Internet Brands’ habits of buying sites in bulk continues, though the volume has come down considerably. The Los Angeles-based online media and e-commerce holding company announced its Q4 results today, and it has defied the recession to some extent. Its revenues increased 8 percent in Q408 to $27.0 million, compared to $24.9 million in the year-ago quarter; meanwhile its net income was $3.1 million, or $0.07 per diluted common share compared to net income of $2.8 million, or $0.06 per diluted common share in the prior year period. IB has a network of more than 200 websites in the automotive, careers, home, shopping and travel and leisure categories.
Meanwhile, on the M&A side, from a high of buying 12 sites in Q308, it has now come down to four in Q408: it paid a total of $2.8 million for the four sites: two acquisitions in careers vertical include CVTips.com and GrooveJob.com, a shopping website Steves-Digicams.com and one automotive website SellMyCar.com. For the full year 2008, the company completed 29 online acquisitions for a total of about $62.6 million.
From Jan. 1 through Feb. 24, 2009, the company has completed two small acquisitions, it said. As is to be expected, it will slow the pace of buying in 2009, it said. Release | Conference call transcript