Bankrate, Inc. (RATE) reported net income for the first quarter of $2.2 million or $0.02 per share, compared to $10.2 million or $0.10 per share for the year-ago quarter.
Excluding items, adjusted net income for the first quarter was $12.2 million or $0.12 per share, compared to $18.7 million or $0.18 per share in the prior year quarter.
Total revenue for the first quarter fell 13% to $108.4 million from $125.0 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.09 per share on revenue of $102.58 million for the first quarter. Analysts' estimates typically exclude special items.
Consistent with the guidance that was provided in February, Bankrate expects revenue for the first half of 2013 to show a year-over-year decrease of 10% to 20% and the second half of the year to show an overall revenue increase of 10% to 20%. For the full year 2013, the company expects revenue to be relatively flat compared to 2012.
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