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Quotesmith Reports Smaller Loss, Cuts Management

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NU Online News Service, Jan. 23, 4:46 p.m. – Inc., Darien, Ill., is reporting a $521,000 net loss for the fourth quarter of 2001 on $2.6 million in revenue, compared with a $2.4 million net loss on $2.6 million in revenue for the fourth quarter of 2000.

The Web-based insurance broker cut its operating loss, which excludes interest income, to $668,000, from $2.9 million.

Sales held steady, even though Quotesmith cut its sales and marketing expenses 73%, to $808,000.

Requests for coverage increased 25% in the wake of the Sept. 11 attacks. The increased request activity has not yet generated a big increase in actual sales, but Quotesmith is hoping the requests will lead to a noticeable increase in completed sales over the next few months, the company says.

In related news, Quotesmith says it will be laying off its vice president for information technology, its vice president for operations and its vice president for marketing in an effort to cut overhead and come closer to turning a profit.

A fourth executive, Walter Kulikowski, the chief financial officer, has announced his resignation.