This story was written by Joseph Weisenthal.
There's gotta be some connection between the real housing market and Bankrate (NSDQ: RATE), since so much of their business is lead-gen for lending. But for now, the company seems to be operating outside the laws of physics. Q1 revenue jumped 91 percent to $42.5 million, from $22.2 million. Net income growth lagged a bit, rising 27 percent to $6.8 million ($.35 per share) from $5.4 million ($.28 per share). Said CEO Thomas Evans: "It was a strong quarter, with traffic, revenue and EBITDA all at record levels The increase in consumer activity, combined with the diversification of our business has strengthened our financial performance." It's true that the company has made efforts to diversify: last quarter it announced the acquisition of InsureMe.com and FeeDisclosure for nearly $103 million including possible earnouts. Last year it acquired Savingforcollege.com, as well. And while last quarter, it specifically made comments about weakness and some canceled clients, this quarter doesn't mention that, while maintaining its guidance for the year.
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By Joseph Weisenthal