InsWeb Reports First Quarter Revenues of $8.1 Million

May 2, 2007

Sacramento, Calif.-based InsWeb Corp. announced results for the first quarter ended March 31, 2007. Revenues for the first quarter were $8.1 million, compared to $7.7 million in the first quarter of 2006 and $5.8 million in the fourth quarter of 2006. InsWeb reported net income for the first quarter of $0.4 million, or $0.10 per share. This compares to a net loss in the first quarter of 2006 of $1.7 million, or $0.41 per share, and to a net loss of $0.3 million, or $0.08 per share, in the fourth quarter of 2006. The company was cash flow positive during the first quarter of 2007 and ended the period with cash and short-term investments of $7.1 million.

Separately, the company announced the closure of its Term Life Agency as part of its plan to concentrate solely on lead generation opportunities. InsWeb will continue to offer term life products to consumers visiting its online insurance marketplace through a lead referral model.

The company also reorganized its senior staff. Effective immediately, Jaimie Pickles, executive vice president, has been promoted to president and chief operating officer. He was instrumental in the launch and growth of the company’s AgentInsider product.

Additionally, Kiran Rasaretnam, senior vice President, finance, has been promoted to chief financial pfficer, replacing William Griffin, who will be leaving the company in May.

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Source: InsWeb

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