Arkansas Business: Inuvo Inc. reports fourth quarter losses

    7:06 AM, Mar 15, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- The Dow marks its 10th straight day of gains. Yesterday's gains were thanks in part to another drop in weekly U.S. jobless claims.

    Those claims, the number of people applying for first-time unemployment, fell by a greater-than-expected 10,000 to 332,000.

    That helping sustain investor hopes about the U.S. labor market and providing stocks with more momentum.

    Inuvo Inc. reports fourth quarter losses

    Here in Arkansas, fourth-quarter earnings for the state's newest publicly traded company.

    Inuvo Inc., founded by former Acxiom CEO Charles Morgan that moved its headquarters to Conway in January, reported Thursday an 864-thousand-dollar fourth-quarter net loss.

    The Internet marketing and technology firm's loss was narrower than the $4.4 million loss it reported during the same quarter last year.

    The latest quarter's shortfall also coming amid a 145 percent increase in quarterly net revenue, which reached $16.2 million.

    The company, which received a $1.75 million grant from the state to move to Conway, said the move is part of its efforts to become profitable. It'll save at least $80,000 per month in operating expense per month because of the move, starting next quarter.

    Inuvo plans to hire 50 new employees at its new Conway headquarters.

    U of A division of advancement vice chancellor begins work

    And in northwest Arkansas, Chris Wyrick will begin working as vice chancellor for the University of Arkansas division of advancement on April 1.

    Wyrick, who's now the head of the Razorback Foundation, was announced Feb. 14 as the new advancement leader, but no start date was set.

    Wyrick is replacing Brad Choate, who is being replaced after it was discovered the advancement division was more than $3 million over budget last year and on track for a deficit this year.

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