BELLEVUE, Wash.-Internet and wireless technology company InfoSpace Inc. announced major fourth-quarter results and a positive outlook for the year, news that sent the company’s stock up almost 30 percent to about $32.13 per share following the news.
InfoSpace reported revenues in the quarter of $46.9 million, up 30 percent over revenues in the same quarter a year ago. The company said it scored a net income in the quarter of $9.9 million, a major improvement from the net loss of $64.4 million the company reported in the fourth quarter of 2002.
“Our strong fourth-quarter and full-year 2003 results reflect the dedication of our employees during this transition year,” said Jim Voelker, chairman and chief executive officer of InfoSpace. “During 2003, we narrowed our strategic focus, restructured our operations, improved our service offerings and achieved quarterly profitability for the first time since 1999. We will build on this foundation throughout 2004.”
In the company’s wireless business, InfoSpace reported revenues in the quarter of $9.3 million, up 40 percent from the company’s fourth quarter a year ago. The company said the increase was primarily a result of its recent acquisition of wireless content company Moviso. InfoSpace said its income in its wireless division totaled $3.3 million.
For the first quarter, InfoSpace said it expects revenues between $44 million and $47 million and net income between $3 million and $5 million. For the full-year 2004, the company said it expects revenues between $195 million and $205 million, with revenues in the wireless division of $43 million to $46 million.
