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Quotesmith Reports Smaller 3Q Net Loss

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NU Online News Service, Oct. 29, 2003, 11:22 a.m. EST – Inc., Darien, Ill., says it has cut its losses by significantly reducing operating expenses.

The Web-based insurance broker is reporting a $319,000 net loss for the third quarter on $2.4 million in revenue, compared with a net loss of $932,000 on $2.7 million in revenue for the third quarter of 2002.

The company has $543,000 in cash, down from $1.6 million in cash Dec. 31, 2002, but it still has $15 million in investments. The value of the invested assets has not changed since the end of 2002, Quotesmith says.

The company notes that it has changed its strategy by opening a call center that takes personal information from some customers who are leery of entrusting the information to the Web.