Inuvo Inc. of Conway narrowed its fourth-quarter net loss and recorded an increase in full-year profit, according to its latest quarterly and fiscal year earnings report, released Monday after market close.
The Internet marketing and technology company (Nasdaq: INUV), which last year moved its headquarters to Conway from New York City, reported a fourth-quarter loss of $253,000, or 1 cent per share, an improvement from the $864,000 net loss, or 4 cents per share, it reported during the same quarter last year.
Fourth-quarter net revenue was $11.4 million, down about 30 percent from $16.2 million during the same quarter last year.
For the 2013 fiscal year, the company reported profit of about $500,000, or 2 cents per share, up from a net loss of $7 million, or 34 cents per share, in 2012.
Revenue was $55 million, up 3 percent from the $53.4 million reported for fiscal 2012.
"The company's performance improved significantly in 2013," Richard Howe, Inuvo's chairman and CEO, said in a news release. "Not only did we improve profitability in 2013, but we also built a new line of business that has already grown from zero to a $15 million annualized revenue run rate.
"Fourth quarter results reflect the aggressive transition out of our Toolbar product into higher growth, content based, mobile ready websites and applications," he said.
During the quarter, the firm launched three websites -- home.alot.com, finance.alot.com and careers.alot.com -- and has moved away from its toolbar product. Shifting its primary emphasis from browser toolbars to owned and operated websites has been key to the company's growth strategy.
For the full year 2013, the company's Partner Network segment revenue increased 39 percent to $35.9 million over the same period in 2012. Net revenue from its Owned and Operated Network segment was $19.1 million, or 35 percent of total net revenues.