Insweb Corp (INSW) Tops Q2 EPS by 13c, Revenues Beat

Insweb Corp (NYSE: INSW) reported Q2 EPS of ($0.65), $0.13 better than the analyst estimate of ($0.78). Revenue for the quarter came in at $56.91 million versus the consensus estimate of $47.33 million.

“During a challenging tanker environment, we took steps to enhance our earnings power ahead of a market recovery, while increasing our cash position to $143 million, said Lois K. Zabrocky, International Seaways’ president and CEO. We completed the acquisition of six highly efficient VLCCs, enabling the Company to significantly enhance its fleet size and age profile. We are pleased to have grown and renewed our fleet during a low point in the cycle without diluting shareholders and in a manner that maintains International Seaways’ overall balance sheet strength.”

Ms. Zabrocky continued, “Based on our lean and scalable model with predictable cash flows from our joint ventures and contracted fixed rate charters, we remain in a strong position to effectively operate through the current tanker cycle. Our success increasing our fleet’s DWT by 22% combined with our significant spot market exposure also bodes well for International Seaways to capitalize on future improvements to the product and crude tanker markets.”

For earnings history and earnings-related data on Insweb Corp (INSW) click here.

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