Almost two million new-member registrations helped boost online couponing network CoolSavings Inc.’s revenue for the second quarter to $8.6 million, compared to $5.1 million posted in the second quarter of 2002.
Net income for the quarter ended June 30 was $0.1 million, compared to a net loss of $1.7 million in last year’s quarter. Gross profit in the second quarter was $8 million, or 93% of net revenues, compared to $4.2 million, or 82% of net revenues in the second quarter of the prior year.
Net revenues in the six-month period ended June 30 were $16.3 million compared to $10.9 million during the same period of 2002. Gross profit in the six months was $14.9 million, or 91% of net revenues, compared to $9.0 million, or 83% of net revenues, in the six months of the prior year.
The company’s consumer packaged goods revenue grew by nearly 200% compared to the same quarter last year; printable coupon clips increased by 20.1% in the quarter. Brands using the site during the first half of 2003 include Pampers, Keebler, Kraft, Blue Bunny, Centrum and Advil.
The site recorded 18.5 million member visits during the quarter, an increase of 9% over the second quarter of 2002. Of the 27 million unique households who have registered with CoolSavings since February 1997, nearly 12 million were active during the 12-month period ended June 30.
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