Wednesday, April 22, 2015
Angie's List Sort Of Posts First Quarter Profit
Angie's List kicks off the first quarter of 2015 reporting a profit of $4.4 million compared to a net loss of $3.8 million a year ago. Its revenues were also up 15% to $83.5 million. Good news? Maybe. Cutting marketing expenses nearly one-third during the first quarter amounted to a savings of $7.2 million. The company also continues its trend of relying more heavily on advertising fees it charges to the service providers it supposedly fairly rates for its consumer members. Those revenues grew 22%, representing $66.2 million, or 80% of the total revenues earned during the first quarter. The company's accounts payable during the first quarter doubled from $5.5 million a year ago to $11.7 million, while its accrued liabilities grew $10 million from $23 million to $33 million. Its reported accounts receivable number was pretty much unchanged over the previous year. Total liabilities are up nearly $20 million. Yeah, it looks like it only showed a profit through bookkeeping gimmicks.