IAC (IACI) has the word "interactive" in its name. And, it owns Ask.com, which as about 5% of the online search business.
But, the company is hardly an online operation. Revenue for the fourth quarter of 2006, released today, was $1.8 billion, up 8% from the same period a year ago. Operating income before amortization was up slightly to $267.6 million.
But, the portion of the company that includes Ask.com, labeled "Media and Advertising" in the company’s financials, had revenue of only $160 million. It was up 46%, but is an extremely small part of the total. Operating income from this segment was just under $14 million, not much of a margin for an internet operation. It did grow 81%.
At its core, IAC is Home Shopping Network. And, it will stay that way unless the internet operations are spun off.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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