Bankrate‘s first-quarter revenue totaled $19.8 million, an increase of $9.4 million, or 90 percent, over the $10.4 million reported in the first quarter of 2005, the company announced Tuesday.
The company said that excluding stock compensation expenses, earnings for the latest quarter were 21 cents per share. Five analysts on average expected the company to earn 19 cents a share for the latest quarter, before exceptional items, according to Reuters Estimates.
Bankrate also said it is raising its 2006 revenue outlook to $80 million to $82 million from its previous view of $79 million to $80 million.
Earnings before interest, taxes, depreciation and amortization “EBITDA,” excluding stock compensation expense for the quarter, were $6.6 million, an increase of $3.7 million, or 128 percent, over the $2.9 million for the first quarter of 2005, the company said.
Pre-tax income, excluding stock compensation expense for the quarter, was $6.1 million, which is an increase of 98 percent over the $3.1 million reported in Q1 2005, Bankrate reported.
Net income for the first quarter of 2006 was $2.3 million, or 14 cents per diluted share including a non-cash stock compensation charge, compared with $1.9 million, or 12 cents per diluted share, in the first quarter of 2005 with no stock compensation expense, the company said.
Bankrate continually surveys approximately 4,800 financial institutions in all 50 states in order to provide rates to consumers.