SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2002
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-26083
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INSWEB CORPORATION |
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(Exact name of Registrant as specified in its charter) |
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Delaware |
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94-3220749 |
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(State or other jurisdiction of |
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(IRS Employer |
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11290 Pyrites Way, Suite 200 |
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(Address of principal executive offices) |
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(916) 853-3300 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
The number of outstanding shares of the Registrant’s Common Stock, par value $0.001 per share, on October 31, 2002 were 7,047,829 shares.
FORM 10-Q
INSWEB CORPORATION
INDEX
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Condensed Consolidated Balance Sheets as of September 30, 2002 and December 31, 2001 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
INSWEB CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
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September 30, |
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
9,048 |
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$ |
14,627 |
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Short-term investments |
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21,895 |
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20,936 |
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Accounts receivable, net |
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2,461 |
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2,672 |
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Prepaid expenses and other current assets |
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1,562 |
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1,169 |
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Total current assets |
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34,966 |
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39,404 |
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Property and equipment, net |
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2,262 |
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3,798 |
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Prepaid marketing costs |
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4,892 |
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6,020 |
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Deposits and other assets |
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2,411 |
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5,120 |
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Total assets |
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$ |
44,531 |
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$ |
54,342 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,161 |
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$ |
902 |
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Accrued expenses |
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3,952 |
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3,851 |
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Deferred revenue |
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617 |
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1,156 |
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Marketing commitment with stockholder, current portion |
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4,285 |
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2,026 |
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Payable to stockholder, current portion |
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1,237 |
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1,145 |
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Total current liabilities |
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11,252 |
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9,080 |
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Long-term marketing commitment with stockholder |
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— |
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13,490 |
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Total liabilities |
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11,252 |
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22,570 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock |
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7 |
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7 |
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Paid-in capital, less treasury stock |
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202,097 |
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202,044 |
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Accumulated other comprehensive loss |
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(94 |
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(95 |
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Accumulated deficit |
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(168,731 |
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(170,184 |
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Total stockholders’ equity |
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33,279 |
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31,772 |
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Total liabilities and stockholders’ equity |
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$ |
44,531 |
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54,342 |
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See accompanying notes.
3
INSWEB CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
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Three
Months |
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Nine Months |
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2002 |
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2001 |
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2002 |
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2001 |
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Revenues: |
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Transaction fees |
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$ |
5,734 |
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5,407 |
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$ |
18,012 |
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17,176 |
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Development and maintenance fees |
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282 |
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423 |
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1,157 |
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1,371 |
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Total revenues |
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6,016 |
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5,830 |
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19,169 |
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18,547 |
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Operating expenses: |
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Technology |
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2,338 |
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3,523 |
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7,956 |
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11,400 |
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Sales and marketing |
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4,376 |
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7,185 |
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13,801 |
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20,653 |
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General and administrative |
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1,725 |
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1,731 |
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5,489 |
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5,865 |
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Amortization of intangible assets and other |
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703 |
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