Intersections Inc. (INTX, Financial) filed Quarterly Report for the period ended 2009-06-30.
INTERSECTIONS INC. is a leading global provider of consumer and corporate identity risk management services. Its premier identity theft privacy and consumer solutions are designed to provide high value revenue generating opportunities to its marketing partners including leading financial institutions Fortune 100 corporations and other businesses. Intersections also markets full identity theft protection solutions under its brand Identity Guard. Intersections\' consumer identity theft protection services actively safeguard more than eight million consumers against identity theft. Intersections Inc. has a market cap of $93 million; its shares were traded at around $5.32 with a P/E ratio of 5.8 and P/S ratio of 0.3.
Our products and services are offered to consumers primarily on a monthly subscription basis. Subscription fees are generally billed directly to the subscribers credit card, mortgage bill or demand deposit accounts. The prices to subscribers of various configurations of our products and services range generally from $4.99 to $25.00 per month. As a means of allowing customers to become familiar with our services, we sometimes offer free trial or guaranteed refund periods. No revenues are recognized until applicable trial periods are completed.
We participate in agency relationships with insurance carriers that underwrite insurance products offered by us. Accordingly, insurance premiums collected from customers and remitted to insurance carriers are excluded from our revenues and operating expenses. Insurance premiums collected but not remitted to insurance carriers as of June 30, 2009 and December 31, 2008 totaled $2.1 million and $1.6 million, respectively, and is included in accrued expenses and other current liabilities in our condensed consolidated balance sheet.
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INTERSECTIONS INC. is a leading global provider of consumer and corporate identity risk management services. Its premier identity theft privacy and consumer solutions are designed to provide high value revenue generating opportunities to its marketing partners including leading financial institutions Fortune 100 corporations and other businesses. Intersections also markets full identity theft protection solutions under its brand Identity Guard. Intersections\' consumer identity theft protection services actively safeguard more than eight million consumers against identity theft. Intersections Inc. has a market cap of $93 million; its shares were traded at around $5.32 with a P/E ratio of 5.8 and P/S ratio of 0.3.
Highlight of Business Operations:
On July 1, 2009, we and CRG terminated our May 15, 2006 ownership agreement pursuant to which we established and operated SI. In connection with the termination, we formed a wholly owned subsidiary, named Screening International Holdings LLC (Screening International Holdings), which purchased from CRG (a) all of CRGs equity in SI and (b) all of SIs indebtedness (with an aggregate principal amount and accrued interest of $1.0 million) and certain payables (with a value of $125 thousand (based on current currency conversion rates)) in favor of CRG. Screening International Holdings paid the purchase price for this equity and indebtedness by delivery of a promissory note in favor of CRG with a principal amount of $1.4 million, accruing no interest and maturing in five years, with equal principal repayments due on June 30, 2012, June 30, 2013 and June 30, 2014. In addition, we contributed to Screening International Holdings, which in turn contributed to the capital of SI, certain indebtedness and payables owed to us by SI and its subsidiaries.Our products and services are offered to consumers primarily on a monthly subscription basis. Subscription fees are generally billed directly to the subscribers credit card, mortgage bill or demand deposit accounts. The prices to subscribers of various configurations of our products and services range generally from $4.99 to $25.00 per month. As a means of allowing customers to become familiar with our services, we sometimes offer free trial or guaranteed refund periods. No revenues are recognized until applicable trial periods are completed.
We participate in agency relationships with insurance carriers that underwrite insurance products offered by us. Accordingly, insurance premiums collected from customers and remitted to insurance carriers are excluded from our revenues and operating expenses. Insurance premiums collected but not remitted to insurance carriers as of June 30, 2009 and December 31, 2008 totaled $2.1 million and $1.6 million, respectively, and is included in accrued expenses and other current liabilities in our condensed consolidated balance sheet.
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