NU Online News Service, Feb. 1, 11:07 a.m. – InsWeb Corp., Sacramento, Calif., a Web-based insurance agency, is reporting a $25 million net loss for the fourth quarter of 2001 on $6.3 million in revenue, compared with a $6.7 million net loss on $5.4 million in revenue for the fourth quarter of 2000.
Net results for the latest quarter include $1.9 million in costs related to abandoned office leases and a $18.5 million cut in the value of assets acquired from Intuit Inc., Mountain View, Calif. InsWeb has to include the revaluation of the Intuit assets in its income statement, but the move did not require any cash expenditures.
Excluding the office lease charge and the Intuit asset charge, losses would have fallen to $4.9 million, from $6.7 million, InsWeb says.