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NEW YORK, Nov 01, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Bankrate, Inc. (Nasdaq: RATE), today reported financial results for the third fiscal quarter ended September 30, 2007. Total revenue increased by 28% to $24.9 million over the $19.5 million reported in the third quarter of 2006. Net income increased by 332% to $5.4 million, or $0.28 per fully diluted share in the third quarter of 2007, compared to $1.2 million, or $0.07 per fully diluted share in the third quarter of 2006. Earnings per fully diluted share ("EPS"), excluding stock compensation expense, increased by 86% to $0.39 for the third quarter 2007, compared to the adjusted EPS of $0.21 for the third quarter 2006. Adjusted EPS in the third quarter 2006 excludes a $3.0 million legal settlement charge.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO )
Earnings before interest, taxes, depreciation and amortization ("EBITDA"), excluding stock compensation expense, were $11.5 million, an increase of 86% over the adjusted $6.2 million reported in the third quarter 2006. EBITDA for the third quarter were $7.9 million, an increase of 77% over the adjusted $4.5 million reported in the third quarter 2006. The adjusted $6.2 million EBITDA excluding stock compensation expense, and the adjusted $4.5 million EBITDA for the quarter ended September 30, 2006 each exclude the $3.0 million legal settlement charge.
"We had an excellent quarter in which traffic was strong, and both our mortgage and deposit revenue grew," said Thomas R. Evans, President and Chief Executive Officer at Bankrate, Inc. "In a difficult environment for the entire mortgage and credit sectors, our business continued to prosper. Our continued momentum indicates the resiliency of the Bankrate model," Mr. Evans added.
Total revenue for the nine months ended September 30, 2007 was $70.4 million, an increase of $11.5 million, or 19%, over the $58.9 million reported for the nine months ended September 30, 2006. Net income increased by 161% to $16.0 million, or $0.83 per fully diluted share, in the nine months ended September 30, 2007, compared to $6.1 million, or $0.35 per fully diluted share, in the same period in 2006. Earnings per fully diluted share, excluding stock compensation expense, increased by 66% to $1.08 for the nine months ended September 30, 2007, compared to $0.65 for the same period in 2006. The $0.65 in EPS for the nine months ending September 30, 2006 excludes the $3.0 million legal settlement charge incurred in the third quarter 2006.
EBITDA for the nine months ended September 30, 2007, excluding stock compensation expense, were $31.8 million, an increase of 59% over the adjusted $19.9 million reported in same period in 2006. EBITDA for the nine months ended September 30, 2007 were $23.9 million, an increase of 81% over the adjusted $13.2 million reported in the same period in 2006. The adjusted $19.9 million EBITDA excluding stock compensation expense, and the adjusted $13.2 million EBITDA for the nine months ended September 30, 2006 each exclude the $3.0 million legal settlement charge.
Third Quarter 2007 Financial Results
- Total revenue for the quarter was $24.9 million, an increase of 28%, or
$5.4 million, over the $19.5 million reported in the same period last
year.
- Online revenue for the third quarter increased by 37% to $21.6 million,
an increase of $5.8 million over the $15.8 million reported in the
third quarter of 2006.
- Graphic advertising increased 28% to $11.7 million in the third quarter
of 2007, compared to $9.2 million reported in the third quarter of
2006.
- Hyperlink revenue increased 50% to $ 9.9 million in the third quarter
of 2007 compared to $6.6 million reported for the same quarter last
year. The company raised hyperlink rates in the third quarter of 2007
by 15% for mortgage, 25% for CDs and 20% for money market accounts.
- Print publishing and licensing revenue for the third quarter was $3.2
million, a decrease of $0.5 million or 13%, compared to the $3.7
million reported in the third quarter of 2006.
- The gross margin on revenue in the third quarter of 2007 was 76%,
compared to 69% during the same period last year.
- The EBITDA margin, adjusted to exclude stock compensation expense, was
46% compared 32% during the same period last year, excluding the $3.0
million legal settlement charge during 2006.
- The company reported $140.6 million in cash and cash equivalents, an
increase of $5.8 million since June 30, 2007. During the third
quarter, the company generated $12 million in cash flow from operations
before making $7.7 million in estimated payments for income taxes
covering the third quarter and earlier periods of the fiscal year.
- Page views for the third quarter of 2007 increased by 14% to 144.2
million, compared to the 126.6 million reported in the third quarter of
2006.
"During the quarter, our traffic and advertising demand continued to grow. Our core business continues to drive strong results" stated Mr. Evans. "We executed on all fronts with increased graphic and CPC advertising volume, 14% growth in available page view inventory, and increased prices for both graphic and CPC advertising programs," Mr. Evans added.
2007 Guidance Reaffirmed
Bankrate reaffirms the company's previous guidance for full-year 2007. Revenue is expected to be in the range of $95 to $100 million and EBITDA, adjusted to exclude stock compensation expense, is expected to be in the range of $39 to $43 million. Due to higher than anticipated online revenue and lower than anticipated print revenue, the company expects to be in the low end of the revenue range and the high end of the EBITDA range for the year. Earlier in the year, the company had raised EBITDA guidance from its original range of $36 to $40 million.
November 1, 2007 Conference Call Interactive Dial-In and Webcast Information:
To participate in the teleconference please call: (866) 765-6327. International participants may dial: (913) 312-0636. Please access at least 10 minutes prior to the time the conference is set to begin. A Webcast of this call can be accessed at Bankrate's website: http://investor.bankrate.com/events.cfm.
Replay Information:
A replay of the conference call will be available beginning November 1, 2007, 2:00 p.m. ET/ 11:00 a.m. PT through November 14, 2007. To listen to the replay, call (888) 203-1112 and use the passcode: 2174734. International callers should dial (719) 457-0820 and use the passcode: 2174734.
Non-GAAP Measures
To supplement Bankrate's financial statements presented in accordance with generally accepted accounting principles ("GAAP"), Bankrate uses non-GAAP measures of certain components of financial performance, including EBITDA, income from operations, earnings per diluted share and net income, which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP measures are provided to enhance investors' overall understanding of the Bankrate's current financial performance and its prospects for the future. Specifically, Bankrate believes the non-GAAP results provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results. In addition, because Bankrate has historically reported certain non-GAAP results to investors, the Company believes the inclusion of non-GAAP measures provides consistency in its financial reporting. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measures included in this press release have been reconciled to the nearest GAAP measure.
About Bankrate, Inc.
Bankrate, Inc. (Nasdaq: RATE) ("Bankrate") owns and operates Bankrate.com, a leading Internet consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2006, Bankrate.com had nearly 53 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: TWX), The Wall Street Journal (NYSE: DJ) and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 450 national and state publications. In addition to Bankrate.com, Bankrate also owns and operates FastFind, an internet lead aggregator and Mortgage Market Information Services, Inc. and Interest.com, Inc., each of which publishes mortgage guides and financial rates and information.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Certain matters included in the discussion above may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team. Such forward-looking statements include, without limitation, statements made with respect to future revenue, revenue growth, market acceptance of our products, and profitability. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward- looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: the willingness of our advertisers to advertise on our Web site, interest rate volatility, our ability to establish and maintain distribution arrangements, our ability to integrate the operations and realize the expected benefits of businesses that we have acquired and may acquire in the future, our need and ability to obtain additional equity or debt financing, consumers' increasing acceptance of the Internet as a medium for obtaining financial product information, the ability of consumers to access our online network through non-PC devices, our ability to maintain the confidence of our advertisers by detecting click-through fraud or unscrupulous advertisers, the effect of unexpected liabilities we assume from our acquisitions, the impact of resolution of lawsuits to which we are a party, our ability to manage traffic on our web sites and service interruptions, the effects of facing liability for content on our web sites, changes in, or interpretations of, accounting rules and regulations, changes in, monetary and fiscal policies of the United States government, the effect of changes in the stock markets and other capital markets, increased competition and its effect on traffic, advertising rates, margins and market share, our ability to protect our intellectual property, legislative and regulatory changes in Internet regulation, technological changes, changes in consumer spending and saving habits, the concentration of ownership of our common stock, the effect of provisions in our Articles of Incorporation, Bylaws and certain laws on change-in-control transactions, fluctuating results of operations , and the accuracy of our financial statement estimates and assumptions. These and additional important factors to be considered are set forth under "Introductory Note", "Item 1A. Risk Factors," "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and in the other sections of our Annual Report on Form 10-K for the year ended December 31, 2006, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.
For more information contact:
Edward J. DiMaria
SVP, Chief Financial Officer
edimaria@bankrate.com
(917) 368-8608
Bruce J. Zanca
SVP, Chief Communications/Marketing Officer
bzanca@bankrate.com
(917) 368-8648
Bankrate, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, December 31,
2007 2006
Assets
Cash and cash equivalents $140,573,813 $13,125,360
Short-term investments - 96,800,000
Accounts and notes receivable, net
of allowance for doubtful accounts
of approximately $1,997,000 at
September 30, 2007 and $2,155,000 at
December 31, 2006 16,645,183 15,801,403
Deferred income taxes, current portion 1,703,747 1,703,747
Prepaid expenses and other current
assets 1,444,856 1,032,423
Total current assets 160,367,599 128,462,933
Furniture, fixtures and equipment, net 1,498,953 1,703,680
Deferred income taxes 1,262,279 1,262,279
Intangible assets, net 13,174,527 14,441,162
Goodwill 30,039,425 30,039,425
Other assets 646,289 774,117
Total assets $206,989,072 $176,683,596
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable $591,546 $312,489
Accrued expenses 6,570,562 5,237,222
Deferred revenue 337,640 729,019
Other current liabilities 28,648 27,427
Total current liabilities 7,528,396 6,306,157
Other liabilities 256,386 222,920
Total liabilities 7,784,782 6,529,077
Stockholders' equity:
Preferred stock, 10,000,000
shares authorized and
undesignated - -
Common stock, par value $.01 per
share -- 100,000,000 shares
authorized; 18,444,362 and
18,224,620 shares issued and
outstanding at September 30,
2007 and December 31, 2006,
respectively 184,444 182,246
Additional paid in capital 191,343,655 178,255,314
Retained earnings (deficit) 7,676,191 (8,283,041)
Total stockholders' equity 199,204,290 170,154,519
Total liabilities and
stockholders' equity $206,989,072 $176,683,596
Bankrate, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
Revenue: 2007 2006 2007 2006
Online publishing $21,623,890 $15,777,141 $60,915,790 $46,858,127
Print publishing
and licensing 3,229,544 3,709,277 9,444,746 12,083,093
Total revenue 24,853,434 19,486,418 70,360,536 58,941,220
Cost of revenue (1):
Online publishing 3,141,953 2,648,944 9,332,938 8,356,396
Print publishing
and licensing 2,872,985 3,358,281 8,414,082 10,673,649
Total cost of
revenue 6,014,938 6,007,225 17,747,020 19,030,045
Gross margin 18,838,496 13,479,193 52,613,516 39,911,175
Operating expenses (1):
Sales 1,772,946 1,392,424 4,699,743 3,728,615
Marketing 2,286,086 1,397,575 5,862,697 3,437,836
Product development 1,218,172 936,539 3,328,827 2,766,235
General and
administrative 5,668,459 5,300,233 14,773,262 16,734,800
Legal settlement - 3,000,000 - 3,000,000
Depreciation and
amortization 632,178 631,573 1,925,964 1,753,988
11,577,841 12,658,344 30,590,493 31,421,474
Income from
operations 7,260,655 820,849 22,023,023 8,489,701
Interest income 1,823,940 1,075,351 4,961,598 1,720,656
Income before
income taxes 9,084,595 1,896,200 26,984,621 10,210,357
Income tax expense 3,723,124 656,116 11,025,389 4,102,465
Net income $5,361,471 $1,240,084 $15,959,232 $6,107,892
Basic and diluted
net income per share:
Basic $0.29 $0.07 $0.87 $0.36
Diluted $0.28 $0.07 $0.83 $0.35
Shares used in
computing basic
net income per
share 18,424,428 18,112,909 18,334,190 17,050,167
Shares used in
computing diluted
net income per
share 19,249,130 18,238,675 19,146,545 17,552,836
(1) Includes stock
compensation
expense as follows:
Cost of revenue:
Online publishing $570,772 $289,546 $1,420,922 $786,542
Print publishing
and licensing 39,526 39,984 120,141 107,806
Other expenses:
Sales 487,420 215,980 861,430 543,017
Marketing 198,189 - 439,569 -
Product development 243,576 111,644 563,674 358,276
General and
administrative 2,072,845 1,085,803 4,419,838 4,909,811
$3,612,328 $1,742,957 $7,825,574 $6,705,452
Bankrate, Inc.
Non-GAAP Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
Revenue: 2007 2006 2007 2006
Online publishing $21,623,890 $15,777,141 $60,915,790 $46,858,127
Print publishing
and licensing 3,229,544 3,709,277 9,444,746 12,083,093
Total revenue 24,853,434 19,486,418 70,360,536 58,941,220
Cost of revenue:
Online publishing 2,571,181 2,359,398 7,912,016 7,569,854
Print publishing
and licensing 2,833,459 3,318,297 8,293,941 10,565,843
Total cost of
revenue 5,404,640 5,677,695 16,205,957 18,135,697
Gross margin 19,448,794 13,808,723 54,154,579 40,805,523
Operating expenses:
Sales 1,285,526 1,176,444 3,838,313 3,185,598
Marketing 2,087,897 1,397,575 5,423,128 3,437,836
Product development 974,596 824,895 2,765,153 2,407,959
General and
administrative 3,595,614 4,214,430 10,353,424 11,824,989
Legal settlement (1) - 3,000,000 - 3,000,000
Stock compensation
expense (1) 3,612,328 1,742,957 7,825,574 6,705,452
Depreciation and
amortization 632,178 631,573 1,925,964 1,753,988
12,188,139 12,987,874 32,131,556 32,315,822
Income from
operations 7,260,655 820,849 22,023,023 8,489,701
Interest income 1,823,940 1,075,351 4,961,598 1,720,656
Income before
income taxes 9,084,595 1,896,200 26,984,621 10,210,357
Income tax expense 3,723,124 656,116 11,025,389 4,102,465
Net income $5,361,471 $1,240,084 $15,959,232 $6,107,892
Basic and diluted net
income per share:
Basic $0.29 $0.07 $0.87 $0.36
Diluted $0.28 $0.07 $0.83 $0.35
Basic and diluted net
income per share
excluding stock
compensation expense (1)
Basic $0.41 $0.22 $1.14 $0.70
Diluted $0.39 $0.21 $1.08 $0.65
Shares used in
computing basic
net income per
share 18,424,428 18,112,909 18,334,190 17,050,167
Shares used in
computing diluted
net income per
share 19,249,130 18,238,675 19,146,545 17,552,836
(1) See reconciliation of GAAP to Non-GAAP Measures.
Three Months Ended Nine Months Ended
September 30, September 30,
Non-GAAP Measures 2007 2006 2007 2006
Reconciliation
(Unaudited):
EBITDA-
Income from operations $7,260,655 $820,849 $22,023,023 $8,489,701
Depreciation and
amortization 632,178 631,573 1,925,964 1,753,988
EBITDA 7,892,833 1,452,422 23,948,987 10,243,689
Legal settlement - 3,000,000 - 3,000,000
EBITDA, excluding legal
settlement $7,892,833 $4,452,422 $23,948,987 $13,243,689
EBITDA excluding stock
compensation expense
and legal settlement-
Income from operations $7,260,655 $820,849 $22,023,023 $8,489,701
Stock compensation
expense 3,612,328 1,742,957 7,825,574 6,705,452
Legal settlement - 3,000,000 - 3,000,000
Depreciation and
amortization 632,178 631,573 1,925,964 1,753,988
EBITDA excluding stock
compensation expense
and legal
settlement- $11,505,161 $6,195,379 $31,774,561 $19,949,141
Net income excluding
stock compensation
expense and legal
settlement-
Net income $5,361,471 $1,240,084 $15,959,232 $6,107,892
Stock compensation
expense, net of tax 2,256,681 943,410 4,926,883 4,041,593
Legal settlement,
net of tax - 1,800,000 - 1,800,000
Net income excluding
stock compensation
expense and legal
settlement- $7,618,152 $3,983,494 $20,886,115 $11,949,485
Per basic share $0.41 $0.22 $1.14 $0.70
Per diluted share $0.39 $0.21 $1.08 $0.65
Shares used in computing
basic net income per
share 18,424,428 18,112,909 18,334,190 17,050,167
Shares used in
computing diluted
net income per share 19,249,130 18,238,675 19,146,545 17,552,836
Impact of applying SFAS
No. 123R 294,999 1,155,567 252,360 960,948
Shares used in computing
diluted net income per
share, excluding the
impact of applying SFAS
No. 123R 19,544,129 19,394,242 19,398,905 18,513,784
Bankrate, Inc.
Condensed Consolidated Statements of Income
Reconciliation of GAAP to Non-GAAP Operating Results
(Unaudited)
Three Months Ended
September 30, 2007
Revenue: GAAP Adjustments(1) Non-GAAP
Online publishing $21,623,890 $- $21,623,890
Print publishing and
licensing 3,229,544 - 3,229,544
Total revenue 24,853,434 - 24,853,434
Cost of revenue:
Online publishing 3,141,953 (570,772) 2,571,181
Print publishing and
licensing 2,872,985 (39,526) 2,833,459
Total cost of
revenue 6,014,938 (610,298) 5,404,640
Gross margin 18,838,496 610,298 19,448,794
Operating expenses:
Sales 1,772,946 (487,420) 1,285,526
Marketing 2,286,086 (198,189) 2,087,897
Product development 1,218,172 (243,576) 974,596
General and administrative 5,668,459 (2,072,845) 3,595,614
Legal settlement - - -
Stock compensation expense - 3,612,328 3,612,328
Depreciation and amortization 632,178 - 632,178
11,577,841 610,298 12,188,139
Income from
operations 7,260,655 - 7,260,655
Interest income, net 1,823,940 - 1,823,940
Income before income taxes 9,084,595 - 9,084,595
Provision for income taxes 3,723,124 - 3,723,124
Net income $5,361,471 $- $5,361,471
Basic and diluted net income per
share:
Basic $0.29 $- $0.29
Diluted $0.28 $- $0.28
Shares used in computing
basic net income per share 18,424,428 - 18,424,428
Shares used in computing
diluted net income per share 19,249,130 294,999 19,544,129
Three Months Ended
September 30, 2006
Revenue: GAAP Adjustments(1) Non-GAAP
Online publishing $15,777,141 $- $15,777,141
Print publishing and
licensing 3,709,277 - 3,709,277
Total revenue 19,486,418 - 19,486,418
Cost of revenue:
Online publishing 2,648,944 (289,546) 2,359,398
Print publishing and
licensing 3,358,281 (39,984) 3,318,297
Total cost of
revenue 6,007,225 (329,530) 5,677,695
Gross margin 13,479,193 329,530 13,808,723
Operating expenses:
Sales 1,392,424 (215,980) 1,176,444
Marketing 1,397,575 - 1,397,575
Product development 936,539 (111,644) 824,895
General and administrative 5,300,233 (1,085,803) 4,214,430
Legal settlement 3,000,000 - 3,000,000
Stock compensation expense - 1,742,957 1,742,957
Depreciation and amortization 631,573 - 631,573
12,658,344 329,530 12,987,874
Income from
operations 820,849 - 820,849
Interest income, net 1,075,351 - 1,075,351
Income before income taxes 1,896,200 - 1,896,200
Provision for income taxes 656,116 - 656,116
Net income $1,240,084 $- $1,240,084
Basic and diluted net income per
share:
Basic $0.07 $- $0.07
Diluted $0.07 $- $0.07
Shares used in computing
basic net income per share 18,112,909 - 18,112,909
Shares used in computing
diluted net income per share 18,238,675 1,155,567 19,394,242
Nine Months Ended
September 30, 2007
Revenue: GAAP Adjustments(1) Non-GAAP
Online publishing $60,915,790 $- $60,915,790
Print publishing and
licensing 9,444,746 - 9,444,746
Total revenue 70,360,536 - 70,360,536
Cost of revenue:
Online publishing 9,332,938 (1,420,922) 7,912,016
Print publishing and
licensing 8,414,082 (120,141) 8,293,941
Total cost of
revenue 17,747,020 (1,541,063) 16,205,957
Gross margin 52,613,516 1,541,063 54,154,579
Operating expenses:
Sales 4,699,743 (861,430) 3,838,313
Marketing 5,862,697 (439,569) 5,423,128
Product development 3,328,827 (563,674) 2,765,153
General and administrative 14,773,262 (4,419,838) 10,353,424
Legal settlement - - -
Stock compensation expense - 7,825,574 7,825,574
Depreciation and amortization 1,925,964 - 1,925,964
30,590,493 1,541,063 32,131,556
Income from
operations 22,023,023 - 22,023,023
Interest income, net 4,961,598 - 4,961,598
Income before income taxes 26,984,621 - 26,984,621
Provision for income taxes 11,025,389 - 11,025,389
Net income $15,959,232 $- $15,959,232
Basic and diluted net income per
share:
Basic $0.87 $- $0.87
Diluted $0.83 $- $0.83
Shares used in computing
basic net income per share 18,334,190 - 18,334,190
Shares used in computing
diluted net income per share 19,146,545 252,360 19,398,905
Nine Months Ended
September 30, 2006
Revenue: GAAP Adjustments(1) Non-GAAP
Online publishing $46,858,127 $- $46,858,127
Print publishing and
licensing 12,083,093 - 12,083,093
Total revenue 58,941,220 - 58,941,220
Cost of revenue:
Online publishing 8,356,396 (786,542) 7,569,854
Print publishing and
licensing 10,673,649 (107,806) 10,565,843
Total cost of
revenue 19,030,045 (894,348) 18,135,697
Gross margin 39,911,175 894,348 40,805,523
Operating expenses:
Sales 3,728,615 (543,017) 3,185,598
Marketing 3,437,836 - 3,437,836
Product development 2,766,235 (358,276) 2,407,959
General and administrative 16,734,800 (4,909,811) 11,824,989
Legal settlement 3,000,000 - 3,000,000
Stock compensation expense - 6,705,452 6,705,452
Depreciation and amortization 1,753,988 - 1,753,988
31,421,474 894,348 32,315,822
Income from
operations 8,489,701 - 8,489,701
Interest income, net 1,720,656 - 1,720,656
Income before income taxes 10,210,357 - 10,210,357
Provision for income taxes 4,102,465 - 4,102,465
Net income $6,107,892 $- $6,107,892
Basic and diluted net income per
share:
Basic $0.36 $- $0.36
Diluted $0.35 $- $0.35
Shares used in computing
basic net income per share 17,050,167 - 17,050,167
Shares used in computing
diluted net income per share 17,552,836 960,948 18,513,784
(1) Adjustments for the impact of applying SFAS No. 123R
SOURCE Bankrate, Inc.
http://www.bankrate.com
Copyright (C) 2007 PR Newswire. All rights reserved
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