Inuvo, Inc. (INUV) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $1.69 million, or $ 0.06 a share in the quarter, against a net profit of $0.37 million, or $0.02 a share in the last year period. Revenue during the quarter dropped 8.09 percent to $17.22 million from $18.73 million in the previous year period. Gross margin for the quarter contracted 2296 basis points over the previous year period to 54.16 percent. Operating margin for the quarter stood at negative 9.58 percent as compared to a positive 2.15 percent for the previous year period.
Operating loss for the quarter was $1.65 million, compared with an operating income of $0.40 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.66 million compared with $1.30 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 3.85 percent for the quarter compared to 6.96 percent in the last year period.
"This was a very busy quarter having acquired the NetSeer operations in February and then executing on the integration of people, data centers, accounting and technology. The combined company will now be better described as the Inuvo MarketPlace, a set of technologies designed to connect advertisers (demand) with consumer audiences through publishers (supply)," stated Rich Howe, chairman and chief executive officer of Inuvo. "We are building what we expect to be a larger, stronger and more sustainable company."
Working capital remains negativeWorking capital of Inuvo, Inc. was negative $2.35 million on Mar. 31, 2017 compared with negative $0.74 million on Mar. 31, 2016. Current ratio was at 0.83 as on Mar. 31, 2017, down from 0.93 on Mar. 31, 2016. Days sales outstanding went up to 37 days for the quarter compared with 29 days for the same period last year.
At the same time, days payable outstanding went down to 115 days for the quarter from 188 for the same period last year.
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