Intersections Inc. (NASDAQ: INTX) today announced financial results for the quarter ended March 31, 2014. Consolidated revenue for the quarter ended March 31, 2014 was $66.0 million, as compared to $81.6 million for the quarter ended March 31, 2013. Consolidated adjusted EBITDA before share related compensation and non-cash impairment charges for the quarter ended March 31, 2014 was $1.4 million, compared to $9.9 million for the quarter ended March 31, 2013. Net (loss) for the quarter ended March 31, 2014 was $(2.8) million, as compared to $2.2 million net income for the quarter ended March 31, 2013. Cash flow provided by operations for the quarter ended March 31, 2014 was $5.7 million. Diluted loss per share was $(0.15) for the quarter ended March 31, 2014, as compared to diluted earnings per share of $0.12 for the quarter ended March 31, 2013. As of March 31, 2014, we had a cash balance of $18.7 million.
Michael Stanfield, Chairman and Chief Executive Officer of Intersections commented, “We are pleased with the continued positive performance of our Consumer Products and Services segment which has allowed us to both grow our IDENTITY GUARD® brand and continue to drive our Pet Health Monitoring segment toward initial sales later this year.”
First Quarter 2014 Financial Highlights:
- Total subscribers decreased to approximately 2.8 million compared to 4.2 million as of March 31, 2013, approximately 400 thousand of whom remain in a non-billable status as of March 31, 2014.
- Total consolidated revenue for the first quarter of 2014 was $66.0 million compared to $81.6 million for the first quarter of 2013.
- Consolidated net loss for the quarter ended March 31, 2014 was $(2.8) million, or $(0.15) per diluted share, compared to consolidated net income of $2.2 million, or $0.12 per diluted share, for the quarter ended March 31, 2013.
- Our Pet Health Monitoring segment generated a loss from operations of approximately $3.3 million which was funded from available cash on hand. This segment has not yet commenced sales and is expected to launch later in 2014.
- Consolidated cash flow provided by operations for the quarter ended March 31, 2014 was approximately $5.7 million.
In 2013, we ceased all business activities in our subsidiary Net Enforcers. We determined that Net Enforcers met the requirements for classification as a discontinued operation under U.S. GAAP and we have recast our condensed consolidated statements of operations for the periods presented. Income from discontinued operations, net of tax, was $10 thousand for the three months ended March 31, 2013.
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