LendingTree reports record 4Q revenue and earnings.

Position:Tech Newz
 
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LENDINGTREE INC. HAS ANNOUNCED FINANcial results for its fourth quarter ending Dec. 31, 2002, reporting its second consecutive quarter of positive earnings per share (EPS) and three years of sequential quarterly revenue growth. During the fourth quarter, LendingTree earned $5.6 million, or $0.19 per diluted share, in accordance with generally accepted accounting principles (GAAP). The fourth-quarter EPS is favorable to the company's previously improved guidance by $0.01 per share and to the third quarter by $0.07 per share, or 58 percent. During the same quarter in 2001, LendingTree incurred a GAAP loss of $0.29 per share. Net income available to common shareholders for the full year in 2002 was $4.8 million, or $0.20 per diluted share, compared with a net loss attributable to common shareholders in 2001 of $31.8 million, or $1.66 per share.

For the fourth quarter, LendingTree posted revenue of $34.7 million--$3.8 million, or 12 percent, greater than the previous record set in the third quarter of 2002 and $16 million, or 85 percent, greater than the revenue for the fourth quarter of 2001. Revenue for the full year in 2002 totaled $111.4 million--up 74 percent over the $64 million in revenue earned in 2001.

Results for the year ending Dec. 31, 2002, also marked record totals for transaction volume and closings for both the lending and realty services exchanges. In 2002, transmitted loan requests for LendingTree's lending exchange grew by 32 percent over 2001 to nearly 1.9 million transmits, while closing volume increased 80 percent over the previous year to $21.9 billion. The 2002 growth in the value of closed loans over the previous year was 106 percent for mortgage, 82 percent for auto and 50...

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