Darien, Ill.-based Quotesmith.com Inc. announced financial results for the first quarter ended March 31, 2003.
Quotesmith.com reported revenue of $2.6 million for the first quarter of 2003, which is equivalent to the revenue reported in the first quarter of 2002. Net loss for the quarter was $413,000, or 8 cents per share, as compared to a net loss of $700,000 or $0.14 per share for the same period in 2002.
Quotesmith.com reported revenues of $2.6 million for the first quarter of 2003, which is almost the same as the figure posted in the same quarter last year. Total expenses in the first quarter were about $300,000 less than in the same quarter of the prior year, despite a $715,000 increase in marketing expenditures. The net loss for the quarter declined to $413,000, or 8 cents per share, as compared to a net loss $700,000, or 14 cents per share in the same period last year.
Cash and investments at March 31, 2003 amounted to $16.1 million, or $3.28 per share, versus $16.3 million at year-end 2002.
In the first quarter of 2003, the company sold a total of 4,033 new policies, down 20 percent from the 5,056 policies sold in the first quarter of 2002. Average revenue per policy sold increased 25 percent to $638 per policy, more than making up for the lower number of policies. Also, operations expenses per policy sold decreased 37 percent to $241 in the first quarter of 2003, compared to $382 per policy sold in the first quarter of last year.
Quotesmith.com is revising the financial targets for 2003 that were issued on January 28, 2003. On January 28, 2003, the Company stated that it expected to achieve a net profit of $1 to $1.5 million, revenues of $11 to $12 million and year-end cash and investment balances of $17 to $18 million. Today, the company expects to achieve a 2003 net profit of $800,000 to $1.25 million, revenues of $10.5 million to $11 million and year-end cash and investment balances of $17 to $18 million.
Quotesmith.com owns and operates two comprehensive online consumer insurance information services, www.insure.com and www.quotesmith.com. Catering to self-directed insurance shoppers, Quotesmith.com provides a comprehensive array of comparative auto, life and health quotes, combined with information and decision-making tools that are not available from any other single source.
Insure.com plays home to over 3,000 originally authored articles on various insurance topics that are searchable by subject. Visitors to the company’s Web sites are able to obtain instant quotes from more than 300 leading insurers, achieve maximum savings and have the freedom to buy from any company shown.
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