RSS FeedLife Quotes, Inc. Reports Third Quarter 2009 Financial Results
Life Quotes, Inc. Reports Third Quarter 2009 Financial Results
PR Newswire, Oct 28, 2009
– Quarterly net loss of $1,038,000 vs. net profit of $112,000 in Q3 2008 – Revenues decline 22 percent to $3.2 million vs. $4.1 million in Q3 2008
DARIEN, Ill., Oct. 28 /PRNewswire-FirstCall/ — Life Quotes, Inc. , the only place on earth where you can get auto, life, health, home and business insurance quotes from over 100 leading companies and have the freedom to buy from the company of your choice, today announced financial results for the third quarter ended September 30, 2009.
Financial Results
Life Quotes reported revenues of $3.2 million for the third quarter of 2009, a decrease of 22 percent from revenues of $4.1 million for the same quarter of 2008. Net loss for the quarter was $1,038,000 or $0.15 per share, compared to a profit of $112,000, or $0.02 per share, for the third quarter of 2008.
For the nine months ended September 30, 2009, the Company is reporting a net loss of $1,085,000, or $0.16 per share, as compared to a loss of $344,000, or $0.05 per share in the same period last year.
“Our third quarter revenue was surprisingly impacted by a reduction in our average commission per policy sold,” said Robert Bland, chairman and CEO. “Even though we sold 4,195 life insurance policies in the third quarter, an increase of almost 4% over the same period last year, our total first year commissions dropped by 11%, resulting in a decrease in revenue of about $300,000. We also experienced higher-than-expected first year policy lapses and higher revenue share obligations to affiliates that provide us with life insurance leads, accounting for the remainder of the decrease in commission revenue in Q3 2009.”
Phil Perillo, chief financial officer, added, “Our click revenue also decreased by $326,000 in the third quarter of 2009. This resulted, in part, from a decrease in advertising, which generated fewer shoppers for lines of insurance other than life, which we sell to third parties. Also, as our call center has grown, we have fewer excess life leads to sell, further reducing click revenue. Our Q3 2009 results were also affected by approximately $117,000 in expenses related to the October 9, 2009 sale of our name and specified website assets, which we are required to recognize as Q3 expenses, even though the sale did not close until October.”
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