SOURCE: InsWeb

March 12, 2008 16:23 ET

InsWeb Expects Record Revenue for First Quarter 2008; Net Income Expected to Increase 60% Year-Over-Year

SACRAMENTO, CA--(Marketwire - March 12, 2008) - InsWeb Corp. (NASDAQ: INSW) today provided an interim update for the first quarter ending March 31, 2008.

InsWeb's revenues for the first quarter of 2008 are expected to exceed $12 million, a 48% increase over revenues of $8.1 million in the first quarter of 2007 and a 56% sequential increase over revenues of $7.7 million in the immediately preceding quarter. Net income is expected to exceed $650,000, an improvement of more than 60% over first quarter 2007 net income of $402,000 and exceeding the previous record for net income excluding one-time benefits of $464,000 in the third quarter of 2007. These figures compare to fourth quarter 2007 net income of $1.34 million, which included a one-time benefit related to a decrease in a lease loss accrual.

The company also upwardly revised its guidance for calendar 2008, stating that both revenues and net income are expected to be roughly 25% higher than the $33 million in net revenues and $1.4 million in net income (net of a one-time gain) achieved in calendar 2007.

Hussein Enan, Chairman & CEO of InsWeb, commented, "While historically our first quarter is always strong, this year we benefited from the addition of a few new marketing deals, better than expected agent adoption of our AgentInsider program, and our expanded relationship with NetQuote, as previously reported."

InsWeb expects to announce actual financial results for the first quarter of 2008 on Thursday, April 17, 2008. Conference call details to follow.

About InsWeb

InsWeb (NASDAQ: INSW) enables consumers to compare multiple, actionable quotes for auto, term life, health, homeowners, renters and condominium insurance offerings from many of the nation's highly rated insurers. The top-rated online insurance marketplace also provides interactive tools and independent research. Headquartered in Sacramento, Calif., InsWeb is accessible at www.insweb.com.

For further information regarding InsWeb Corporation, please review the Company's filings with the Securities and Exchange Commission, including Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, and in particular Management's Discussion and Analysis of Financial Condition and Results of Operations.

This news release contains forward-looking statements reflecting management's current forecast of certain aspects of the Company's future. It is based on current information, which we have assessed, but which by its nature is dynamic and subject to rapid and even abrupt changes. Forward-looking statements include statements expressing the intent, belief or current expectations of the Company and members of our management team regarding: projected future revenues, revenue growth, expenses, profitability and financial position; marketing and consumer acquisition; the results of strategic initiatives, including AgentInsider; increased or decreased participation by insurance companies; and product and technological implementations. The Company's actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with the Company's business, which include, but are not limited to: variations in consumer usage of the internet to shop for and purchase insurance; the willingness and capability of insurance companies or other insurance entities to offer their products or instant quotes on the Company's website or through the Company's licensed subsidiaries; changes in the Company's relationships with existing insurance companies or other customers, including, changes due to consolidation within the insurance industry; changes in the Company's relationship with strategic and/or marketing partners; the Company's ability to attract and integrate new insurance providers and strategic partners; implementation of competing Internet strategies by existing and potential competitors; implementation and consumer acceptance of new product or service offerings; the outcome of litigation in which the Company is a party; insurance and financial services industry regulation; fluctuations in operating results; or other unforeseen factors. The forward-looking statements should be considered in the context of these and other risk factors disclosed in the Company's filings with the Securities and Exchange Commission.

"INSWEB" and "AGENTINSIDER" are registered service marks of InsWeb Corporation. All marks above are those of InsWeb Corporation, except for those of insurance insurers, brokers, agents, industry organizations, financial institutions, online partners, service providers, other mentioned companies and educational institutions, which are the marks of their respective entities.

Contact Information

  • Investor Relations Contact:
    Jennifer Jarman
    The Blueshirt Group
    415-217-7722
    Email Contact