Insure.com, Inc. Reports Third Quarter 2008 Financial Results
29 Ottobre 2008 - 11:30AM
PR Newswire (US)
- Quarterly net profit of $112,000 vs. net profit of $544,000 in Q3
2007 DARIEN, Ill., Oct. 29 /PRNewswire-FirstCall/ -- Insure.com,
Inc. (NASDAQ:NSUR), the only place on earth where you can get auto,
life, health, home and business insurance quotes from over 100
leading companies and have the freedom to buy from the company of
your choice, today announced financial results for the third
quarter ended September 30, 2008. Financial Results Insure.com
reported revenues of $4.1 million for the third quarter of 2008, a
decrease of 10 percent from revenues of $4.6 million for the same
quarter of 2007. Net profit for the quarter was $112,000 or $0.02
per share, compared to a profit of $544,000, or $0.07 per share,
for the third quarter of 2007. As previously reported, Insure.com
reported a net profit of $57,000 on revenues of $4.1 million in the
second quarter of 2008. "Our third quarter top and bottom lines
were negatively impacted by our planned decision to stop selling
excess life insurance leads in favor of having our growing in-house
telephone agents pursue such leads," said Robert Bland, chairman
and CEO. "We are continuing to pursue an aggressive plan to
increase our in-house agent force in order to maximize policy sales
and commission revenues from our life insurance lead flows. This
strategy is costly in the short-run because the realization of
commission revenue from life insurance policy sales happens 90 days
after an application is first requested. Life insurance policy
sales will remain our focus into future quarters." Phil Perillo,
chief financial officer, added, "We were pleased to achieve a
profit during a quarter in which we hired a number of new phone
agents. We have 65 now and intend to expand to 100 by June 30,
2009. New agents do not produce any significant revenue until about
six months after starting due to the time it takes for licensing
and training, as well as the length of time it takes for an
application to make its way through insurance company underwriting
to become a paid policy for us." Insure.com has a strong balance
sheet with no debt. Cash and investments in marketable securities
totaled $9.8 million at September 30, 2008, and our year to date
cash flow from operations is a positive $466,000. Stockholders'
equity amounted to $17.2 million at September 30, 2008, as compared
to $19.2 million at December 31, 2007, with about $1.6 million of
the decrease coming from the repurchase of Company stock throughout
the first nine months of 2008. During the third quarter of 2008,
the Company repurchased 118,000 shares and is currently authorized
by its board to repurchase up to 497,000 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, http://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 December
31, 2007 which is on file with the United States Securities and
Exchange Commission. INSURE.COM, INC. STATEMENT OF OPERATIONS (In
thousands, except per share data) (Unaudited) Quarter Ended Nine
Months Ended September 30, September 30, 2008 2007 2008 2007
Revenues: Commissions and fees $4,137 $4,616 $12,161 $ 13,496
Expenses: Selling & marketing 918 1,244 3,227 4,440 Operations
2,211 2,034 6,443 6,839 General & administrative 784 721 2,528
2,601 Depreciation & amort. 190 196 598 579 Total expenses
4,103 4,195 12,796 14,459 Operating income (loss) 34 421 (635)
(963) Investment income (net) 78 123 291 323 Gain (loss) on
disposal of assets - - - 2 Net income (loss) $112 $544 $(344)
$(638) Net income (loss) per common share, basic and diluted $0.02
$0.07 $(0.05) $(0.09) Diluted average common shares and equivalents
outstanding 6,933 7,385 7,092 7,298 SELECTED BALANCE SHEET DATA (In
thousands) September 30, December 31, 2008 2007 Cash and
equivalents $4,194 $2,072 Investments 5,556 8,941 Commissions
receivable 3,095 3,263 Intangibles and goodwill 4,794 5,148 Other
assets 1,536 1,515 Total assets $19,175 $20,939 Total current
liabilities $1,984 $1,695 Total stockholders' equity 17,191 19,244
Total liabilities & stockholders' equity $19,175 $20,939
DATASOURCE: Insure.com, Inc. CONTACT: Phillip A. Perillo, Chief
Financial Officer of Insure.com, Inc., +1-630-515-0170, ext. 295,
Web site: http://www.insure.com/
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