Bankrate, Inc. (NYSE: RATE) today reported financial results for the third quarter ended September 30, 2012. Total revenue for the third quarter was $116.8 million compared to $112.9 million in the third quarter of 2011, an increase of 3%.
Net income for the quarter was $2.6 million or $0.03 per fully diluted share, compared to net income of $7.1 million, or $0.07 per fully diluted share in the third quarter of 2011. Earnings per fully diluted share, excluding stock based compensation expense, amortization, IPO and deal related expenses, legal settlements and other income (“Adjusted EPS”), were $0.13 for the third quarter of 2012, compared to Adjusted EPS of $0.18 for the third quarter of 2011, representing a decrease of 28%.
Adjusted earnings before interest, taxes, depreciation and amortization, excluding stock based compensation expense, IPO and deal related expenses and legal settlements (“Adjusted EBITDA”), were $29.8 million, with a margin of 25.6%, in the third quarter of 2012 compared to $36.0 million, with a margin of 31.9%, in the third quarter of 2011, a decrease of 17%.
Results for Nine Months Ended September 30, 2012Total revenue for the nine months ended September 30, 2012 was $363.9 million compared to $310.4 million in the comparable period in 2011, representing a $53.5 million or 17% increase. Net income was $29.0 million or $0.29 per fully diluted share for the first nine months of 2012, compared to a net loss of $27.5 million, or $0.30 per fully diluted share in the first nine months of 2011. Adjusted EPS was $0.49 for the nine months ended September 30, 2012, compared to $0.43 for the same period in 2011, representing an increase of 14%. Adjusted EBITDA was $105.2 million for the first nine months of 2012, compared to $96.9 million in the first nine months of 2011, an increase of 8.5%.
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