| To: Jack Hartmann who wrote (50) | 10/28/2000 5:24:26 PM | | From: Glenn Petersen | | | | Good overview on the DD. I never did pull the trigger on QUOT and decided to wait for the third quarter numbers. I was very disappointed to see the sequential decline in the third quarter revenues and even more disappointed to see that the revenue levels appear to be very closely tied to marketing expenditures. No clear path to profitability.
On the plus side, management is very experienced and they do have Intuit as a shareholder.
Friday's implosion was interesting. Possible explanation:
quicken.com
Quotesmith Tanks As Big Sellers Dumps Shares
Friday, October 27, 2000 04:09 PM
By Erik Ahlberg
Of DOW JONES NEWSWIRES
CHICAGO (Dow Jones)--Shares of Quotesmith.com Inc. (QUOT, news, msgs) dropped as much as
60% Friday as a small number of sellers dumped huge blocks.
Several sources speculated that the shares came primarily from one mutual fund firm trying to
establish a tax loss before the end of the fiscal year.
Shares recently traded at $0.875, off $0.50, or 36.4%, on volume of 1.3 million shares. The stock's
daily average volume is just more than 52,000 shares.
Quotesmith Chief Financial Officer David Vickers said the company's overall health and strategy remain
unchanged. The company reported a third-quarter loss of $3.5 million, or 18 cents a share. The results
beat Wall Street expectations of a loss of 27 cents a share.
Vickers said Quotesmith was curbing its advertising spending slightly in the fourth quarter to help with
the launch of more insurance products.
Analyst Per Ostlund of John G. Kinnard & Co. Inc. in Minneapolis said the company's current cash
holdings equal roughly $1.65 a share. While the company is going through its cash in order to grow the
business, Ostlund said the huge stock sales Friday were "kind of a bizarre deal."
Quotesmith, of Darien, Ill., is an Internet insurance company.
-By Erik Ahlberg, Dow Jones Newswires; 312-750-4141 |
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| To: Glenn Petersen who wrote (51) | 10/28/2000 7:09:38 PM | | From: Jack Hartmann | | | | Thanks Glenn the update. I saw the decline, but didn't know why. Maybe something to try after the funds year ends Tuesday. Many may not buy since it now a penny stock.
Jack |
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| To: Topannuity who started this subject | 10/31/2000 8:14:37 AM | | From: Glenn Petersen | | | | QUOT to repurchase shares:
Quotesmith.com Announces Share Repurchase Program
DARIEN, Ill., Oct. 30 /PRNewswire/ -- Quotesmith.com, (Nasdaq: QUOT), the buyer-driven insurance exchange which provides instant auto, life, health and dental insurance quotes from more than 300 leading insurance companies, announced that its Board of Directors has authorized the repurchase of up to 3.5 million shares of common stock representing up to 18% of the total 19.2 million shares outstanding. The Board approved immediate commencement of the repurchase program as conditions warrant.
The company said any future purchases may occur from time to time in open-market, block purchases or in negotiated transactions using available cash over the next 12 months. No date was established for the completion of the program.
Quotesmith.com owns and operates the industry's largest and most comprehensive insurance price comparison service. At www.quotesmith.com insurance shoppers can instantly view the best prices being offered by more than 300 leading auto, life, health and dental insurance companies, achieve maximum savings and have the freedom to buy from the company of their choice. Quotesmith.com guarantees and backs the accuracy of all of its quotes with a $500 cash reward program. Quotesmith.com also provides personalized customer service assistance and policy placement services for its customers. Quotesmith.com generates revenues from the receipt of commissions and fees paid by insurance companies. Shares of Quotesmith.com trade on the Nasdaq Exchange under the symbol "QUOT."
Cautions about Forward-Looking Statements
This announcement may contain forward-looking statements that involve risks, assumptions and uncertainties pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This announcement also contains forward-looking statements about events and circumstances that have not yet occurred and may not occur. Expressions of future goals and similar expressions including, without limitation, "may," "will," "believes," "should," "could," "hope," "expects," "expected," "does not currently expect," "anticipates," "predicts," "potential" and "forecast," reflecting something other than historical fact, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Investors should be aware that actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. Reported Web site activity and/or quotes are not necessarily indicative of any present or future revenue. The Company will not necessarily update the information in this press release if any forward- looking statement later turns out to be inaccurate. Potential risks and uncertainties include, among others, Quotesmith.com's limited e-commerce operating history, anticipated losses, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, consumer trends, competition, risks of system interruption, the evolving nature of its business model, the increasingly competitive online commerce environment, dependence on continuing growth of online commerce and risks associated with capacity constraints and the management of growth. More information about potential factors that could affect the company's financial results is included in the company's Annual Report on Form 10-K for the year ended December 31, 1999, which is on file with the United States Securities and Exchange Commission. Some insurance companies appear at Quotesmith.com for purely informational purposes only and pay no compensation to Quotesmith.com and some insurers pay commissions or fees to Quotesmith.com based upon premium volume or traffic activity produced by Quotesmith.com. Quote availability by state or any other factor is subject to change without notice. Quotesmith.com is a service mark of Quotesmith.com, Inc. All other names are trademarks of their respective owners.
SOURCE Quotesmith.com
CO: Quotesmith.com
ST: Illinois
IN: INS
SU:
10/30/2000 12:37 EST prnewswire.com |
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| To: blankmind who wrote (54) | 12/17/2000 9:23:23 AM | | From: Glenn Petersen | | | | I still am interested in QUOT, though I have not yet pulled the trigger. While QUOT has gained some significant traction and this is a niche that should eventually prosper on the Internet, I have several concerns:
--- Even though they own a 5% interest in QUOT, INTU sold its online insurance division to InsWeb. INTU not only received an equity interest in InsWeb, but will also have an economic interest in seeing InsWeb prosper at the expense of QUOT: "Under the agreements, InsWeb will acquire selected assets of Intuit's QuickenInsurance(SM) business. In exchange, Intuit will receive a 16.6 percent post-closing equity stake in InsWeb. Based on the closing price of InsWeb's stock on Nov. 24, 2000, and the number of shares expected to be received, the equity value of the transaction is expected to be approximately $14 million. In addition, under a separate five-year agreement, InsWeb will become the exclusive consumer insurance aggregator for Intuit's Quicken.com and QuickenInsurance Web sites and certain consumer desktop products. In exchange, Intuit will share in associated revenues, which are subject to certain minimums. Also, Intuit has agreed to work to transition its relationships with its online distribution sources to InsWeb."
--- While they made some progress in reducing their burn rate last quarter, primarily because they cut back on their marketing expenditures, I was disappointed that the sales declined 23% sequentially. Obviously, the marketing dollars have a major impact on sales. It will be interesting to see what happens this quarter.
--- They have traded under $1 since November 21, 2000 and they are probably going to be delisted from Nasdaq. If you are going to purchase the stock, wait for the delisting announcement and you may be able to buy it at $.50 or less. Just a thought. |
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| 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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