- Revenues flat at $4.1 million in Q2 2009 - Quarterly net loss is
$240,000, compared to net profit of $57,000 in Q2 2008 - Year to
date operating loss shrinks to $184,000 vs. loss of $670,000 in
2008 - Year to date net loss reduced to $47,000, compared to net
loss of $456,000 in 2008 DARIEN, Ill., July 29
/PRNewswire-FirstCall/ -- Insure.com, Inc. (NASDAQ: NSUR), the only
place on earth where you can get auto, life, health, home and
business insurance quotes from over 100 leading companies and have
the freedom to buy from the company of your choice, today announced
financial results for the second quarter and six months ended June
30, 2009. Financial Results Insure.com reported revenues of $4.10
million for the second quarter of 2009, an increase of 1.2 percent
from revenues of $4.06 million for the same quarter of 2008. The
net loss for the quarter was $240,000, or $0.04 per share, compared
to a profit of $57,000, or $0.01 per share, for the second quarter
of 2008. "Soft new policy production in a weak U.S. life insurance
market hampered our top line revenue in the second quarter of
2009," said Robert Bland, chairman and CEO. "Economic uncertainties
could have played a role in causing us to fall short of our paid
policy goals in the second quarter. Nevertheless, our six-month
financial performance for 2009 is markedly better than that of
2008. Net loss for the first six months of 2009 was $47,000 vs. a
net loss of $456,000 during the first half of 2008. Rising life
insurance premiums, which are now being effected throughout the
life insurance industry for the first time in 12 years, should help
our commission-oriented business model going forward." Phil
Perillo, chief financial officer, remarked, "For the first six
months of 2009, revenue is holding up well, which is excellent news
considering that we reduced ad spending by 32 percent. Our 2009
first half marketing and operations expenses are down 5 percent,
while investment income for six months was down 36 percent due to
the low interest rate environment. Commission receivables, which
represent commissions due on in-force policies from customers
who've elected to pay for their life insurance on a monthly,
quarterly or semi-annual basis instead of paying annually, jumped
19 percent to $3.5 million at June 30, 2009, compared to $2.9
million at June 30, 2008." Insure.com has a strong balance sheet
with no debt. Cash and investments in marketable securities totaled
$9.0 million at June 30, 2009, and depreciation and amortization
charges were $209,000 for the second quarter of 2009 compared to
$200,000 for the second quarter of 2008. Stockholders' equity
amounted to $16.4 million at June 30, 2009, as compared to $16.4
million at December 31, 2008. About Insure.com Originally founded
in 1984 as Quotesmith Corporation, Insure.com owns and operates a
comprehensive consumer information service and companion insurance
brokerage service that caters to the needs of self-directed
insurance shoppers. Visitors to the Company's flagship Web site,
http://www.insure.com/, are able to obtain free, instant car
insurance quotes, instant life insurance quotes, home, business and
health insurance quotes from leading insurers and have the freedom
to buy online or by phone from any company shown. Insure.com also
plays home to over 2,000 originally authored articles on various
insurance topics and also provides free insurance decision-making
tools that are not available from any other single source.
Insure.com generates revenues from receipt of industry-standard
commissions, including back-end bonus commissions and volume-based
contingent bonus commissions that are paid by participating
insurance companies. We also generate advertising revenues from the
sale of Web site traffic to various third parties. Shares of the
Company's common stock trade on the Nasdaq Capital Market under the
symbol NSUR. Cautions about Forward-Looking Statements This
announcement may contain forward-looking statements that involve
risks, assumptions and uncertainties pursuant to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
This announcement also contains forward-looking statements about
events and circumstances that have not yet occurred and may not
occur. These forward-looking statements are inherently difficult to
predict. Expressions of future goals and similar expressions
including, without limitation, "intend," "may," "plans," "will,"
"believe," "should," "could," "hope," "expects," "expected," "does
not currently expect," "anticipates," "predicts," "potential" and
"forecast," reflecting something other than historical fact, are
intended to identify forward-looking statements, but are not the
exclusive means of identifying such statements. Investors should be
aware that actual results may differ materially from the results
predicted and reported results should not be considered an
indication of future performance. Reported Web site activity and/or
quotes are not necessarily indicative of any present or future
revenue. The Company will not necessarily update the information in
this press release if any forward-looking statement later turns out
to be inaccurate. Potential risks and uncertainties include, among
others, concentration of common stock holdings, general price
declines within the life insurance industry, unpredictability of
future revenues, potential fluctuations in quarterly operating
results, competition, the evolving nature of its business model,
possible write down of intangible assets and goodwill, risks
associated with capacity constraints, management of growth and
potential legal liability arising out of misuse, breach of
confidentiality or error in the handling of confidential customer
information. More information about potential factors that could
affect the Company's financial results are included in the
Company's Annual Report on Form 10-K for the year ended December
31, 2008 which is on file with the United States Securities and
Exchange Commission. INSURE.COM, INC. STATEMENT OF OPERATIONS (In
thousands, except per share data) (Unaudited) Quarter Ended Six
Months Ended June 30, June 30, 2009 2008 2009 2008 Revenues:
Commissions and fees $4,105 $4,056 $8,128 $8,023 ------ ------
------ ------ Expenses: Selling & marketing 982 1,028 1,575
2,309 Operations 2,343 1,997 4,639 4,232 General &
administrative 880 873 1,700 1,744 Depreciation & amort. 209
200 398 408 --- --- --- --- Total expenses 4,414 4,098 8,312 8,693
----- ----- ----- ----- Operating income (loss) (309) (42) (184)
(670) Investment income (net) 69 99 137 214 -- -- --- --- Net
income (loss) $ (240) $ 57 $ (47) $ (456) ======= ====== =======
======= Net income (loss) per Common share, basic and diluted
$(0.04) $ 0.01 $(0.01) $(0.06) ======= ====== ======= =======
Diluted average common shares and equivalents outstanding 6,764
7,151 6,767 7,197 SELECTED BALANCE SHEET DATA (In thousands) June
30, December 31, 2009 2008 ---- ---- Cash and equivalents $ 1,037 $
927 Investments 7,997 8,054 Commissions receivable 3,455 2,902
Intangibles and goodwill 4,459 4,681 Other assets 1,541 1,755 Total
assets $18,489 $18,319 Total current liabilities $ 2,126 $ 1,957
Total stockholders' equity 16,363 16,362 Total liabilities &
stockholders' equity $18,489 $18,319 DATASOURCE: Insure.com, Inc.
CONTACT: Phillip A. Perillo, Chief Financial Officer of Insure.com,
Inc., +1- 630-515-0170, ext. 295, Web Site: http://insure.com/
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