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.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Midtown Manhattan Buildings Evacuated After Collapse Warning 
Clash of Florida Titans Pits Powerful Tribe Against Homebuilder Lennar 
Premiums Will Skyrocket by 2035; Discounts Not Enough for Wind Mit, Studies Say 
New Jersey Busts Alleged $8 Million Auto Theft Operation Involving 63 People 
