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.
Was this article valuable?
Here are more articles you may enjoy.