Insure.com, Inc. Reports First Quarter 2009 Financial Results
- Revenues increase 1.4 percent to
- Quarterly net profit of
- Operating income swings to positive
Financial Results
Insure.com reported revenues of
“We are pleased to report improved financial results in the first quarter of 2009,” said
Insure.com has a strong balance sheet with no debt. Cash and investments in marketable securities totaled
Stockholders’ equity amounted to
Insure.com has a stock repurchase plan in place. During the first quarter of 2009, the Company repurchased 8,700 shares and is currently authorized by its board to repurchase up to 478,000 additional shares in the open market or in negotiated transactions.
About Insure.com
Originally founded in 1984 as Quotesmith Corporation, Insure.com owns and operates a comprehensive consumer information service and companion insurance brokerage service that caters to the needs of self-directed insurance shoppers. Visitors to the Company’s flagship Web site, www.insure.com, are able to obtain free, instant car insurance quotes, instant life insurance quotes, home, business and health insurance quotes from leading insurers and have the freedom to buy online or by phone from any company shown. Insure.com also plays home to over 2,000 originally authored articles on various insurance topics and also provides free insurance decision-making tools that are not available from any other single source. Insure.com generates revenues from receipt of industry-standard commissions, including back-end bonus commissions and volume-based contingent bonus commissions that are paid by participating insurance companies. We also generate advertising revenues from the sale of Web site traffic to various third parties. Shares of the Company’s common stock trade on the Nasdaq Capital Market under the symbol NSUR.
Cautions about Forward-Looking Statements
This announcement may contain forward-looking statements that involve risks, assumptions and uncertainties pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This announcement also contains forward-looking statements about events and circumstances that have not yet occurred and may not occur. These forward-looking statements are inherently difficult to predict. Expressions of future goals and similar expressions including, without limitation, “intend,” “may,” “plans,” “will,” “believe,” “should,” “could,” “hope,” “expects,” “expected,” “does not currently expect,” “anticipates,” “predicts,” “potential” and “forecast,” reflecting something other than historical fact, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Investors should be aware that actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. Reported Web site activity and/or quotes are not necessarily indicative of any present or future revenue. The Company will not necessarily update the information in this press release if any forward-looking statement later turns out to be inaccurate. Potential risks and uncertainties include, among others, concentration of common stock holdings, general price declines within the life insurance industry, unpredictability of future revenues, potential fluctuations in quarterly operating results, competition, the evolving nature of its business model, possible write down of intangible assets and goodwill, risks associated with capacity constraints, management of growth and potential legal liability arising out of misuse, breach of confidentiality or error in the handling of confidential customer information. More information about potential factors that could affect the Company’s financial results are included in the Company’s Annual Report on Form 10-K for the year ended
INSURE.COM, INC.
STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Quarter Ended
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March 31, March 31,
2009 2008
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Revenues:
Commissions and fees $4,023 $3,968
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Expenses:
Selling & marketing 593 1,281
Operations 2,297 2,235
General & administrative 820 872
Depreciation & amortization 189 207
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Total expenses 3,899 4,595
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Operating income (loss) 124 (627)
Investment income 68 115
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Net income (loss) $192 $(512)
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Net income (loss) per common share,
basic and diluted $0.03 $(0.07)
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Weighted average common shares and equivalents
outstanding, basic and diluted 6,780 7,281
SELECTED BALANCE SHEET DATA
(In thousands)
March 31, December 31,
2009 2008
---- ----
Cash and equivalents $1,455 $927
Investments 7,763 8,054
Commissions receivable 3,235 2,902
Intangibles and goodwill 4,567 4,681
Other assets 1,758 1,755
Total assets $18,778 $18,319
Total current liabilities $2,299 $1,957
Total stockholders' equity 16,479 16,362
Total liabilities &
stockholders' equity $18,778 $18,319
SOURCE Insure.com, Inc.