InsWeb Corp. has reported financial results for the second quarter that ended June 30, 2000. The results take into account the company’s restructuring, announced June 4, which includes plans to move all operations to Sacramento, Calif. later this year, reduce the workforce and implement other cost-cutting measures.
Revenues for the second quarter of 2000 were $4.8 million. This compares to revenues of $5.1 million for the second quarter of 1999. InsWeb reported a net loss for the second quarter of $12.8 million, or $0.38 per share, excluding charges of $4.4 million for the discontinuation of Benelytics Inc. following the Company’s previously announced strategic partnership with eHealthInsurance.com, and approximately $4.4 million for restructuring.
This compares to a net loss of $9.0 million, or $0.32 per pro forma share, for the second quarter of 1999. Including the charges, InsWeb’s net loss was $21.6 million, or $0.62 per share. The Company expects to incur $1 million in additional restructuring charges over the next three quarters.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
