Loading
NEW YORK — Inuvo Inc., a New York-headquartered online marketing firm that was based in Clearwater prior to acquiring Vertro Inc., reported a $9 million net loss and a 27% decrease in annual revenues in 2011.
Inuvo reported $35.8 in annual revenue for 2011, a $13.1 million decrease compared with the previous year. According to a company statement, the revenue decrease is because of the “migration to the Yahoo-Bing platform in late 2010.” A one-time charge of $2.6 million for impairment of goodwill and intangible assets is a factor in the net loss from 2011, which increased from a $5 million net loss in 2010.
Inuvo completed the acquisition of Vertro, a New York Internet marketing company that is now a wholly owned subsidiary of Inuvo, on March 1. Once the merger closed, Inuovo relocated its headquarters to Vertro's New York office. The move will save the company on operating costs, Inuvo Executive Chairman Rich Howe told the Business Review late last year. Howe said the company will maintain a "sizable" presence in Clearwater.
The company says the merger will yield $2.7 million in annual savings. Inuvo is currently trading at 83 cents (ASE:INUV).
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
