InsWeb Corp. reported it had almost stemmed its red ink with a 2006 fourth-quarter net loss of $300,000 or 8 cents a share.
For the comparable period in 2005 the company had net loss of $2.1 million, or 51 cents a share. For the full fiscal year it sustained a net loss of $3.4 million, or 82 cents per share.
Sacramento, Calif.-based InsWeb said fourth-quarter revenues were $5.8 million, unchanged from the comparable period in 2005. For all of 2006, InsWeb reported total revenues of $28.5 million.
The company said these results include a gain of $2 million from the sale of the InsWeb Insurance Services' property-casualty agency book of business in April of 2006.
The fiscal-year 2006 financial results compare to revenues of $25 million and a net loss of $5.9 million, or $1.40 per share, for fiscal-year 2005.
"As we previously reported, InsWeb significantly narrowed its net loss during the fourth quarter, driven primarily by a reduction in nonmarketing operating expenses in combination with our focused efforts to improve margins through our consumer marketing programs," said Hussein Enan, chairman and CEO of InsWeb.
He continued, "In addition, revenue per consumer within our auto offering increased by 14 percent during the quarter, reflecting continued enhancements within our AgentInsider offering and further expansion of our Sponsored Web Links program."
InsWeb enables consumers to compare multiple, actionable quotes for auto, term life, health, homeowners, renters and condominium insurance offerings from many insurers. The online insurance marketplace also provides live customer service, interactive tools and independent research.
InsWeb is accessible at www.insweb.com.
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