Advertising technology and digital publishing firm Inuvo Inc. of Little Rock on Tuesday announced second-quarter revenue of $18.3 million, up 16.8 percent from the same quarter of last year.
The company (Nasdaq: INUV) also said it had a net loss of $1.4 million, or 5 cents per share, for the quarter that ended June 30, compared to a net loss of $575,000, or 2 cents per share, for the same quarter of last year.
In a preliminary release of its earnings that matched the official report, Inuvo attributed the quarterly loss to non-cash operating expenses and non-recurring costs related to its acquisition of NetSeer Inc. of Sunnyvale, California.
“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,” Chairman and CEO Rich Howe said in a news release. “Revenue from the acquisition started out slower than expected at roughly $800,000 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 $218,000 per day,” he said.
Operating expenses for the second quarter were about $12 million, compared to $12.3 million for the same quarter of 2016.
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