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 $640,000 or $0.03 per basic and diluted share for the third quarter of 2013, an increase of 68% over the prior quarter and significantly improved over a net loss of $1.3 million, or $0.06 per share loss in the prior year. Revenue for the third quarter of 2013 was $14.5 million, increasing from $13.1 million in the preceding quarter and compared to $15.5 million for the third quarter of 2012. Adjusted EBITDA was $1.5 million, up from $848,000 in the previous quarter and an improvement of 43% compared to the third quarter of 2012.
"We had another solid and profitable quarter where sequentially, revenue increased 11%, operating expenses decreased 6%, net income grew by 68% and Adjusted EBITDA improved by 72%,” stated Richard Howe, Chairman and Chief Executive Officer of Inuvo. “These business results build on the momentum started at the beginning of the year and allow us the flexibility to continue to innovate within the markets we serve.”
Third Quarter 2013 Highlights
- Net income of $640,000 or $0.03 per diluted share, compared to a net loss of $1.3 million or $0.06 loss per share in the third quarter of 2012.
- Operating expense of $5.7 million, compared to $9.9 million in the third quarter of 2012.
- Adjusted EBITDA, a non-GAAP measure, increased to $1.5 million compared to $1.0 million in the third quarter of 2012.
- Net revenue for the Partner Network segment was $10.8 million and gross profit was $2.8 million, an increase of 67% and 229% from the third quarter of 2012, respectively.
- Net revenue for the Owned and Operated Network segment was $3.7 million and gross profit was $3.5 million compared to $9.0 million net revenue and $7.9 million gross profit in third quarter 2012.
- Launch of the second ALOT branded website at www.health.alot.com.
Inuvo manages the business along two segments, the Partner Network and Owned and Operated Network and effective with the third quarter 2013, the Company is now reporting its results in these two new segments. The Partner Network facilitates transactions between advertisers and our partners' websites and applications. The Owned and Operated Network designs, builds and markets consumer websites and applications. This segment includes Inuvo’s mobile-ready ALOT websites, the ALOT Appbar and the BargainMatch CashBack application. The segments share the utilization of the company’s core technology platform.
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