Quotesmith.com’s 2003 Loss Estimate Doubles

Darien, Ill.-based online broker Quotesmith.com Inc. revised the financial targets for 2003 that were announced Oct. 2, 2003. In October, the company anticipated 2003 revenues of $9.5 to $10 million with a projected net loss of $450,000 to $650,000 and year-end cash and investments of $14.5 to $15 million.

The company now anticipates 2003 revenues of approximately $9.4 to $9.8 million and a net loss of approximately $1.1 to $1.5 million, with year-end cash and investments still between $14.5 and $15 million. Depreciation and amortization charges for 2003 are expected to total $1.0 million. In 2002 the company reported a net loss of $2.7 million on revenue of $10.8 million.

Quotesmith.com also announced financial guidance for 2004. Revenues are expected to be $11 to $13 million with a net profit of $750,000 to $1,000,000. Year-end 2004 cash and invested assets are expected to be $15 to $16.5 million.