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 |
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For the quarterly period ended March 31, 2005 |
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Or |
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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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Commission file number 0-26083 |
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INSWEB CORPORATION
(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 Gold River, California 95670 |
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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
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act.) Yes o No ý
The number of outstanding shares of the Registrant’s Common Stock, par value $0.001 per share, on May 2, 2005 were 4,043,395 shares.
FORM 10-Q
INSWEB CORPORATION
INDEX
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PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INSWEB CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
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March 31, |
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
7,865 |
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$ |
9,334 |
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Short-term investments |
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6,476 |
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8,145 |
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Accounts receivable, net |
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2,246 |
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1,025 |
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Prepaid expenses and other current assets |
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468 |
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707 |
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Total current assets |
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17,055 |
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19,211 |
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Property and equipment, net |
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686 |
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814 |
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Other assets |
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421 |
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450 |
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Total assets |
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$ |
18,162 |
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$ |
20,475 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,913 |
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$ |
1,248 |
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Accrued expenses |
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3,604 |
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3,456 |
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Deferred revenue |
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65 |
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56 |
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Total current liabilities |
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5,582 |
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4,760 |
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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 |
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202,982 |
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202,961 |
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Treasury stock |
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(6,334 |
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(4,596 |
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Accumulated other comprehensive loss |
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(6 |
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(8 |
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Accumulated deficit |
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(184,069 |
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(182,649 |
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Total stockholders’ equity |
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12,580 |
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15,715 |
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Total liabilities and stockholders’ equity |
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$ |
18,162 |
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$ |
20,475 |
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See accompanying notes.
3
INSWEB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
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Three Months |
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2005 |
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2004 |
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Revenues: |
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Transaction fees |
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$ |
5,606 |
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$ |
3,830 |
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Development and maintenance fees |
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88 |
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225 |
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Total revenues |
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5,694 |
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4,055 |
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Operating expenses: |
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Technology |
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1,372 |
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1,470 |
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Sales and marketing |
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4,702 |
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3,334 |
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General and administrative |
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1,132 |
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1,282 |
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Total operating expenses |
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7,206 |
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6,086 |
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Loss from operations |
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(1,512 |
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(2,031 |
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Interest income |
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92 |
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71 |
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Net loss |
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$ |
(1,420 |
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(1,960 |
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Net loss per share-basic and diluted |
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$ |
(0.30 |
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(0.42 |
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Weighted-average shares used in computing per share amounts-basic and diluted |
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4,785 |
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4,664 |
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See accompanying notes.
4
INSWEB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
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Three Months Ended |
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2005 |
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2004 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(1,420 |
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(1,960 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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157 |
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238 |
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Net changes in operating assets and liabilities: |
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Accounts receivable |
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(1,221 |
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(21 |
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Prepaid expenses and other current assets |
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239 |
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354 |
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Other assets |
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— |
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6 |
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Accounts payable |
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665 |
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544 |
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Accrued expenses |
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162 |
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