UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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for the quarterly period ended March 31, 2004. |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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for the transition period from to . |
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QUOTESMITH.COM, INC. |
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(Exact name of Registrant as specified in its charter) |
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Delaware |
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36-3299423 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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8205 South Cass Avenue, Suite 102 |
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(Address and telephone number,
including |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(b) 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. ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). o Yes ý No
The number of outstanding shares of the regisrant’s common stock was 4,958,232 net of treasury shares, on May 7, 2004.
INDEX
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
QUOTESMITH.COM, INC.
BALANCE SHEETS
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March 31, |
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December
31, |
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(Unaudited) |
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ASSETS |
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Cash and equivalents |
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$ |
1,165,429 |
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$ |
676,728 |
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Fixed maturity investments – available for sale at fair value |
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5,633,198 |
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4,204,150 |
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Commissions receivable, less allowances (2004 — $174,000; 2003 — $176,000) |
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1,176,809 |
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1,062,534 |
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Other assets |
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654,747 |
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423,715 |
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Total current assets |
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8,630,183 |
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6,367,127 |
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Fixed maturity investments- available for sale at fair value |
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7,945,794 |
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10,345,555 |
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Furniture, equipment, and computer software at cost, less accumulated depreciation (2004—$2,962,000; 2003—$2,859,000) |
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271,894 |
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375,177 |
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Intangible assets at cost, less accumulated amortization (2004—$1,114,000; 2003—$995,000) |
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318,371 |
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437,761 |
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Total assets |
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$ |
17,166,242 |
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$ |
17,525,620 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Accounts payable and accrued liabilities |
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$ |
927,517 |
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$ |
760,005 |
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Total current liabilities |
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927,517 |
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760,005 |
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Total liabilities |
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927,517 |
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760,005 |
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Commitments and contingencies |
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— |
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— |
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Stockholders’ equity: |
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Common stock, $.003 par value; shares authorized: 60,000,000; shares issued: 7,317,573; |
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21,953 |
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21,953 |
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Additional paid-in capital |
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64,075,686 |
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64,075,686 |
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Retained-earnings deficit |
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(44,088,430 |
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(43,468,855 |
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Treasury stock at cost: 2,359,341 shares |
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(3,793,985 |
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(3,793,985 |
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Accumulated other comprehensive income (loss) |
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23,501 |
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(69,184 |
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Total stockholders’ equity |
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16,238,725 |
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16,765,615 |
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Total liabilities and stockholders’ equity |
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$ |
17,166,242 |
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$ |
17,525,620 |
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See accompanying notes.
3
QUOTESMITH.COM, INC.
STATEMENTS OF OPERATIONS
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Quarter
ended |
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2004 |
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2003 |
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(unaudited) |
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Revenues: |
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Commissions and fees |
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$ |
2,450,223 |
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$ |
2,557,062 |
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Other |
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1,991 |
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14,499 |
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Total revenues |
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2,452,214 |
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2,571,561 |
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Expenses: |
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Selling and marketing |
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1,359,910 |
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1,302,573 |
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Operations |
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896,791 |
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972,412 |
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General and administrative |
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901,483 |
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800,965 |
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Total expenses |
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3,158,184 |
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3,075,950 |
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Operating loss |
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(705,970 |
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(504,389 |
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Interest income |
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86,219 |
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91,597 |
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Realized gain on sale of investments |
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176 |
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— |
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Net loss |
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$ |
(619,575 |
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(412,792 |
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Net loss per common share, basic and diluted |
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(0.12 |
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(0.08 |
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Weighted average common shares and equivalents outstanding, basic and diluted |
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4,958,232 |
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4,909,331 |
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See accompanying notes.
4
QUOTESMITH.COM, INC.
STATEMENTS OF STOCKHOLDERS’ EQUITY
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Common Stock |
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Accumulated |
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Number of |
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Par |
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Additional |
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Retained- |
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Treasury |
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Other |
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Total |
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2003: |
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Balance at January 1 |
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7,268,072 |
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$ |
21,804 |
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$ |
63,972,732 |
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$ |
(42,187,861 |
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$ |
(3,793,985 |
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$ |
82,494 |
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$ |
18,095,184 |
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Net loss |
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— |
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