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NEW YORK, Feb 05, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Reminder -- Conference Call and Webcast Today at 4:30 P.M. Eastern Time Interactive Dial-In: (888) 297-0356. International Callers (719) 325-2436 (10 minutes before the call)
Webcast: http://investor.bankrate.com/
Bankrate, Inc. (Nasdaq: RATE), today reported financial results for the fourth quarter and fiscal year ended December 31, 2008. Total revenue for the fourth quarter increased by 59% to $40.2 million over the $25.2 million reported in the fourth quarter of 2007. Net income was $2.7 million, or $0.14 per fully diluted share in the fourth quarter of 2008, compared to $4.1 million, or $0.21 per fully diluted share in the fourth quarter of 2007. Earnings per fully diluted share, excluding share-based compensation expense and non-cash intangible asset impairment charges ("Adjusted EPS"), was $0.33 for the fourth quarter of 2008, compared to the Adjusted EPS of $0.33 for the fourth quarter of 2007. Adjusted EPS, excluding intangible asset amortization and interest income ("Operating EPS"), for the fourth quarter of 2008 was $0.40 per share compared to $0.29 per share for the same period in 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO )
In the fourth quarter of 2008, the company recorded non-cash impairment charges of $2.4 million ($1.5 million after tax or $.07 per fully diluted share) reflecting the amount by which the carrying value of certain intangible assets related to the print publishing and licensing business and other items exceeded their estimated fair values.
Earnings before interest, taxes, depreciation and amortization, excluding share-based compensation expense and non-cash intangible asset impairment charges ("Adjusted EBITDA"), were $13.2 million, an increase of 35% over the $9.8 million of Adjusted EBITDA reported in the fourth quarter of 2007. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the fourth quarter 2008, including share-based compensation expense and non- cash intangible asset impairment charges were $8.0 million, an increase of 24% over the $6.4 million reported in the fourth quarter 2007.
"In spite of the difficult economic conditions for financial companies, we reported another record year for revenue, growth, traffic and profitability," said Thomas R. Evans, President and CEO of Bankrate, Inc. "Consumers continue to come to Bankrate in record numbers, looking for the best information and financial products available. We are pleased with our performance and believe we are well-positioned going forward," Mr. Evans added.
Total revenue for the year ended December 31, 2008 increased by 75% to $166.9 million versus the $95.6 million reported for the full year ended December 31, 2007. Net income was $19.6 million, or $1.01, per fully diluted share for the year ended December 31, 2008, compared to $20.1 million, or $1.04, per fully diluted share in the same period in 2007. Adjusted EPS, excluding share-based compensation expense and non-cash intangible asset impairment charges was $1.54 for the year ended December 31, 2008, compared to $1.39 for the same period in 2007, an increase of 11%. Operating EPS for the full year 2008 increased by 39% to $1.74 per fully diluted share compared to $1.25 per share for the same period in 2007.
Adjusted EBITDA, excluding share-based compensation expense and non-cash intangible asset impairment charges, for the year ended December 31, 2008, were $58.1 million, an increase of 40% over the $41.6 million of Adjusted EBITDA reported in the same period in 2007. EBITDA for the full year 2008, including share-based compensation expense and goodwill and intangible impairment charges, were $42.2 million, an increase of 39% over the $30.4 million reported in the same period in 2007.
2009 Guidance
"Given the continued uncertainty and the lack of visibility in the financial environment, we feel it is wise to refrain from issuing guidance for 2009. However, we remain confident that our business is well-positioned, fundamentally strong and will continue to grow. We have a strong balance sheet, no debt and continue to generate cash on a monthly basis. It's just impossible to predict how the macro-economic environment will play out over the course of the year and how it will impact our business," Mr. Evans stated.
Fourth Quarter 2008 Highlights
-- Total revenue for the quarter was $40.2 million, an increase of 59%, or $15.0 million over the $25.2 million reported in the same period last year.
-- Adjusted EBITDA for the fourth quarter was $13.2 million, and increase of $3.4 million, or 35% over the $9.8 million reported in the fourth quarter of 2007.
-- Impairment charges of $2.4 million ($1.5 million after tax or $.07 per fully diluted share) were recorded in the fourth quarter to write off certain intangible assets related to the print publishing and licensing business and other items.
-- Online revenue for the fourth quarter was $38.3 million, an increase of 68%, or $15.5 million over the $22.8 million reported in the same period last year.
-- Graphic advertising and lead generation revenue was $25.3 million, an increase of 103%, or $12.8 million over the $12.5 million reported in the fourth quarter of 2007.
-- Hyperlink revenue for the quarter was $13.0 million, an increase of 26%, or $2.7 million over the $10.3 million reported in the same period last year.
-- Print publishing and licensing revenue for the fourth quarter was $1.9 million, a decrease of $0.6 million or 23%, compared to the $2.5 million reported in the fourth quarter of 2007.
-- Page views for the fourth quarter were 164.7 million, an increase of 33.7 million, or 26%, compared to the 131.0 million reported in the fourth quarter of 2007.
Full Year 2008 Highlights
-- Total revenue for the year was $166.9 million, an increase of $71.3 million, or 75%, over the $95.6 million reported in 2007.
-- Adjusted EBITDA for the year was $58.1 million, an increase of $16.5 million, or 40%, over the $41.6 million reported in 2007.
-- Online publishing revenue for the full year 2008 was $158.1 million, an increase of $74.4 million, or 89%, over the $83.7 million reported in 2007.
-- Graphic advertising and lead generation revenue was $106.7 million, an increase of $59.9 million, or 128%, over the $46.8 million reported in 2007.
-- Hyperlink revenue was $51.3 million, an increase of $14.4 million, or 39%, over the $36.9 million reported in 2007.
-- Print publishing and licensing revenue in 2008 was $8.8 million, a decrease of 26% from the $11.9 million reported in 2007.
-- Page views for 2008 were 687.1 million, an increase of 132.6 million, or 24%, compared to the 554.5 million reported in 2007.
-- In January 2009, the company launched the beta version of its new Web site. A preview of the site can be found at http://beta.bankrate.com. A beta site tour can be accessed from the top of the new beta site's home page.
During 2008, the company acquired or launched:
-- InsureMe - Denver-based InsureMe is a leader in the insurance lead generation space.
-- Lower Fees - Its Web site, Fee Disclosure, aggregates vendor and fee information across a variety of services associated with mortgage loans.
-- CreditCardGuide.com - A Bankrate-owned NCS affiliate, its Web site generates leads from consumers searching for the best credit card offers.
-- Bankaholic.com - A financial information and social networking site which attracts consumers looking for deposit, credit card and other banking products.
-- Bankrate China - launched in April 2008 and published in Mandarin, attracts an audience seeking rate and financial content on a variety of topics including, loans, deposits, foreign exchange, credit cards and other financial products.
The company indicated at the time of the acquisitions and launch that it expected InsureMe, CreditCardGuide.com and Bankaholic.com to be accretive within the year, while Bankrate China and Fee Disclosure will require additional investment to support their development.
February 5, 2009 Conference Call Interactive Dial-In and Webcast Information:
To participate in the teleconference please call: (888) 297-0356. International participants should dial: (719) 325-2436. 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 Web site: http://investor.bankrate.com/ .
Replay Information:
A replay of the conference call will be available beginning February 5, 2009 at 7:30 p.m. ET/ 4:30 p.m. PT through February 26, 2009. To listen to the replay, call (888) 203-1112 and use the passcode: 5048250. International callers should dial (719) 457-0820 and use the passcode: 5048250.
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, Adjusted EBITDA, Adjusted EPS and Operating EPS, 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 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, Bankrate 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.
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Each of these businesses helps consumers make informed decisions about their personal finance matters. The company's flagship brand, 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 rates and other information on 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 2008, Bankrate.com had nearly 72 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 and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers.
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 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 effects of expanding our operations internationally, the ability of consumers to access our Online Network through non-PC devices, our ability to manage traffic on our Online Network and service interruptions, increased competition and its effect on traffic, advertising rates, margins and market share, our ability to protect our intellectual property, the effects of facing liability for content on our Online Network, the concentration of ownership of our common stock, the fluctuations of our results of operations from period to period, the accuracy of our financial statement estimates and assumptions, our ability to adapt to technological changes, the impact of legislative or regulatory changes affecting our business, changes in consumer spending and saving habits, changes in accounting principles, policies, practices or guidelines, effects of changes in the stock market and other capital markets, the strength of the United States economy in general. 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, 2007, 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.
-Financial Statements Follow-
Bankrate, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share data)
December 31, December 31,
2008 2007
Assets
Cash and cash equivalents $46,055 $125,058
Accounts receivable, net of allowance
for doubtful accounts of
approximately $1,566 and $2,290 at
December 31, 2008 and 2007, respectively 22,567 19,052
Deferred income taxes, current
portion 816 878
Prepaid expenses and other current
assets 1,608 5,350
Total current assets 71,046 150,338
Furniture, fixtures and equipment,
net 2,521 1,802
Deferred income taxes 7,413 3,671
Intangible assets, net 83,347 27,485
Goodwill 101,856 43,720
Other assets 4,567 1,338
Total assets $270,750 $228,354
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable $3,723 $2,246
Accrued expenses 5,665 8,092
Acquisition earn-out liability 11,750 -
Deferred revenue 1,018 550
Other current liabilities 16 13
Total current liabilities 22,172 10,901
Other liabilities 148 187
Total liabilities 22,320 11,088
Stockholders' equity:
Preferred stock, 10,000,000 shares
authorized and undesignated - -
Common stock, par value $.01 per share --
100,000,000 shares authorized; 18,816,986
and 18,876,393 shares issued and
outstanding at December 31, 2008 and 2007,
respectively 188 189
Additional-paid in capital 219,294 205,306
Retained earnings 28,948 11,771
Total stockholders' equity 248,430 217,266
Total liabilities and
stockholders' equity $270,750 $228,354
Bankrate, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended Year Ended
December 31, December 31,
Revenue: 2008 2007 2008 2007
Online publishing $38,288 $22,779 $158,053 $83,695
Print publishing and
licensing 1,878 2,452 8,802 11,897
Total revenue 40,166 25,231 166,855 95,592
Cost of revenue (1):
Online publishing 13,349 5,816 57,905 15,149
Print publishing and
licensing 1,695 2,283 8,190 10,698
Total cost of revenue 15,044 8,099 66,095 25,847
Gross margin 25,122 17,132 100,760 69,745
Operating expenses (1):
Sales 2,304 1,684 9,097 6,384
Marketing 3,806 2,612 13,197 8,475
Product development 1,885 1,328 7,135 4,656
General and administrative 6,722 5,080 26,662 19,853
Impairment charges 2,433 - 2,433 -
Depreciation and
amortization 2,668 805 9,134 2,731
19,818 11,509 67,658 42,099
Income from operations 5,304 5,623 33,102 27,646
Interest income 46 1,727 1,562 6,688
Income before income
taxes 5,350 7,350 34,664 34,334
Income tax expense 2,682 3,255 15,043 14,280
Net income $2,668 $4,095 $19,621 $20,054
Basic and diluted net
income per share:
Basic $0.14 $0.22 $1.04 $1.09
Diluted $0.14 $0.21 $1.01 $1.04
Shares used in
computing basic net
income per share 18,797,814 18,688,571 18,848,125 18,423,414
Shares used in
computing diluted net
income per share 19,133,106 19,505,158 19,498,209 19,356,039
(1) Includes share-based
compensation expense
as follows:
Cost of revenue:
Online publishing $348 $562 $1,798 $1,984
Print publishing and
licensing 41 39 165 159
Other expenses:
Sales 582 473 2,206 1,334
Marketing 171 191 760 630
Product development 247 240 1,068 803
General and
administrative 1,432 1,879 7,420 6,299
$2,821 $3,384 $13,417 $11,209
Bankrate, Inc.
Non-GAAP Condensed Consolidated Statements of Income
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended Year Ended
December 31, December 31,
Revenue: 2008 2007 2008 2007
Online publishing $38,288 $22,779 $158,053 $83,695
Print publishing and
licensing 1,878 2,452 8,802 11,897
Total revenue 40,166 25,231 166,855 95,592
Cost of revenue:
Online publishing 13,001 5,254 56,107 13,165
Print publishing and
licensing 1,654 2,244 8,025 10,539
Total cost of revenue 14,655 7,498 64,132 23,704
Gross margin 25,511 17,733 102,723 71,888
Operating expenses:
Sales 1,722 1,211 6,891 5,050
Marketing 3,635 2,421 12,437 7,845
Product development 1,638 1,088 6,067 3,853
General and
administrative 5,290 3,201 19,242 13,554
Share-based compensation
expense (1) 2,821 3,384 13,417 11,209
Impairment charges 2,433 - 2,433 -
Depreciation and
amortization 2,668 805 9,134 2,731
20,207 12,110 69,621 44,242
Income from operations 5,304 5,623 33,102 27,646
Interest income 46 1,727 1,562 6,688
Income before income
taxes 5,350 7,350 34,664 34,334
Income tax expense 2,682 3,255 15,043 14,280
Net income $2,668 $4,095 $19,621 $20,054
Basic and diluted net
income per share:
Basic $0.14 $0.22 $1.04 $1.09
Diluted $0.14 $0.21 $1.01 $1.04
Adjusted EPS $0.33 $0.33 $1.54 $1.39
Shares used in computing
basic net income per
share, GAAP basis 18,797,814 18,688,571 18,848,125 18,423,414
Shares used in
computing diluted net
income per share,
GAAP basis 19,133,106 19,505,158 19,498,209 19,356,039
Shares used in
computing diluted net
income per share,
Non-GAAP basis 19,486,435 19,757,598 19,682,211 19,603,203
(1) See reconciliation of GAAP to Non-GAAP Condensed Consolidated
Statements of Income.
Bankrate, Inc.
Non-GAAP Measures Reconciliation
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2008 2007 2008 2007
EBITDA-
Income from operations,
GAAP basis $5,304 $5,623 $33,102 $27,646
Depreciation and
amortization 2,668 805 9,134 2,731
EBITDA $7,972 $6,428 $42,236 $30,377
Adjusted EBITDA-
Income from
operations, GAAP
basis $5,304 $5,623 $33,102 $27,646
Share-based
compensation expense 2,821 3,384 13,417 11,209
Impairment charges 2,433 - 2,433 -
Depreciation and
amortization 2,668 805 9,134 2,731
Adjusted EBITDA $13,226 $9,812 $58,086 $41,586
Adjusted EPS-
Net income, GAAP basis $2,668 $4,095 $19,621 $20,054
Share-based
compensation expense,
net of tax 2,234 2,345 9,227 7,272
Impairment charges,
net of tax 1,460 - 1,460 -
Net income excluding
share-based
compensation expense
and impairment
charges- $6,362 $6,440 $30,308 $27,326
Adjusted EPS $0.33 $0.33 $1.54 $1.39
Operating EPS-
Net income, GAAP basis $2,668 $4,095 $19,621 $20,054
Share-based
compensation expense,
net of tax 2,234 2,345 9,227 7,272
Impairment charges,
net of tax 1,460 - 1,460 -
Intangibles
amortization, net of
tax 1,401 357 4,780 1,126
Interest income, net
of tax (28) (1,036) (937) (4,013)
Net income excluding
share-based
compensation expense,
impairment charges,
intangibles
amortization and
interest income $7,735 $5,761 $34,151 $24,439
Operating EPS $0.40 $0.29 $1.74 $1.25
Shares used in
computing basic net
income per share,
GAAP basis 18,797,814 18,688,571 18,848,125 18,423,414
Shares used in
computing diluted net
income per share,
GAAP basis 19,133,106 19,505,158 19,498,209 19,356,039
Impact of applying
SFAS No. 123R 353,329 252,440 184,002 247,164
Shares used in
computing diluted net
income per share,
excluding the
impact of applying
SFAS No. 123R 19,486,435 19,757,598 19,682,211 19,603,203
Bankrate, Inc.
Condensed Consolidated Statements of Income
Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of
Income
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
December 31, 2008
Adjust-
Revenue: GAAP ments (1) Non-GAAP
Online publishing $38,288 $- $38,288
Print publishing and licensing 1,878 - 1,878
Total revenue 40,166 - 40,166
Cost of revenue:
Online publishing 13,349 (348) 13,001
Print publishing and licensing 1,695 (41) 1,654
Total cost of revenue 15,044 (389) 14,655
Gross margin 25,122 389 25,511
Operating expenses:
Sales 2,304 (582) 1,722
Marketing 3,806 (171) 3,635
Product development 1,885 (247) 1,638
General and administrative 6,722 (1,432) 5,290
Share-based compensation expense - 2,821 2,821
Impairment charges 2,433 2,433
Depreciation and amortization 2,668 - 2,668
19,818 389 20,207
Income from operations 5,304 - 5,304
Interest income, net 46 - 46
Income before income taxes 5,350 - 5,350
Provision for income taxes 2,682 - 2,682
Net income $2,668 $- $2,668
Basic and diluted net income per
share:
Basic $0.14 $- $0.14
Diluted $0.14 $- $0.14
Shares used in computing basic
net income per share 18,797,814 - 18,797,814
Shares used in computing diluted
net income per share 19,133,106 353,329 19,486,435
(1) Adjustments for the impact of applying SFAS No. 123R
Bankrate, Inc.
Condensed Consolidated Statements of Income
Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of
Income
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
December 31, 2007
Adjust-
Revenue: GAAP ments (1) Non-GAAP
Online publishing $22,779 $- $22,779
Print publishing and licensing 2,452 - 2,452
Total revenue 25,231 - 25,231
Cost of revenue:
Online publishing 5,816 (562) 5,254
Print publishing and licensing 2,283 (39) 2,244
Total cost of revenue 8,099 (601) 7,498
Gross margin 17,132 601 17,733
Operating expenses:
Sales 1,684 (473) 1,211
Marketing 2,612 (191) 2,421
Product development 1,328 (240) 1,088
General and administrative 5,080 (1,879) 3,201
Share-based compensation expense - 3,384 3,384
Impairment charges - -
Depreciation and amortization 805 - 805
11,509 601 12,110
Income from operations 5,623 - 5,623
Interest income, net 1,727 - 1,727
Income before income taxes 7,350 - 7,350
Provision for income taxes 3,255 - 3,255
Net income $4,095 $- $4,095
Basic and diluted net income per
share:
Basic $0.22 $- $0.22
Diluted $0.21 $- $0.21
Shares used in computing basic
net income per share 18,688,571 - 18,688,571
Shares used in computing diluted
net income per share 19,505,158 252,440 19,757,598
(1) Adjustments for the impact of applying SFAS No. 123R
Bankrate, Inc.
Condensed Consolidated Statements of Income
Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of
Income
(Unaudited)
(In thousands, except share and per share data)
Year Ended
December 31, 2008
Adjust-
Revenue: GAAP ments (1) Non-GAAP
Online publishing $158,053 $- $158,053
Print publishing and licensing 8,802 - 8,802
Total revenue 166,855 - 166,855
Cost of revenue:
Online publishing 57,905 (1,798) 56,107
Print publishing and licensing 8,190 (165) 8,025
Total cost of revenue 66,095 (1,963) 64,132
Gross margin 100,760 1,963 102,723
Operating expenses:
Sales 9,097 (2,206) 6,891
Marketing 13,197 (760) 12,437
Product development 7,135 (1,068) 6,067
General and administrative 26,662 (7,420) 19,242
Share-based compensation expense - 13,417 13,417
Impairment charges 2,433 2,433
Depreciation and amortization 9,134 - 9,134
67,658 1,963 69,621
Income from operations 33,102 - 33,102
Interest income, net 1,562 - 1,562
Income before income taxes 34,664 - 34,664
Provision for income taxes 15,043 - 15,043
Net income $19,621 $- $19,621
Basic and diluted net income per
share:
Basic $1.04 $- $1.04
Diluted $1.01 $- $1.01
Shares used in computing basic
net income per share 18,848,125 - 18,848,125
Shares used in computing diluted
net income per share 19,498,209 184,002 19,682,211
(1) Adjustments for the impact of applying SFAS No. 123R
Bankrate, Inc.
Condensed Consolidated Statements of Income
Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of
Income
(Unaudited)
(In thousands, except share and per share data)
Year Ended
December 31, 2007
Adjust-
Revenue: GAAP ments (1) Non-GAAP
Online publishing $83,695 $- $83,695
Print publishing and licensing 11,897 - 11,897
Total revenue 95,592 - 95,592
Cost of revenue:
Online publishing 15,149 (1,984) 13,165
Print publishing and licensing 10,698 (159) 10,539
Total cost of revenue 25,847 (2,143) 23,704
Gross margin 69,745 2,143 71,888
Operating expenses:
Sales 6,384 (1,334) 5,050
Marketing 8,475 (630) 7,845
Product development 4,656 (803) 3,853
General and administrative 19,853 (6,299) 13,554
Share-based compensation expense - 11,209 11,209
Impairment charges - -
Depreciation and amortization 2,731 - 2,731
42,099 2,143 44,242
Income from operations 27,646 - 27,646
Interest income, net 6,688 - 6,688
Income before income taxes 34,334 - 34,334
Provision for income taxes 14,280 - 14,280
Net income $20,054 $- $20,054
Basic and diluted net income per
share:
Basic $1.09 $- $1.09
Diluted $1.04 $- $1.04
Shares used in computing basic
net income per share 18,423,414 - 18,423,414
Shares used in computing diluted
net income per share 19,356,039 247,164 19,603,203
(1) Adjustments for the impact of applying SFAS No. 123R
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
SOURCE Bankrate, Inc.
http://www.bankrate.com
Copyright (C) 2009 PR Newswire. All rights reserved