Bankrate today said it expects higher revenue and slightly lower net income in the second quarter compared with the same quarter last year.
The consumer banking company expects to report revenue of $10 million to $10.2 million for the second quarter ending June 30. That compares with total revenue of $9.6 million during the same quarter last year.
The company expects net income of between $2.3 million, or 14 cents per share, and $2.45 million, or 15 cents per share. Last year, Bankrate reported net income of $2.5 million, or 16 cents per share during the second quarter, the highest in the company’s history.
Newly appointed President and CEO Thomas Evans said the company plans a two-pronged approach to future expansion. Bankrate operates Bankrate.com, which offers consumers information about banks.
“Our goal is to continue to develop our current products with additional analytical and comparative financial tools and to pursue new strategic partnerships and/or acquisitions that will broaden our offerings,” Evans said.
Bankrate this week appointed Evans as chief executive to replace former CEO Elisabeth DeMarse who left the company. Evans currently is a director of Bankrate and will retain his board seat in his new position.
Bankrate (Nasdaq: RATE) shares traded at $8.94 this morning, down 1.23 percent from Tuesday’s closing price of $9.05.
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