InsWeb Reports Second Quarter 2010 Results

“During the second quarter, InsWeb posted strong year-over-year growth in both revenue and net income, and delivered its fourth consecutive quarter of Adjusted EBITDA profitability.  On a sequential basis, revenue declined only slightly, which reflects better than expected results given typical seasonality for our industry," stated InsWeb Chairman & CEO Hussein Enan.  "Our results demonstrate that our business model is working and that we are continuing to execute on our efforts for sustained profitability.  As a component of our ongoing expense management focus, we have already initiated a search for significantly smaller, less expensive premises once our current lease expires in April 2011.  Lastly, we are energ ized by the prospects for boosting our growth through synergistic combinations, and we continue to actively pursue acquisitions that conform to our profitability goals.”

 

	InsWeb Corporation
	NON-GAAP FINANCIAL MEASURE AND RECONCILIATION
	(In thousands)
	(unaudited)
		Three months ended
		June 30,	March 31,	June 30,
		2010	2010	2009
Net income (loss)		$                 293	$              499	$           (595)
Less
Interest income		7	5	6
Add
Provision for income taxes		3	4	35
Share-based compensation expense		196	118	46
Depreciation and amortization of property, equipment and intangible assets from continuing operations		37	40	47
Adjusted EBITDA from continuing operations		$                522	$              656	$           (473)

 

INSWEB CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
[Amounts in thousands]
[unaudited]
										June 30,		December 31,
										2010		2009
ASSETS
Current assets:
	Cash and cash equivalents									$8,623		$6,401
	Accounts receivable, net									3,163		2,014
	Prepaid expenses and other current assets									431		710
	Short-term investments									1,282		-
	Restricted cash equivalents and short-term investments									950		2,105
Total current assets										14,449		11,230
Related party receivable										315		311
Property and equipment										61		109
Other assets										204		230
Total assets										$15,029		$11,880
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable										$3,641		$2,113
Accrued expenses										480		635
Deferred revenue										1,399		804
Total current liabilities										5,520		3,552
Commitments and contingencies                          Shareholders' equity:
Common stock										8		8
Paid-in capital										208,009		207,617
Treasury stock										(6,334)		(6,334)
Unrealized loss on available-for-sale securities										(3)		-
Accumulated deficit										(192,171)		(192,963)
Total shareholders' equity										9,509		8,328
Total liabilities and shareholders’ equity										$15,029		$11,880