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Inuvo Reports Revenue Increase of 16.8% for Q2 2017

/EINPresswire.com/ -- LITTLE ROCK, AR--(Marketwired - Aug 8, 2017) - 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."

Second Quarter 2017 Financial Highlights

  • 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.

Second Quarter 2017 Results Conference Call Information:
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: http://public.viavid.com/player/index.php?id=125426

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.

About Inuvo, Inc.
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 www.inuvo.com or download our app for Apple iPhone or for Android.

Forward-looking Statements 
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.

 
 
INUVO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
         
    (Unaudited)    
    June 30,   December 31,
    2017   2016
Assets            
Current assets            
  Cash   $ 3,680,711   $ 3,946,804
  Accounts receivable, net     7,677,784     7,586,129
  Prepaid expenses and other current assets     439,519     293,113
Total current assets     11,798,014     11,826,046
             
Property and equipment, net     1,676,931     1,615,223
Other assets            
  Goodwill     9,773,842     5,760,808
  Intangible assets, net     11,717,661     8,343,876
  Other assets     107,392     15,186
Total other assets     21,598,895     14,119,870
Total assets   $ 35,073,840   $ 27,561,139
             
Liabilities and Stockholders' Equity            
Current liabilities            
  Accounts payable     9,433,277     9,280,779
  Accrued expenses and other current liabilities     3,212,415     2,689,640
  Revolving credit line-current portion     2,500,000     -
Total current liabilities     15,145,692     11,970,419
             
Long-term liabilities            
  Deferred tax liability     3,738,500     3,738,500
  Revolving credit line-long term     2,500,000     -
  Other long-term liabilities     193,839     326,428
Total long-term liabilities     6,432,339     4,064,928
             
Total stockholders' equity     13,495,809     11,525,792
Total liabilities and stockholders' equity   $ 35,073,840   $ 27,561,139
   
   
   
INUVO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
                   
    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2017     2016     2017     2016  
Net revenue   $ 18,271,181     $ 15,648,912     $ 35,487,043     $ 34,379,361  
Cost of revenue     7,620,743       3,971,086       15,512,466       8,256,356  
Gross profit     10,650,438       11,677,826       19,974,577       26,123,005  
Operating expenses                                
  Marketing costs     7,493,273       9,408,411       13,960,584       20,474,077  
  Compensation     2,301,696       1,577,950       4,689,407       3,322,718  
  Selling, general and administrative     2,165,180       1,298,310       4,283,298       2,530,048  
Total operating expenses     11,960,149       12,284,671       22,933,289       26,326,843  
Operating loss     (1,309,711 )     (606,845 )     (2,958,712 )     (203,838 )
Interest expense, net     (72,660 )     (22,447 )     (115,604 )     (46,055 )
Loss from continuing operations before taxes     (1,382,371 )     (629,292 )     (3,074,316 )     (249,893 )
                                 
Income tax benefit     -       56,221       -       48,986  
                                 
Net loss from continuing operations     (1,382,371 )     (573,071 )     (3,074,316 )     (200,907 )
Net (loss) income from discontinued operations     -       (1,757 )     (1,109 )     353  
                                 
Net loss     (1,382,371 )     (574,828 )     (3,075,425 )     (200,554 )
Earnings per share, basic and diluted                                
  From continuing operations   $ (0.05 )   $ (0.02 )   $ (0.11 )   $ (0.01 )
                                   
  From discontinued operations     -       -       -       -  
Net loss   $ (0.05 )   $ (0.02 )   $ (0.11 )   $ (0.01 )
Weighted average shares outstanding                                
  Basic     28,486,809       24,567,752       27,764,613       24,474,474  
  Diluted     28,486,809       24,567,752       27,764,613       24,474,474  
                                 
   
   
INUVO, INC.  
RECONCILIATION OF LOSS FROM CONTINUING OPERATIONS BEFORE TAXES TO ADJUSTED EBITDA  
(Unaudited)  
   
    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2017     2016     2017     2016  
Loss from continuing operations before taxes   ($ 1,382,371 )   ($ 629,292 )   ($ 3,074,316 )   ($ 249,893 )
Interest expense, net     72,660       22,447       115,604       46,055  
Depreciation     343,075       327,200       671,129       633,468  
Amortization     398,617       234,294       763,738       468,588  
Stock-based compensation     293,825       327,110       586,159       686,448  
Non-recurring expense associated with acquiring NetSeer     441,041       -       996,467       -  
Adjusted EBITDA   $ 166,847     $ 281,759     $ 58,781     $ 1,584,666  
                                 
                                 

Reconciliation of Loss from Continuing Operations before Taxes to Adjusted EBITDA

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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