Inuvo Given Until April To Comply With NYSE

by Luke Jones  on Monday, Sep. 30, 2013 12:00 am  

The release notes that Inuvo intends to launch several more websites centering on the Alot brand.

“We’ve had a stated goal to increase the number of owned and operated websites and capitalize on the growing volume of traffic being generated through mobile devices,” COO Trey Barrett said in the release. “This and subsequent launches address both of these goals while also servicing the information needs of our Alot users.”

The NYSE plan also included reducing the company’s operating costs.

“A big piece, no doubt, was our relocation to Arkansas,” Ruiz said.

In January, the company condensed its locations from scattered offices in New York, Florida and overseas to a single headquarters in Conway.

The last part of the plan, Ruiz said, was moving Richard Howe to the CEO position.

When Ruiz and Howe explained the plan to the exchange, Inuvo was given until Dec. 2, 2013, to make it work. The NYSE would monitor the company each quarter to see if it was working.

Evidently it has. Inuvo posted net income of $381,572 on revenue of $13.1 million in its second quarter for 2013. It had a loss of $3 million on $12.8 million revenue in the same quarter of 2012.

So this month the NYSE decided to extend its deadline so it could see the company’s results as a yearly retrospective.

“They came back and said ‘nice job,’” Ruiz said. “They said they would like to extend the time from Dec. 2 to April 24, since they would like to see how we do in our fourth quarter also.”

Ruiz said he’s not at all concerned about meeting the NYSE standards. He noted that once net income for the company became positive, the equity threshold dropped from $6 million to $4 million, which Ruiz said the company was “well over” already.

“To tell you the truth, we’re going to make the $6 million anyway,” he said. “We’re feeling pretty confident about meeting the listing standards and coming back to compliance.”

 

 

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