symbicort inhaler costsymbicort generic price click here symbicort generic canada
LITTLE ROCK, AR--(Marketwired - Oct 26, 2016) - Inuvo, Inc. ( NYSE MKT : INUV ), an advertising technology and digital publishing company, today announced financial results for the three and nine months ended September 30, 2016.
buy naltrexone onlinebuy naltrexone online
"After a soft second quarter, advertiser demand recovered, putting us back on track to quarterly sequential growth, which in the third quarter was 12%," stated Rich Howe, Chairman and CEO of Inuvo. "On an Adjusted EBITDA basis, we delivered $420 thousand, or $0.02 per share, up 49% over the second quarter. We expect revenue in the last quarter of the year to continue to improve sequentially."
Financial Highlights - First Nine Months and Third Quarter 2016
•2016 first nine months' revenue was up 5% year-over-year to $51.9 million.
•Adjusted EBITDA for the first nine months of 2016 was $2.0 million.
•2016 third quarter revenue was up 12% sequentially to $17.5 million, down from $19.3 million in the third quarter of 2015.
•Adjusted EBITDA for the third quarter 2016 was up 49% sequentially to $420 thousand, or $0.02 per share.
•GAAP net loss for the third quarter of 2016 was $263 thousand or $0.01 net loss per share.
•Cash balance at September 30, 2016 was $3.6 million.
•There was no bank debt at September 30, 2016.
•Balance Sheet strengthens with current ratio improving from .88 at December 31, 2015 to .97 at September 30, 2016.
•Inuvo renewed the $10 million bank revolving credit agreement for an additional two years.
"Our long term goal, set out in 2014 to reach a $100 million annual run rate, or $25 million per quarter, during 2017 is very much on track," said Rich Howe.
The Inuvo business is managed along two segments, the Partner Network and the Owned and Operated Network. The Partner Network facilitates transactions between advertisers and our partners' websites and applications. The Owned and Operated Network designs, builds and markets mobile-ready consumer websites and applications mainly under the ALOT brand. Both segments utilize the company's ad delivery software as a service (SaaS) technologies.
Financial results for the three-month period ended September 30, 2016
Net revenues for the third quarter of 2016, were $17.5 million, recovering from a soft second quarter of 2016 where revenues were $15.6 million and compared to $19.3 million for the three months ended September 30, 2015. Both business segments improved sequentially in the third quarter of 2016. Revenue in our Partner Network was $6.2 million in the third quarter of 2016 compared to $4.7 million in the three months that ended June 30, 2016, a 30% increase. Revenue in the Owned and Operated Network was $11.3 million in the third quarter of 2016 compared to $10.9 million in the three months that ended June 30, 2016, a 4% increase.
Partner Network revenue in the third quarter of 2015 was $7.2 million. The lower Partner Network revenue in the third quarter this year compared to the same quarter last year is due in part to lower advertiser demand which persisted into the early part of the third quarter of 2016.
Owned and Operated Network revenue in the third quarter of 2015 was $12.0 million. The lower revenue in the Owned & Operated Network in the third quarter this year compared to the same quarter last year is due in part to a decrease in marketing expenditures and in part due to the demand weakness described earlier. Operating expenses increased by approximately $58 thousand in the third quarter of 2016 over the same quarter last year.
For the quarter ended September 30, 2016, GAAP net loss was $263 thousand or $0.01 net loss per share compared to $651 thousand net income, or $0.03 net income per diluted share, for the quarter ended September 30, 2015. This year's net loss included a one-time net income from discontinued operations of $171,844 or $0.01 net income per share. Adjusted EBITDA in the period was $420 thousand or $0.02 per share.
Balance Sheet as of September 30, 2016
At September 30, 2016, cash and cash equivalents totaled $3.6 million and there was no bank debt. The current ratio improved from .88 at December 31, 2015 to .97 at September 30, 2016.
Conference Call Information
Date: Wednesday, October 26, 2016
Time: 4:15 p.m. ET
Domestic Dial-in number: 1-888-510-1785
International Dial-in number: 1-719-457-2647
Live webcast: http://public.viavid.com/player/index.php?id=121352
In addition, the call will be webcast on the Investor Relations section of the Company's website at http://investor.inuvo.com/events_and_presentations where it will also be archived for 45 days. A telephone replay will be available through November 9, 2016. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, enter the code 2666972 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 and digital publishing business that serves hundreds of millions of income generating ads monthly across a network of websites and apps serving desktop, tablet and mobile devices. To learn more about Inuvo, please visit www.inuvo.com or download our app for Apple iPhone or for Android.
Inuvo Reports Third Quarter 2016 Results