LITTLE ROCK, AR — (Marketwired) — 08/08/17 — Inuvo, Inc. (NYSE MKT: INUV), an advertising technology company, today reported its results of operations for the second quarter of 2017, announcing revenue of $18.3 million, up 16.8% year-over-year and adjusted EBITDA of $0.2 million.
“We–ve been focused throughout the first half of the year on the integration of the business we acquired in February and I couldn–t be more pleased with how the cultures and operations have come together. We have a stronger and more innovative organization as a result,” stated Rich Howe, Chairman and CEO of Inuvo. “Revenue from the acquisition started out slower than expected at roughly $800K per month but has been growing off that base with monthly revenue now exceeding $1.3 million, a positive growth trajectory, and solid gross margins. With this integration behind us, we enter the strongest part of our year able to focus on growth with our first week of August daily revenue averaging $218 thousand dollars per day.”
Revenue was up 16.8% to $18.3 million compared to $15.6 million last year.
Adjusted EBITDA was $0.2 million compared to $0.3 million last year.
Adjusted EBITDA per share was unchanged from last year at $0.01 per share.
GAAP net loss was $1.4 million compared to $575,000 net loss last year.
GAAP net loss per share was $0.05 compared to $0.02 net loss per share last year.
Non-cash operating expenses and non-recurring acquisition costs totaled $1.5 million in the quarter.
Cash balance at June 30, 2017 was $3.7 million compared to $3.9 million at December 31, 2016.
The outstanding balance on the revolving credit bank facility at June 30, 2017 was $5.0 million.
Operating expenses were approximately $12.0 million compared to $12.3 million last year.
Hired an experienced Chief Revenue Officer to drive growth and manage customers.
Relocated the California office from Sunnyvale to San Jose.
Date: Tuesday, August 8, 2017
Time: 4:15 p.m. ET
Domestic Dial-in number: 1-888-259-8544
International Dial-in number: 1-913-312-0958
Live webcast:
A telephone replay will be available through August 22, 2017. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, enter the code 1976309 followed by the # sign. You will then be prompted for your name, company and phone number. Playback will then automatically begin.
Inuvo®, Inc. (NYSE MKT: INUV) is an advertising technology business. The Inuvo MarketPlace is a set of technologies designed to connect advertisers (demand) with consumer audiences through publishers (supply) across device types. Inuvo has the ability to serve ads within content, video and images. To learn more about Inuvo, please visit or download our app for or for .
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as “anticipate,” “plan,” “will,” “intend,” “believe” or “expect” or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations with respect to our lack of profitable operating history, successful integration of the NetSeer business, changes in our business, potential need for additional capital, fluctuations in demand; changes to economic growth in the U.S. economy; and government policies and regulations, including, but not limited to those affecting the Internet, all as set forth in our Annual Report on Form 10-K for the year ended December 31, 2016. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Inuvo and are difficult to predict. Inuvo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
We present Adjusted EBITDA as a supplemental measure of our performance. We defined Adjusted EBITDA as net loss from continuing operations before taxes plus (i) interest expense, net, (ii) depreciation, (iii) amortization, (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These further adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
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