Bankrate Shares Surge 13 Percent On 1Q Profit

NEW YORK (AP) — Shares of Web site operator Bankrate Inc. rose 13 percent Friday after it reported a first-quarter profit, even though lower advertising revenue pushed the earnings lower than the previous year's quarter.

Profit fell to $4.7 million, or 25 cents a share compared with $6.8 million, or 35 cents a share a year ago.

Revenue fell to $38.3 million from $42.5 million.

Excluding share-based expenses, the adjusted profit was 31 cents per share compared with 46 cents a year ago.

Analysts surveyed by Thomson Financial expected 34 cents a share on revenue of $40.6 million.

Shares rose $3.36 to $28.56 in afternoon trading.

Consumer traffic to its Web site remained strong and a redesign and diversification of the business leaves it well positioned, said Chief Executive Thomas R. Evans.

"As advertisers focus even more on the performance of their media spending, Bankrate will continue to be proven to be an environment where consumers come poised to transact and take action," Evans said.