Insure.com, Inc. Reports First Quarter 2009 Financial Results

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Wed Apr 29, 2009 6:30am EDT

- Revenues increase 1.4 percent to $4.0 million in Q1 2009  

- Quarterly net profit of $192,000, compared to net loss of $512,000 in Q1
2008

- Operating income swings to positive $124,000 compared to negative $627,000
in Q1 2008

DARIEN, Ill., April 29 /PRNewswire-FirstCall/ -- Insure.com, Inc. (Nasdaq:
NSUR), the only place on earth where you can get auto, life, health, home and
business insurance quotes from over 100 leading companies and have the freedom
to buy from the company of your choice, today announced financial results for
the first quarter ended March 31, 2009. 

Financial Results
Insure.com reported revenues of $4.02 million for the first quarter of 2009,
an increase of 1.4 percent from revenues of $3.97 million for the same quarter
of 2008.  Net income for the quarter was $192,000, or $0.03 per share,
compared to a loss of $512,000, or $0.07 per share, for the first quarter of
2008. 

"We are pleased to report improved financial results in the first quarter of
2009," said Robert Bland, chairman and CEO.  "As a result of actions taken
over recent quarters to prune ad expenses, perform better tracking on our
leads and avoid long term media spending commitments, we experienced markedly
improved ad efficiencies and business model leverage during the first quarter.
 And despite widespread economic anxieties, new life insurance lead flows were
very strong during the first quarter." 

Phil Perillo, chief financial officer, remarked, "Our bottom line improved by
more than $700,000 in the first quarter of 2009 compared to the first quarter
of 2008.  Advertising expenses were $593,000 in the first quarter, compared to
$1.3 million for the first quarter of 2008, whereas unique initial quoted
leads, a key leading indicator for us, rose 34% to 75,000 in Q1 2009 from
56,000 in Q1 of 2008.  Cash flow from operations was a positive $367,000 for
the first quarter of 2009.  We also successfully completed a multi-year legacy
systems migration project in April, which will improve our competitive
posture.  We currently have no large information technology expenditures on
the horizon."

Insure.com has a strong balance sheet with no debt.  Cash and investments in
marketable securities totaled $9.2 million at March 31, 2009, and depreciation
and amortization charges were $189,000 for the first quarter of 2009 compared
to $207,000 for the first quarter of 2008. 

Stockholders' equity amounted to $16.5 million at March 31, 2009, as compared
to $16.4 million at December 31, 2008.

Insure.com has a stock repurchase plan in place.  During the first quarter of
2009, the Company repurchased 8,700 shares and is currently authorized by its
board to repurchase up to 478,000 additional shares in the open market or in
negotiated transactions.

About Insure.com
Originally founded in 1984 as Quotesmith Corporation, Insure.com owns and
operates a comprehensive consumer information service and companion insurance
brokerage service that caters to the needs of self-directed insurance
shoppers.  Visitors to the Company's flagship Web site, www.insure.com, are
able to obtain free, instant car insurance quotes, instant life insurance
quotes, home, business and health insurance quotes from leading insurers and
have the freedom to buy online or by phone from any company shown.  Insure.com
also plays home to over 2,000 originally authored articles on various
insurance topics and also provides free insurance decision-making tools that
are not available from any other single source.  Insure.com generates revenues
from receipt of industry-standard commissions, including back-end bonus
commissions and volume-based contingent bonus commissions that are paid by
participating insurance companies.  We also generate advertising revenues from
the sale of Web site traffic to various third parties.  Shares of the
Company's common stock trade on the Nasdaq Capital Market under the symbol
NSUR.

Cautions about Forward-Looking Statements 
This announcement may contain forward-looking statements that involve risks,
assumptions and uncertainties pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995.  This announcement also
contains forward-looking statements about events and circumstances that have
not yet occurred and may not occur. These forward-looking statements are
inherently difficult to predict.  Expressions of future goals and similar
expressions including, without limitation, "intend," "may," "plans," "will,"
"believe," "should," "could," "hope," "expects," "expected," "does not
currently expect," "anticipates," "predicts," "potential" and "forecast,"
reflecting something other than historical fact, are intended to identify
forward-looking statements, but are not the exclusive means of identifying
such statements.  Investors should be aware that actual results may differ
materially from the results predicted and reported results should not be
considered an indication of future performance.  Reported Web site activity
and/or quotes are not necessarily indicative of any present or future revenue.
 The Company will not necessarily update the information in this press release
if any forward-looking statement later turns out to be inaccurate.  Potential
risks and uncertainties include, among others, concentration of common stock
holdings, general price declines within the life insurance industry,
unpredictability of future revenues, potential fluctuations in quarterly
operating results, competition, the evolving nature of its business model,
possible write down of intangible assets and goodwill, risks associated with
capacity constraints, management of growth and potential legal liability
arising out of misuse, breach of confidentiality or error in the handling of
confidential customer information.  More information about potential factors
that could affect the Company's financial results are included in the
Company's Annual Report on Form 10-K for the year ended December 31, 2008
which is on file with the United States Securities and Exchange Commission. 



                               INSURE.COM, INC.
                           STATEMENT OF OPERATIONS
                    (In thousands, except per share data)
                                 (Unaudited)

                                                        Quarter Ended
                                                        -------------
                                                      March 31,  March 31,
                                                         2009      2008
                                                         ----      ----

    Revenues:
      Commissions and fees                             $4,023    $3,968
                                                        -----     -----


    Expenses:
      Selling & marketing                                 593     1,281
      Operations                                        2,297     2,235
      General & administrative                            820       872
      Depreciation & amortization                         189       207
                                                          ---       ---


    Total expenses                                      3,899     4,595
                                                        -----     -----
    Operating income (loss)                               124      (627)
    Investment income                                      68       115
                                                           --       ---

    Net income (loss)                                    $192     $(512)
                                                         ====     =====

    Net income (loss) per common share,
     basic and diluted                                  $0.03    $(0.07)
                                                        =====    ======

    Weighted average common shares and equivalents
     outstanding, basic and diluted                     6,780     7,281



                               SELECTED BALANCE SHEET DATA
                                     (In thousands)

                                                       March 31,  December 31,
                                                         2009      2008
                                                         ----      ----


    Cash and equivalents                               $1,455      $927
    Investments                                         7,763     8,054
    Commissions receivable                              3,235     2,902
    Intangibles and goodwill                            4,567     4,681
    Other assets                                        1,758     1,755
    Total assets                                      $18,778   $18,319

    Total current liabilities                          $2,299    $1,957
    Total stockholders' equity                         16,479    16,362
    Total liabilities &
     stockholders' equity                             $18,778   $18,319






SOURCE  Insure.com, Inc.

Phillip A. Perillo, Chief Financial Officer of Insure.com, Inc.,
+1-630-515-0170, ext. 295, phil@insure.com
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