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Intersections Inc. (NASDAQ:
INTX) today announced financial results for the quarter and year ended December 31, 2012. Revenue for the year ended December 31, 2012 was $349.2 million, as compared to $373.0 million for the year ended December 31, 2011. Consolidated adjusted EBITDA before share related compensation and non-cash asset impairment charges for the year ended December 31, 2012 was $58.7 million, compared to $52.1 million for the year ended December 31, 2011. Net income for the year ended December 31, 2012 was $19.7 million, as compared to $18.6 million for the year ended December 31, 2011. Cash flow provided by operations for the year ended December 31, 2012 was $48.9 million. Diluted earnings per share increased to $1.04 for the year ended December 31, 2012, from $0.97 for year ended December 31, 2011.
As of December 31, 2012, we had a cash balance of $25.6 million and $30.0 million of available borrowings under our revolving credit facility, which we recently amended to extend the maturity date to November 2015. During the year ended December 31, 2012, we paid down the $20.0 million balance on our revolving credit facility. In addition, on March 15, 2013, we paid an ordinary cash quarterly cash dividend of $0.20 per share of common stock, which represents our 11th consecutive ordinary quarterly dividend. Based on the closing price on March 15, 2013 of $10.85 per share, our quarterly cash dividend represents an effective annual dividend yield of 7.4%.
Michael Stanfield, Chairman and Chief Executive Officer of Intersections commented, “We are pleased with the strength of our results in 2012, and remain confident in the value and quality of our products despite the significant reduction in marketing by our traditional financial services industry clients. As a result of changes in the financial services marketplace, we are increasing our focus on non-financial institution clients, consumer direct marketing, and diversified business investments going forward and believe this will lead to a stronger, more diversified Intersections in the years to come.”