UPDATE 1-InfoSpace reports Q2 profit vs. year-ago loss
July 28, 2004 5:19:00 PM ET
NEW YORK, July 28 (Reuters) - InfoSpace Inc. (INSP), a provider of Web search and online listing services, on Wednesday reported it swung to a quarterly profit and raised its outlook, causing its shares to jump.
The Bellevue, Washington-based company, which said it saw strength in its search distribution, online directory and mobile businesses, reported net income of $13.5 million, or 42 cents per share. That was compared with a loss of $16.5 million, or 53 cents per share.
Income for continuing operations was 37 cents per share, in line with the average analyst estimate, as polled by Reuters Estimates.
Revenues were up 72 percent to $54.4 million, beating the average analyst estimate of $49.34, according to Reuters Estimates.
During the quarter, InfoSpace completed the acquisition of Switchboard Inc., a provider of Internet-based yellow pages. The company said that acquisition, as well as other new directory business, was expanding its market.
For the third quarter, the company expects revenue to be between $60.0 million and $64.0 million -- above current estimates for sales of $55.8 million. The company forecast income from continuing operations to be between $8.0 million and $10.0 million, or 22 cents to 27 cents per share.
For the full year, the company expects revenue to be between $227 million and $237 million. That was higher than its previous guidance of $205 million to $217 million, and the average analyst estimate of $217.1 million. The company, which distributes search results from No. 1 search provider Google Inc., expects income from continuing operations to be between $36 million and $40 million, or $0.97 to $1.08 per share, for the full year.
Shares rose to $35.50 in after hours trade, according to INET, up from the close of $28.50 on Nasdaq. REUTERS
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