InfoSpace Reports Strong Results

(INSP has a market cap of $320 mm.  We had highlighted this idea via a company report on March 12, 2011. We strongly suggest that you read our report, if you haven’t already.) InfoSpace Announces First Quarter 2011 Results BELLEVUE, Wash., April 27, 2011 (BUSINESS WIRE) — InfoSpace, Inc. (NASDAQ: INSP) today announced financial results for the first quarter ended March 31, 2011.   •   Revenues for the first quarter of 2011 were $61.6 million, in-line with the first quarter of 2010.   •   Net income for the first quarter of 2011 was $2.1 million, or $0.06 per diluted share, compared to $1.5 million, or $0.04 per diluted share, for the first quarter of 2010.   •   Adjusted EBITDA, as defined below, was $7.2 million for the first quarter of 2011, compared to $6.3 million for the first quarter of 2010.   •   Non-GAAP net income, which excludes non-cash income taxes, was $3.2 million, or $0.09 per diluted share compared to $2.1 million, or $0.06 per diluted share, in the first quarter of 2010.   •   Cash, cash equivalents, and marketable securities as of March 31, 2011 totaled $249.8 million. At the end of the quarter, the Company had no debt obligations. “InfoSpace delivered another strong quarter, as we exceeded our expectations in both revenue and Adjusted EBITDA. Our increased profitability was largely due to the strength of the search business,” said Bill Ruckelshaus, President and Chief Executive Officer of InfoSpace. “We are pleased with the sequential performance and will continue to invest in intiatives that position us for long-term growth. In addition, we are firmly focused on strategic opportunities to leverage our cash position and significant tax asset to increase shareholder value.” First Quarter Highlights and Recent Developments During the first quarter, InfoSpace continued to execute against its operational plans. Highlights include: •   Extended our long-standing relationship to continue distributing Google’s search results and advertising content through the InfoSpace network; •   Added 11 new search distribution partners, expanding InfoSpace’s global partner network; and •   Launched a new front-end platform on our e-commerce stores, enabling increased operational efficiencies, reduced customer acquisition costs and an improved customer experience. First Quarter Segment Information Core revenue was $51.7 million in the first quarter of 2011, a decrease of $10.1 million or 16 percent from the first quarter of 2010. Core income was $9.0 million for the first quarter of 2011, which represents an increase of $2.8 million or 44 percent from the first quarter of 2010. E-Commerce revenue was $10.0 million in the first quarter of 2010. E-Commerce loss was $1.9 million. Second Quarter Outlook For the second quarter of 2011, the Company expects revenues to be between $59 million and $62 million, Adjusted EBITDA to be between $6.5 million and $7.5 million, and net income to be between $1.5 million and $2.5 million, or $0.04 to $0.07 per diluted share.


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