Currently viewing and reading

InfoSpace Announces Strong Fourth Quarter and Full Year 2009 Results

Posted by Dana in February 4th 2010

InfoSpace, Inc. (NASDAQ:INSP) announced financial results for the fourth quarter and full year ended December 31, 2009.

Revenues for the fourth quarter of 2009 were $70.5 million, reflecting a $33.7 million, or 92%, increase from the fourth quarter of 2008. Revenues for the year were $207.6 million in 2009, reflecting a $50.9 million, or 32%, increase over 2008.

Net income for the fourth quarter of 2009 was $10.1 million, or $0.28 per diluted share, compared to net loss of $7.9 million, or $0.23 per share, for the fourth quarter of 2008. Net income for the fourth quarter includes tax benefits of $5.7 million which includes a $3.3 million one-time tax benefit from a net business tax refund. Net income for 2009 was $9.8 million, or $0.28 per diluted share, compared to net loss of $18.7 million, or $0.54 per share, for 2008.

Adjusted EBITDA, as defined below, was $11.2 million for the fourth quarter of 2009, compared to Adjusted EBITDA of $3.7 million for the fourth quarter of 2008, and includes a $2.4 million one-time tax benefit from a net business tax refund in the fourth quarter of 2009. Adjusted EBITDA was $27.4 million for 2009, compared to $27.1 million for 2008.

Cash, cash equivalents, and marketable securities totaled $226.4 million as of December 31, 2009. At the end of the year, the Company had no debt obligations.

First Quarter 2010 Outlook

For the first quarter of 2010, the Company expects revenue to be between $60 million and $65 million. The Company expects Adjusted EBITDA to be between $6 million and $7 million and net income to be between $0.5 million and $1.5 million, or $0.01 and $0.04 per diluted share.