Industry News

Bankrate revenue rises

Net income decreases

Bankrate today reported a 6 percent increase in total revenue for the second quarter 2004, or $10.1 million, up from $9.6 million a year ago. Online publishing revenue of $8.7 million in the second quarter was 6 percent higher than the $8.2 million reported in the same period in 2003. Total revenue for the first six months of 2004 was $20.4 million, up 13 percent over the $18.1 million reported in the first half of 2003. Net income for the second quarter was $2.4 million, or $0.15 per share on a diluted basis, excluding a one-time severance charge of $260,000. That's compared to $2.5 million, or $0.16 per share on a diluted basis, for the same quarter in 2003. "The quarter was solid in terms of our revenue and net income performance," said Thomas R. Evans, president and CEO. "While our Web site traffic was well off the historical highs of the same period last year, we increased our revenue and net income in line with our June 23 guidance." Evans was appointed president and CEO on...

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