Life Quotes, Inc. reported a profit of $14.2 million, or $2.09 per diluted share, for year 2009. This was an improvement from the $1.0 million, or $0.14 per share, in 2008. Revenues in 2009 came in at $14.65 million, down from the $15.66 million reported in 2008.
The strong net income in 2009 was boosted by a onetime gain of $15.6 million from the sale of the company’s Insure.com brand name, and other trademarks and intellectual property associated with Insure.com. Excluding the onetime gain, Life Quotes, Inc. reported a loss of $136,000.
Robert Bland, the CEO of Life Quotes, Inc. said, “We are very pleased to report a much improved fourth quarter. As expected, our fourth quarter revenue was impacted by a reduction in advertising revenues as a result of the early October asset sale. However, new life policy sales came in above our expectations.”
The sale of the Insure.com brand has boosted cash holdings, and strengthened the company’s balance sheet. Life Quotes, Inc. reported cash and equivalents of $16 million at 12/31/2009. The company also has no short or long term debt.
Life Quotes, Inc. operates a web information service that provides consumers with the choice of different insurance products from third parties. Products offered include auto, life and health insurance.