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Crimped By Dot-Bust, InfoSpace Finds Room.(INTERNET & TECHNOLOGY)
Byline: PETE BARLAS
InfoSpace Inc. is still searching for profit, but the company seems to be on the right track.
One of several Internet companies shaken in the dot-com bust, InfoSpace appears to be getting vitality from its search business while shedding other businesses that weren't performing well.
Investors have taken notice. Shares of InfoSpace are trading near 16 vs. 5 a year ago. Analysts expect the company to earn 2 cents a share in the third quarter and enjoy earnings growth through next year. That follows two quarters of losses.
InfoSpace ended the second quarter with $301 million in cash, which investors appreciate, says Safa Rashtchy, analyst for U.S. Bancorp Piper Jaffray Inc.
"They have enough cash, and all of the companies in that space have come back to life, so people are saying, "Well, there might be something here, too,' " he said.
InfoSpace operates three main businesses: its search service, payment processing business and a wireless content business.
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