SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 8, 2004
(exact name of registrant as specified in its charter)
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Florida |
0-25681 |
65-0423422 |
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(State or other jurisdiction |
(Commission |
(IRS Employer |
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of Incorporation) |
File Number) |
Identification No.) |
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11811 U.S. Highway One
Suite 101
North Palm Beach, Florida |
33408 |
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(zip code) |
Registrant’s telephone number, including area code: (561) 630-2400
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Section 8 - Other Events
Item 8.01 Other Events.
As the Company previously disclosed in its filings with the Securities and Exchange Commission, in July 2000, the Company sold its former wholly-owned subsidiary, Professional Direct Agency, Inc. (“Pivot”), for $4,350,000 in cash. In connection with the sale, the Company agreed to indemnify the buyer (“Buyer”) for liability of up to $1,000,000 in connection with a litigation matter between Pivot and its co-founders and former owner. In March 2001, the case was dismissed based on a technical deficiency, and in August 2001, the plaintiff re-filed the complaint.
On October 8, 2004, the Company was notified that the Buyer settled the litigation matter, effective as of October 1, 2004, and the Company reimbursed the Buyer $390,000 under the indemnity.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BANKRATE, INC. | ||
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| Date: October 19, 2004 | by: | /s/ Robert J. DeFranco |
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| Senior Vice President Chief Financial Officer | ||
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