InfoSpace, a provider of metasearch technology, has reported a net loss of $7.9m, or $0.23 per share, for the fourth quarter ended December 31, 2008, compared to a net income of $62.7m, or $1.88 per share, for the fourth quarter of 2007.
Revenues for the fourth quarter of 2008 were $36.75m, compared to $39.06m for the same period of 2007.
Loss from continuing operations in the fourth quarter of 2008 was $7.2m, including a charge of $6.4m for unrealized losses on investments, compared to a loss from continuing operations for the fourth quarter of 2007 of $60.4m, which included $61.6m of employee expenses related to a special dividend, restructuring charges and income tax expense primarily related to placing a full valuation allowance on the deferred tax asset.
Net loss for the year 2008 was $18.7m, or $0.54 per share, compared to a net income of $21.7m, or $0.67 per share, in 2007. Revenues for the year were $156.7m in 2008, reflecting a $16.2m, or 12%, increase over $140.54m in 2007. For the year, loss from continuing operations was $16.5m in 2008, compared with $84.5m in 2007.
Will Lansing, president and CEO of InfoSpace, said: InfoSpace is pleased to report fourth quarter results that exceeded our expectations for revenue and adjusted EBITDA, and finished a year of strong financial performance. In 2008, the company grew top line revenue and generated strong adjusted EBITDA margins while investing in exciting product and marketing initiatives.
