Inuvo to Reschedule Earnings Release; Reports Revenue Up 9% Over Second Quarter
CLEARWATER, Fla.--(BUSINESS WIRE)-- Inuvo(TM), Inc. (NYSE Amex: INUV) announced today that it has rescheduled its third quarter earnings release and investor conference call from 4:00 pm Eastern Time, November 12, 2009, to on or before November 23, 2009. The company also reported that revenue for the quarter was up 9% quarter over prior quarter to $12.9 million for the third quarter of 2009.
The company approached the Securities and Exchange Commission for interpretive guidance related to the accounting treatment of lead acquisition costs incurred within the Direct Segment of its business. The company believes that these costs result in an asset that provides a future benefit that should be capitalized and amortized.
Because generally accepted accounting principles have ambiguity, the company decided to seek such interpretive guidance because it believes the expected changes are appropriate based on its strategy related to the monetization of its aggregated data.
Should the Securities and Exchange Commission not concur with the company's proposed changes in accounting treatment, adjusted EBITDA for the third quarter will be similar to that of second quarter.
Shortly after the company receives interpretive guidance, it will issue a press release with the rescheduled date and time for the earnings release, conference call and filing of the Form 10-Q.
About Inuvo(TM), Inc.
Inuvo is a leading provider of performance-based online marketing services that deliver customers to advertisers and revenue to publishers. Clients achieve their goals across marketing channels that include search, affiliate, lead generation and email. For more information, visit www.inuvo.com.
Source: Inuvo, Inc.
Released November 11, 2009