Move Announces 3rd Qtr Revenue of US$61.2m

Move Inc has released their financial results for the third quarter ended September 30, 2008 showing revenues of $61.2m and an Adjusted EBITDA of $5.7m.

A press release from the company says total revenue for the third quarter was slightly down to $61.2 million compared to $63.4 million in the third quarter of 2007.

Move Inc is a US market leader with 7.7 million monthly visitors (comScore Media Metrix, August 2008) to its online network of websites, including move.com.

The announcement continues:

“Move’s Adjusted EBITDA (earnings from continuing operations before interest, taxes, stock-based compensation and charges, depreciation, amortization and other non-recurring charges) on a non-GAAP basis for the third quarter of 2008 was $5.7 million, compared to $7.3 million for the third quarter of 2007. The Company has reported Adjusted EBITDA because management uses it to monitor and assess the Company’s performance and believes it is helpful to investors in understanding the Company’s business.

Loss from continuing operations for the third quarter was $2.0 million, which includes a $4.0 million restructuring charge related to its cost reduction initiatives. Net loss from continuing operations was $1.0 million in the third quarter of 2007. Net loss applicable to common stockholders (”net loss”) for the third quarter of 2008 was $22.6 million, or $0.15 per share, compared to a loss of $3.3 million, or $0.02 per share, for the third quarter of 2007. In the current quarter, the Company reported a loss on discontinued operations of $19.3 million, which includes an impairment charge of $15.9 million and a write-down of other operating assets of $2.1 million, to reflect the decline in value of the Welcome Wagon assets that are being marketed for sale. The loss on discontinued operations in the third quarter of 2007 was $1.0 million.”

Comments from Move’s management on the figures were also released:

“Our third quarter results demonstrate how MOVE is leveraging the significant advantages and benefits of our market leadership, comprehensive industry knowledge and deep customer relationships,” said Mike Long, Move’s CEO. “In the face of the housing meltdown, mortgage freeze, government bailout, and global economic uncertainty, we grew our core Realtor.com, Top Producer and Rentals businesses quarter over quarter while maintaining revenue and EBITDA results.”

“In September, we experienced a 17% year-over-year increase in total minutes spent on Realtor.com, even as the overall category experienced a 5% decline,” said Lorna Borenstein, Move’s President. “In fact, consumers spent more time on Realtor.com than the next seven competitors combined. These numbers show that consumers rely on, and trust, the Move Network and Realtor.com more than any other source for their real estate information. We are confident that the greatly improved consumer experience on our newly launched redesigned sites will only serve to further extend our market dominance.”

Stay tuned for more indepth analysis on PropertyPortalWatch.com.

1. Move Inc Revenue Down Again in Q3

   Move Inc, the company behind top US real estate websites move.com and realtor.com, has announced third quarter revenue of US$52.9 million, compared to $61.2 million in the third quarter of 2008....

2. Move Inc. Reports Revenue Down

   Move, Inc. has reported its financial results for the second quarter of 2009, with revenue down to $54.6 million, compared to $61.4 million in the second quarter of 2008. ...

3. Move, Inc. Announces 1st Quarter Results

   Move, Inc. has reported its financial results for the first quarter of 2009. ...

4. tree.com Q3 Revenue Down 17 Percent

   tree.com, Inc have announced their financial results for the third quarter of 2009, showing a slight increase from the third quarter of 2008 but a drop from Q2....

5. move.com

   US property portal move.com is a subscription based website established in 2006. It has exclusive access to existing homes listings from its partner website, realtor.com...