-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AIiftEQVUMlcu01+yzLl3Kx85DyZ3xEZNgrwyJSmDLlFeJ/r+btNY/36R54tHqji aYvFS1TU51BI2aZBKeJU3A== 0001144204-05-033127.txt : 20051028 0001144204-05-033127.hdr.sgml : 20051028 20051028154709 ACCESSION NUMBER: 0001144204-05-033127 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20051027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051028 DATE AS OF CHANGE: 20051028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANKRATE INC CENTRAL INDEX KEY: 0001080866 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 650423422 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25681 FILM NUMBER: 051163199 BUSINESS ADDRESS: STREET 1: 11811 US HIGHWAY ONE STREET 2: STE 101 CITY: N PALM BEACH STATE: FL ZIP: 33408 BUSINESS PHONE: 5616277330 MAIL ADDRESS: STREET 1: 11811 US HIGHWAY ONE STREET 2: STE 101 CITY: N PALM BEACH STATE: FL ZIP: 33408 FORMER COMPANY: FORMER CONFORMED NAME: ILIFE COM INC DATE OF NAME CHANGE: 20000329 FORMER COMPANY: FORMER CONFORMED NAME: INTELLIGENT LIFE CORP DATE OF NAME CHANGE: 19990301 8-K 1 v027912_8-k.htm Unassociated Document
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
 
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 27, 2005
 
 
(exact name of registrant as specified in its charter)
 
Florida
0-25681
65-0423422
(State or other jurisdiction
(Commission
(IRS Employer
of Incorporation)
File Number)
Identification No.)
 
11760 U.S. Highway One
Suite 500
North Palm Beach, Florida
33408

Registrant's telephone number, including area code:  (561) 630-2400

 

Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition.

On October 27, 2005, Bankrate, Inc. (the “Company”) announced via press release the Company's results for its third quarter ended September 30, 2005. A copy of the Company's press release is included herein as Exhibit 99.1. The information provided under this Item 2.02 of Form 8-K, including the press release included as Exhibit 99.1, is being furnished to, but not filed with, the Securities and Exchange Commission.
 
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(a)
Financial statements of businesses acquired.
 
(1)
None.
 
(b)
Pro forma financial information.
 
(1)
None.
 
(c)
Exhibits.
 
99.1
Text of press release of Bankrate, Inc. dated October 27, 2005.
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
  BANKRATE, INC.
 
 		  
 		  
 
Date: October 28, 2005 By:   /s/ Robert J. DeFranco
 
 
Robert J. DeFranco
Senior Vice President
Chief Financial Officer

 

EXHIBIT INDEX
   
Exhibit  
 
99.1
Text of press release of Bankrate, Inc. dated October 27, 2005.



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EXHIBIT 99.1
   
www.bankrate.com
For more information contact:

Robert J. DeFranco
Senior Vice President      
Chief Financial Officer
www.bankrate.com/investor-relations/
bdefranco@bankrate.com
 
(561) 630-1230 
 
Bruce J. Zanca
Senior Vice President       
Chief Communications/Marketing Officer
bzanca@bankrate.com
 
(917) 368-8648    
 
 
FOR IMMEDIATE RELEASE
 

BANKRATE ANNOUNCES THIRD QUARTER 2005 RESULTS
Revenue Up 31% and Pre-Tax Income Up 109%
Raises 2005 Guidance


NEW YORK, NY - October 27, 2005- Bankrate, Inc. (NASDAQ: RATE), today reported total revenue of $12.4 million for the quarter ended September 30, 2005, an increase of $2.9 million or 31% over the $9.5 million reported in the third quarter of 2004. Income before taxes for Q3 2005 of $4.3 million was $2.2 million or 109% greater than the $2.1 million reported in Q3 2004. Net income for Q3 2005 was $2.7 million, or $0.16 per diluted share, compared to $2.1 million, or $0.13 per diluted share, in Q3 2004, and $2.5 million, or $0.15 per diluted share, in Q2 2005.

Total revenue for the nine months ended September 30, 2005 was $35.2 million, up $5.3 million or 18% over the $29.9 million reported for the same period in 2004. Income before taxes for the nine months ended September 30, 2005 was $11.4 million, up $4.9 million or 75% over than the $6.5 million reported for the first nine months of 2004. Net income for the nine months ended September 30, of 2005 was $7.1 million or $0.42 per diluted share compared to $6.5 million or $0.41 per diluted share for the same period in 2004.

No provision for income taxes was recorded in the nine months ended September 30, 2004. The 2005 results include a non-cash provision for deferred income taxes of approximately 38% of pre-tax income, representing the utilization of deferred tax assets throughout the remaining net operating loss carry forward period.
 
 
“The last 3 months have been an extremely productive period for the Company. We continued our ad sales momentum and successfully converted our rate tables from a flat fee to a cost-per-click model,” said Thomas R. Evans, President and Chief Executive Officer of Bankrate, Inc. “In doing so, we believe we’re in an even better position to take advantage of the opportunities going forward,” Mr. Evans added.

Recent Company Highlights

·
Online publishing revenue of $11.2 million in Q3 2005 was $3.1 million or 37% greater than the $8.2 million reported in Q3 2004. Online publishing revenue of $31.7 million for the nine months ended September 30, 2005 was $5.8 million or 23% greater than the $25.8 reported for the same period in 2004.

·
Gross margin for Q3 2005 was 76%, and the operating margin was 32%, compared to 74% and 20%, respectively, in Q3 2004.

·
Rate Table Cost-Per-Click Model - Over 300 hyperlink advertising clients were successfully converted from a monthly, flat-fee payment rate to a cost-per-click advertising model on October 1, 2005. A new advertising portal was also unveiled to help implement the new program.

·
Print and licensing revenue was down 12% from Q3 2004 and was flat compared to Q2 2005.

·
Barter revenue for the three months ended September 30, 2005 was reduced by the Company to $438,000, or 4% of total revenue, compared to $638,000, or 7% of total revenue, for the same period in 2004.

·
Page views for the quarter of 108 million were up 17% compared to Q3 04 and were down 5% from Q2 2005. Organic (non-paid) traffic represented 90% of the page views during the quarter. The remaining 10% of page views were generated from paid search. 

·
Effective July 1, 2005, Bankrate was added to the membership list for the small-cap Russell 2000® Index and the Russell Microcap™ Index.  


 
·
Since July 1, the Company has signed 17 new newspaper agreements:
     
New Consumer Mortgage Guides
§  
Staten Island Advance
§  
Trenton NJ Times
§  
South Jersey Newspapers
§  
Easton PA Express-Times
§  
Grand Rapids MI Press
§  
Newark NJ Star-Ledger
§  
Springfield MA Republican
§  
Syracuse NY Post-Standard
§  
Muskegon MI Chronicle
§  
Jackson MI Citizen-Patriot
§  
NJN Publishing (Hunterdon County NJ Democrat and 10 weeklies)
§  
Denver Newspaper Agency (Denver Post & Rocky Mountain News)
§  
Bergen Record (dba North Jersey Media)
§  
The Portland OR Oregonian

New Consumer Money Guide of Deposit Tables
§  
Tampa Tribune

New Newspaper Co-brands
§  
Denver Newspaper Agency (Denver Post & Rocky Mountain News)
§  
Bergen Record (dba North Jersey Media)

·
The Company ended the quarter with $40 million in cash, an increase of $12.3 million from December 31, 2004.

Revised Guidance
 
The company is increasing its 2005 guidance. The company now expects revenue to be in the range of $47.0 to $47.5 million, and expects pre-tax income to be in the range of $14.5 to $15.0 million. Pre-tax earnings per share for the full year is expected to be between $0.85 and $0.88 on a fully diluted basis. Previous guidance for 2005 projected revenue between $45.0 and $45.8 million and pre-tax earnings per share of $0.76 and $0.79 on a fully diluted basis.
 
October 27, 2005 11:00 AM Eastern Time Conference Call Interactive Dial-In and Webcast Information:

To participate in the teleconference please call: (800) 884-5695 passcode: 70679150. International callers should dial (617) 786-2960 passcode: 70679150. Please access at least 10 minutes prior to the time the conference is set to begin.

This call is being webcast by Thomson/CCBN and can be accessed at Bankrate’s Web site at www.bankrate.com/investor-relations. The Webcast is also being distributed over Thomson/CCBN’s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through Thomson/CCBN’s individual investor center at www.fulldisclosure.com or by visiting any of the investor sites in Thomson/CCBN’s Individual Investor Network. Institutional investors can access the call via Thomson/CCBN’s password-protected event management site, StreetEvents (www.streetevents.com).
 

Conference Call Replay Information:
 
A replay of the conference call will be available beginning October 27, 2005, 1:00 p.m. ET/ 10:00 a.m. PT through November 3, 2005. To listen to the replay, call (888)-286-8010 and use the passcode: 38081834. International callers should dial (617)-801-6888 and enter the passcode: 38081834.
 
About Bankrate, Inc.
 
Bankrate, Inc. (NASDAQ:RATE) owns and operates Bankrate.com, a leading Internet consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. It is the leading aggregator of more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2004, Bankrate.com had over 38 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ: YHOO), America Online (NYSE: TWX), The Wall Street Journal (NYSE: DJ) and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 150 national and state publications.

 
Certain matters included in the discussion above may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team. Such forward-looking statements include, without limitation, statements made with respect to future revenue, revenue growth, market acceptance of our products, and profitability. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: our success depends on Internet advertising revenue, interest rate volatility, establishing and maintaining distribution arrangements, and increased acceptance of the Internet by consumers as a medium for obtaining financial product information; we use barter transactions which do not generate cash; our markets are highly competitive; our Web site may encounter technical problems and service interruptions; we rely on the protection of our intellectual property; we may face liability for information on our Web site; future government regulation of the Internet is uncertain and subject to change; we may be limited or restricted in the way we establish and maintain our online relationships by laws generally applicable to our business; our ownership is heavily concentrated; our success may depend on management and key employees; we may encounter difficulties with future acquisitions; our results of operations may fluctuate significantly; our stock price may be particularly volatile because of the industry we are in; and, if our common stock price drops significantly, we may be delisted from the Nasdaq National Market, which could eliminate the trading market for our common stock. These and additional important factors to be considered are set forth under "Item 1. Business - Risk Factors,'' "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations'' and in the other sections of our Annual Report on Form 10-K for the year ended December 31, 2004, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.
 

-Financial Statements Follow-
 
 
 
 
 
 
Bankrate, Inc.
Condensed Balance Sheets
(Unaudited)
 
           
   
September 30,
  
December 31,
  
   
2005
  
2004
  
Assets
          
           
Cash and cash equivalents
  
$
40,041,788
  
$
27,735,267
  
Accounts and notes receivable, net of allowance for doubtful accounts
of $400,000 at September 30, 2005 and December 31, 2004, respectively
    
5,826,615
   
4,343,747
 
Deferred income taxes
    
5,996,940
   
4,359,058
 
Insurance claim receivable
    
–
    
241,015
 
Prepaid and other current assets
    
306,821
   
369,572
 
Total current assets
    
52,172,164
   
37,048,659
 
               
Furniture, fixtures and equipment, net
    
912,165
   
1,275,605
 
Deferred income taxes
    
1,069,303
   
7,047,521
 
Intangible assets, net
   
144,806
   
205,656
 
Other assets
    
319,813
   
429,079
 
Total assets
  
$
54,618,251
  
$
46,006,520
  
               
Liabilities and Stockholders' Equity
              
               
Liabilities:
              
Accounts payable
  
$
1,514,834
  
$
1,386,164
  
Accrued expenses
    
2,822,260
   
1,749,058
 
Deferred revenue
    
349,590
   
192,357
 
Other current liabilities
    
151,096
   
93,352
 
Total current liabilities
    
4,837,780
   
3,420,931
 
               
Other liabilities
    
170,121
   
251,391
 
Total liabilities
    
5,007,901
   
3,672,322
 
               
Stockholders' equity:
              
Preferred stock, 10,000,000 shares authorized and undesignated
    
–
    
–
  
Common stock, par value $.01 per share-- 100,000,000 shares authorized; 15,820,334 and
15,780,811 shares issued and outstanding at September 30, 2005 and December 31, 2004, repsectively
    
158,203
   
157,808
 
Additional paid in capital
    
70,331,620
   
70,137,462
 
Accumulated deficit
    
(20,879,473
)
  
(27,961,072
)
Total stockholders' equity
    
49,610,350
   
42,334,198
 
Total liabilities and stockholders' equity
  
$
54,618,251
  
$
46,006,520
  
 
 
 
Bankrate, Inc.
Condensed Statements of Income
(Unaudited)
 
                   
   
Three Months Ended
  
Nine Months Ended
  
   
September 30,
  
September 30,
  
Revenue:
  
2005
  
2004
  
2005
  
2004
  
Online publishing
  
$
11,214,265
  
$
8,158,241
  
$
31,684,841
  
$
25,835,196
  
Print publishing and licensing
    
1,157,758
   
1,310,911
   
3,474,061
   
4,019,518
 
Total revenue
    
12,372,023
   
9,469,152
   
35,158,902
   
29,854,714
 
Cost of revenue:
                          
Online publishing
    
1,902,520
   
1,337,122
   
5,365,122
   
4,181,027
 
Print publishing and licensing
    
1,116,943
   
1,089,374
   
3,295,487
   
3,118,284
 
Total cost of revenue
    
3,019,463
   
2,426,496
   
8,660,609
   
7,299,311
 
                           
Gross margin 
    
9,352,560
   
7,042,656
   
26,498,293
   
22,555,403
 
                           
Operating expenses: 
                          
Sales
    
943,594
   
915,102
   
2,756,038
   
3,289,232
 
Marketing
    
1,376,988
   
1,357,660
   
4,609,621
   
4,912,736
 
Product development
    
696,755
   
600,278
   
1,711,638
   
2,014,714
 
General and administrative
    
2,160,743
   
1,678,424
   
6,296,676
   
4,894,831
 
Legal settlement
    
–
    
390,000
   
–
    
390,000
 
Severance charge
    
–
    
–
    
–
    
260,000
 
Depreciation and amortization
    
180,811
   
186,676
   
578,385
   
552,498
 
     
5,358,891
   
5,128,140
   
15,952,358
   
16,314,011
 
Income from operations
    
3,993,669
   
1,914,516
   
10,545,935
   
6,241,392
 
Other income:
                          
Interest income
    
301,888
   
138,302
   
655,295
   
291,919
 
Insurance recovery in excess of costs and expenses
    
–
    
–
    
220,705
   
–
  
Total other income
    
301,888
   
138,302
   
876,000
   
291,919
 
                           
Income before income taxes
    
4,295,557
   
2,052,818
   
11,421,935
   
6,533,311
 
Provision for income taxes 
    
(1,632,312
)
  
–
    
(4,340,336
)
  
–
  
Net income
  
$
2,663,245
  
$
2,052,818
  
$
7,081,599
  
$
6,533,311
  
                           
Basic and diluted net income per share: 
                          
Basic
  
$
0.17
  
$
0.13
  
$
0.45
  
$
0.42
  
Diluted
  
$
0.16
  
$
0.13
  
$
0.42
  
$
0.41
  
Weighted average common shares outstanding:  
                          
Basic
    
15,815,057
   
15,506,719
   
15,802,409
   
15,395,372
 
Diluted
    
17,109,385
   
15,869,708
   
16,767,538
   
15,908,487
 
                           
 
 
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 -----END PRIVACY-ENHANCED MESSAGE-----