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NORTH PALM BEACH, Fla., Nov. 6, 2002
-- Bankrate, Inc. (OTCBB:RATE - News), the Internet's leading consumer
banking marketplace, today reported that it expects total revenue of more
than $25.5 million and net income (excluding the non-cash gain on early
extinguishment of debt of $2,022,000, or $0.14 per share on a diluted
basis) to exceed $4.1 million, or $0.29 per share, for the year ending
December 31, 2002. In 2001, Bankrate reported a net loss of $936,000,
or $0.07 per share, and total revenue of $18.3 million.
Commenting on expectations for the year, Bankrate's President
and CEO Elisabeth DeMarse said: "2002 is turning out to be a benchmark
for our Company as the first profitable year in our history. We are continuing
to experience unprecedented strength in revenue in all categories in the
second half of the year in contrast to the historical slowdown in this
period. Bankrate has achieved the goals we set two years ago to become
a profitable business with a strong balance sheet and virtually no debt.
We are committed to building Bankrate into a far larger and more profitable
company than it is today."
About Bankrate Inc.
Bankrate Inc. (OTCBB:RATE -- News) owns and operates Bankrate.com,
the Internet's leading consumer banking marketplace. Averaging 3.3 million
unique visitors per month, comScore Media Metrix ranks Bankrate.com first
in unique visitors in the "Financial information and advice"
category. Bankrate.com reviews more than 4,800 financial institutions
in 173 markets in 50 states. Bankrate.com is a destination site of personal
finance channels, including banking, investing, taxes and small business
finance. It is the leading aggregator of over 100 financial products,
including mortgages, credit cards, new and used auto loans, money market
accounts and CDs, checking and ATM fees, home equity loans and online
banking fees.
Bankrate.com provides financial applications
and information to a network of more than 80 partners including MSN (Nasdaq:MSFT
- News), Yahoo! (NASDAQ:YHOO -- News), America Online (NYSE:AOL -- News),
and Smart Money. Bankrate.com's information is also distributed through
more than 100 national and state publications.
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