Banks.Com (fka BNNX)

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BNX~~~NEWS~~Banks.com, Inc. Reports Second Quarter 2011 Financial Results


SAN FRANCISCO, Aug. 15, 2011 /PRNewswire/ -- Banks.com, Inc. (NYSE Amex: BNX), operator of leading financial services focused online media properties, today announced results for the three and six months ended June 30, 2011.

Financial Highlights

For the second quarter of 2011, Banks.com, Inc. ("Banks.com") reported revenue of $1.4 million compared to revenue of $2.9 million reported for second quarter 2010. GAAP(i) net loss was $284 thousand or $0.01 per diluted share versus GAAP net loss of $231 thousand or $0.01 per diluted share reported for the second quarter of 2010. Adjusted EBITDA(ii) was $175 thousand for the second quarter of 2011 compared to Adjusted EBITDA of $159 thousand for the second quarter of 2010.

For the six months ended June 30, 2011, Banks.com reported revenue of $3.4 million compared to revenue of $7.1 million reported for the six months ended June 30, 2010. GAAP net loss was $223 thousand or $0.01 per diluted share versus GAAP net income of $66 thousand or break even per diluted share reported for the six months ended June 30, 2010. Adjusted EBITDA was $737 thousand for the six months ended June 30, 2011 compared to Adjusted EBITDA of $1.5 million for the six months ended June 30, 2010.

"Our acquisition of FileLater.com helped fuel a 37% year over year increase in tax related revenue in the second quarter. Revenue from our finance related business accounted for 49% of our top line last quarter versus just 28% in the second quarter of 2010 as we continued our evolution away from our legacy search business," said Dan O'Donnell, Chief Executive Officer of Banks.com. "Year over year Adjusted EBITDA for the second quarter was up 10%, in spite of a 52% reduction in revenue." O'Donnell continued, "Transitions are not always as seamless as we'd like, but we've made substantial progress in that regard and have now set our sights on exiting or outsourcing the search business by year end so we can be singly focused on the finance vertical as we enter 2012."

Select Business Highlights


Increased year over year tax related revenue for the second quarter by 37%
Increased second quarter Adjusted EBITDA by 10%
Increased pro forma, year over year, tax extension related revenue by 73%
Announced plans to exit or outsource the search business by year end




Conference Call

Banks.com will host a conference call today at 2:00 PM PT / 5:00 PM ET to discuss its second quarter 2011 results. To listen to the call, dial 866-713-8566 (domestic) or 617-597-5325 (international), passcode 34968417. Questions may be asked during the call, or submitted via email at: [e-mail] any time prior to the conference call's starting time. For a replay of the call, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 29126824. Investors may also listen to the conference call and the replay on the Investor Relations section of the Banks.com website at: http://www.banks.com/corp/investor/webcasts/.

http://finance.yahoo.com/news/Bankscom-Inc-Reports-Second-prnews-2901683465.html?x=0&.v=1

m1999