This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

InfoSpace Announces Third Quarter 2011 Results

InfoSpace, Inc. (NASDAQ: INSP) today announced financial results for the third quarter ended September 30, 2011.

“InfoSpace had a great third quarter,” said Bill Ruckelshaus, President and Chief Executive Officer of InfoSpace. “We continue to execute on our business goals while also generating consistent cash flow from operations. We are pleased with revenue growth, both when compared to the prior quarter and the prior year. Additionally, we remain focused on acquisition opportunities to enhance long-term value for InfoSpace shareholders.”

  • Revenues for the third quarter of 2011 were $56.3 million, compared to revenues of $50.5 million for the third quarter of 2010.
  • Net income for the third quarter of 2011 was $2.7 million, or $0.07 per diluted share, compared to net loss of $0.1 million, or $0.00 per share, for the third quarter of 2010.
  • Adjusted EBITDA, as defined below, was $8.5 million for the third quarter of 2011, compared to $6.6 million for the third quarter of 2010.
  • Non-GAAP net income, as defined below, which excludes non-cash income taxes, was $3.8 million, or $0.10 per diluted share for the third quarter of 2011 compared to $1.7 million, or $0.05 per diluted share, for the third quarter of 2010.
  • Cash, cash equivalents, and marketable securities as of September 30, 2011 totaled $279.3 million. At the end of the quarter, the Company had no debt obligations.

Fourth Quarter Outlook

For the fourth quarter of 2011, the Company expects revenues to be between $58 million and $61 million, Adjusted EBITDA to be between $7.5 million and $8.5 million, and net income to be between $3.5 million and $4.5 million, or $0.09 to $0.11 per diluted share.

Other Developments

The Company has been informed by its independent registered public accounting firm, Deloitte & Touche LLP, that the Public Company Accounting Oversight Board (“PCAOB”) conducted an inspection of the audit that Deloitte & Touche LLP performed relating to the Company’s financial statements as of and for the year ended December 31, 2010. Deloitte & Touche has also informed the Company that in connection with this inspection the PCAOB has raised certain questions regarding the Company’s accounting treatment of goodwill of $12.7 million relating to its acquisition of Make the Web Better in the second quarter of 2010. As a result, the Company is currently evaluating these questions and considering whether any change to the Company’s accounting for this transaction would be necessary. If the Company were to determine that a change in the accounting for this transaction is necessary, the Company expects to be required to restate its financial statements for the second quarter of 2010 and all subsequent periods, including its audited financial statements for the year ended December 31, 2010. Any change in the accounting would likely result in a non-cash charge, and the resulting restatement would not affect the Company’s previously reported revenue or Adjusted EBITDA. The Company believes that any such restatement would primarily impact 2010, and that it would not have a material effect on the quarter ended September 30, 2011.

Stock quotes in this article: INSP 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,411.88 -12.97 -0.08%
S&P 500 1,861.08 -1.23 -0.07%
NASDAQ 4,086.44 +0.2150 0.01%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs