SACRAMENTO, Calif. -- InsWeb Corp. today announced results for the fourth quarter ended December 31, 2003. Revenues for the fourth quarter totaled $4.1 million, compared to $6.4 million in the fourth quarter of 2002. During the quarter, InsWeb recognized a gain of $6 million relating to the sale of its remaining investment in Finance All K.K., a Japanese corporation."
Fourth quarter revenues were a challenge as anticipated, due to traditional seasonal softness and the transitions in our auto insurance offering, as we adjust to carrier shifts in our marketplace and continue to retool our consumer marketing efforts to better serve our long-term goals," said Mark Guthrie, president and chief executive officer of InsWeb. "We are proactively addressing the issues within our auto marketplace and have implemented new initiatives that improve the consumer experience by providing a greater opportunity to receive an auto insurance quote. On the consumer-marketing front, competition for the online consumer continues to be fierce; however, with the addition of an experienced consumer marketing executive and the expansion of our strategic marketing department this month, we are now well positioned to find additional cost-effective sources of consumer traffic. With these efforts we expect to demonstrate continued progress in narrowing our operating loss over the coming year."
Source: InsWeb Corp.
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