by Luke Jones
Posted 8/8/2013 08:48 am
Updated 7 months ago
Inuvo Inc. of Conway on Thursday reported earnings of $381,572, or 2 cents per diluted share, on revenue of $13.1 million.
That's good news for the Internet marketing and technology company that lost almost $3 million and 13 cents per diluted share on $12.8 million in revenue in the same quarter in 2012.
According to the earnings release, $283,015 of the profits came from operations the company discontinued in Europe, and $98,557 came from continuing operations.
Inuvo moved to Conway in January and condensed its operations to a single headquarters, where previously it had offices in New York City and Florida.
"We are delighted to report a GAAP net income for the second quarter, the direct result of higher revenues and lower operating expenses," CEO Richard Howe said in the earnings release. "With revenue through the first half of the year up 34 percent over last year and compensation and SG&A expenses in 2013 down $500,000 in June from January, our company's relocation and product strategies appear to be gaining traction."
In a conference call with analysts, Howe said the company's move to Arkansas was proving successful.
"Expenses should stay relatively stable throughout the remaining months in the year," he said. "And with the recent exit of our New York data centers, our relocation to Arkansas is completed."
Howe said the company has also fulfilled an incentive-related obligation of employing 26 full-time employees with average salaries of $90,000. In the past, Inuvo has stated it intends to increase its employment to about 50 over the next four years.
Inuvo is an Internet marketing and search company that develops consumer web applications that deliver targeted online advertising. Among its products is the Alot browser toolbar, which generates revenue through third-party search and content agreements.