| To: Glenn Petersen who wrote (55) | 12/17/2000 9:52:19 AM | | From: blankmind | | | | - Agree on everything you say about QUOT, but disagree a bit on Insweb
- #1 competitor - is Insweb - INSW - but INSW has some problems - 1 3/8 stock price - bought Quicken't insurance site; costly marketing deal w/ Yahoo when rates were sky high; INSW will probably go out of business in 18 months
- meanwhile, QUOT's prospects & product line expansion, including holding the line on advertising, makes perfect sense whether they're a dot.com or brick & mortar |
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| To: blankmind who wrote (56) | 12/17/2000 11:46:25 AM | | From: Glenn Petersen | | | | | I heartily concur that QUOT's prospects are superior to INSW. Until INTU did the INSW deal, I had thought that QUOT might be acquired by INTU. You are right in pointing out the value of QUOT's old economy antecedents. I have spoken to someone in the insurance industry who has had some exposure to QUOT's management and she feels that they are quite grounded. The delisting issue could already be built into the current price. We should hear something this week. |
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| To: blankmind who wrote (56) | 1/6/2001 8:50:24 PM | | From: Glenn Petersen | | | | From themayreport.com:
01/05/2001
Scoop
Quotesmith.com
Date: Thu, 04 Jan 2001 20:02:34 -0600
From: Name withheld upon request.
To: ron@themayreport.com
Subject: Quotesmith.com layoffs
Please keep my name anonymous. Quotesmith.com is reported to have laied off the night shift employees. Full-time day shift employees will be getting a cut in pay and hours from 40 hours/week to 37.5 hours/week. Also, Quotesmith.com stock has closed under $1 for 30 consecutive trading days and they should be receiving a warning from the NASDAQ about delisting. |
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| To: Glenn Petersen who wrote (58) | 1/16/2001 10:32:27 AM | | From: Glenn Petersen | | | | QUOT to call a special meeting of its shareholders to vote on a reverse split:
biz.yahoo.com
Tuesday January 16, 10:04 am Eastern Time
Press Release
SOURCE: Quotesmith.com, Inc.
Quotesmith.com, Inc. Announces Receipt of Nasdaq Delisting Warning Notice; Considers One-For-Six Reverse Stock Split
DARIEN, Ill., Jan. 16 /PRNewswire/ -- Quotesmith.com, Inc., (Nasdaq: QUOT - news), announced today that it may call a special meeting of stockholders to vote on a one-for-six reverse stock split, if such a meeting becomes necessary in order to maintain Nasdaq's minimum bid price of $1.00. The Company's common stock has failed to maintain the minimum bid price for thirty consecutive trading days and is currently out of compliance with current Nasdaq listing requirements. Nasdaq has notified the Company that the Company's common stock must maintain a minimum bid price of $1.00 for ten consecutive trading days prior to March 13, 2001 in order to regain compliance with Nasdaq listing regulations.
``We intend to pursue a course of action which will maintain our Nasdaq National Market listing. We are executing our business plan on a slower growth trajectory with the goal of conserving capital, reducing operating losses and reaching profitability sooner rather than later. We finished the year with a strong capital base and no debt,'' commented Robert Bland, Chairman and founder of Quotesmith.com. Mr. Bland and William Thoms, also a founder of the Company, together own in excess of 50% of the Company's outstanding stock and have expressed their intention to vote for such a proposal if ultimately recommended by its board of directors. |
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| To: blankmind who wrote (60) | 1/18/2001 8:18:16 PM | | From: Glenn Petersen | | | | They have been running radio spots in the Chicago area for months. The proxy materials have been filed. The three primary requirements that they need to meet are related to float, stock price and the market value of the public float. According to the data on Yahoo, the current float is approximately 8.2 million shares. That will shrink to approximately 1.367 million shares. These shares would have a current value of approximately $6.15 million, about 23% above the $5.0 million minimum. The market's reaction to the year end numbers is going to be critical to this process. Hopefully, they have an adequate number of round lot shareholders. The following is from the proxy materials:
OTHER NASDAQ REQUIREMENTS
In addition to the $1.00 minimum bid price per share requirement described above, the continued listing of the Common Stock on the Nasdaq National Market is subject to the maintenance of the other quantitative and qualitative requirements set forth in the Nasdaq National Market Listing Requirements. In particular, the Nasdaq National Market Listing Requirements require that a company currently included in the Nasdaq National Market meet each of the following standards to maintain its continued listing:
Nasdaq National Market Listing Considerations:
(1) Net tangible assets of $4,000,000;
(2) a public float of 750,000 shares;
(3) a market value of public float of $5,000,000;
(4) a minimum bid price of $1 per share;
(5) 400 round lot shareholders;
(6) two market makers; and
(7) compliance with Nasdaq corporate governance rules. |
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| To: blankmind who wrote (62) | 1/23/2001 11:44:14 PM | | From: Glenn Petersen | | | | QUOT reports its year end results and provides some guidance for 2001. Interesting and commendable that they would give so much detail related to 2001.
Quotesmith.com sees 2001 net loss of $8 mln-$9 mln
DARIEN, Ill., Jan 23 (Reuters) - Quotesmith.com Inc. <QUOT.O>, an online provider of auto, life, health and dental insurance quotes, said on Tuesday it expects a net loss in the range of $8 million to $9 million in 2001 on revenues of about $11 million based on projected marketing expenses.
Quotesmith said it expects 2001 marketing expenses to be consistent with levels in the fourth quarter of 2000 and that it expects budgeted spending in 2001 to be more consistent than in 2000.
The company does not intend to increase its quarterly marketing expenditures until the technical portions of its planned expansion into auto and other lines of insurance are fully implemented, Quotesmith said.
Quotesmith is currently projecting year-end cash and investment balances of about $18 million, it said.
Also on Tuesday, Quotesmith reported a fourth-quarter net loss of $2.4 million, or 13 cents a share, compared with a loss of $6.8 million, or 35 cents a share, in the same period in 1999.
Revenues for the fourth quarter dropped 12 percent to $2.6 million from $3.0 million in the fourth quarter of 1999.
In 2000, the company posted a net loss of $18.6 million, or 98 cents a share, compared with a net loss of $13.8 million, or 88 cents a share, in 1999 as increased advertising expenses cut into the bottom line.
Revenues in 2000 rose to $15.2 million, an increase of 81 percent over 1999 revenue of $8.4 million, with growth resulting primarily from a 68 percent increase in advertising expense in 2000 to $24.2 million from $14.4 million in 1999.
19:07 01-23-01 |
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| To: Jack Hartmann who wrote (64) | 1/24/2001 6:52:47 PM | | From: Glenn Petersen | | | | | According to their projections, they will still have $18 million at the end of the year. That works out to about a buck per share. They do need to radically change their business model (not that I have a clue as to what the changes should be). I have held off buying the stock primarily because there is such a close correlation between their marketing expenditures and sales. Turn off the marketing dollars and the sales plummet. |
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