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CoolSavings` first-quarter revenue jumps 91% to $15 million
Net income rises from a $1 million net loss a year ago to hit $2 million. The company reports 11.7 million new registering consumers across its lead generation network and a 35% increase in the number of revenue-producing actions.
Sparked by growing results from expanded lead generation services, CoolSavings Inc. posted net income of $1 million for the first quarter of 2005, a $2 million gain from the net loss of $1 million it reported for Q1 2004. Revenues for the quarter rose a record 91% to $15.3 million compared to $8 million in the year-ago quarter. The company reported 11.7 million new registering consumers across its lead generation network and a 35% increase in the number of revenue-producing actions across its network compared with the first quarter of last year.
CEO Matt Moog attributes growth to the expansion of the CoolSavings Marketing Network, its distribution network of partner sites that present its offers to consumers. The company increased the number of partner sites in the network by 102% from the fourth quarter of 2004 to Q1 2005. “Our focus on delivering a significant volume of high quality leads to our clients has made lead generation a successful addition to the CoolSavings Marketing Network for both our clients and distribution partners,” says Moog.
Operating costs rose to $14.1 million in the first quarter from $8.9 million in Q1 last year, primarily as the result of fees paid to partners in the lead generation network. CoolSavings attributes a 26% increase for the quarter in the number of unique visitors to the CoolSavings domain and to its continued investment in interactive marketing services it provides in e-mail, coupons and loyalty, besides the Lead Generation Network. ComScore Media Metrix reports an average of 13.9 million unique visitors for CoolSavings during the first quarter compared to 11 million in the fourth quarter of last year.