2012 forward; the prior year periods do not contain financial results of the Vertro subsidiary for the first two months of 2012. Net income includes various adjustments and charges to the company's discontinued operations in Europe. In the second quarter and six-month period of 2013, this had a favorable effect on net income of $283 thousand and $408 thousand, respectively. In the second quarter and six-month period of 2012, an expense of $155 thousand and $157 thousand was incurred by the company's discontinued operations in Europe, respectively.

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