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Beleaguered Bankrate tanking 10% after issuing informal Q4 update

Mar. 17, 2015 10:27 AM ETBankrate Inc. (RATE-OLD) StockBy: Jason Aycock, SA News Editor
  • Bankrate (NYSE:RATE) is on the slide, -10.2% in early action, as it released selected preliminary (unaudited) results for its Q4 while the SEC and Justice Dept. investigate its financial reporting, and while the company reviews years of financials.
  • The firm is expecting $136.5M in Q4 revenues vs. a consensus of $139.3M, and GAAP net income between $8.5M-$8.9M.
  • Bankrate also says its adjusted EBITDA margin for Q4 should be between 24% and 25%, and that cash and equivalents at year's end should be about $141.7M.
  • Bankrate previously stated that its financials for fiscal 2011, 2012 and 2013 shouldn't be relied upon, pending the outcome of internal reviews. It's facing an ongoing suit alleging that statements were materially false and misleading; lead plaintiff is the City of Los Angeles, acting through its Fire and Police pensions system.

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