Move, Inc. Announces 1st Quarter Results
May 8, 2009 by Emma Sorensen
US property giant Move, Inc. has reported its financial results for the first quarter of 2009.
A press release from the company says revenue for the first quarter was down to $54.9 million, compared to $61.9 million in the first quarter of 2008. Loss from continuing operations for the first quarter was $8.9 million, compared to a loss of $0.8 million for the first quarter of 2008. The net loss applicable to common stockholders was $10.6 million, or $.07 per share, compared to a net loss of $4.6 million, or $.03 per share in the first quarter of 2008.
The company said the results reflected non-recurring charges due to the departure of two senior executives, which included $1.9 million in severance pay and $8.7 million in stock-based compensation charges as well as the cost of hiring of a new CEO. This is comparable to the previous year, when the first quarter of 2008 included $2.0 million in severance costs for departing executives.
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 first quarter of 2009 was $6.6 million, compared to $5.5 million for the first quarter of 2008.
“During my first three months as CEO at Move, I’ve learned a great deal about the passion of our employees, the significant assets we own, and the tremendous market opportunities I believe exist today,” said Steve Berkowitz, Move’s new CEO. He continued:
“No other company matches our unique capability to provide the extensive roster of valuable services we deliver to all sides of the real estate value chain, from consumers to real estate professionals to advertisers. Moving forward, we will better focus our efforts on leveraging our key assets, addressing areas of the business that need to be fixed, and expanding our capabilities in other areas that will drive our future growth. As a team, we will maintain and strengthen our existing business model while simultaneously building for the future. Consequently, we’ve initiated a core shift in the structure of our company from an organization built around individual products to one centered around common business functions. This change will enable us to more fully leverage the strengths of all our assets across the entire organization and improve our overall financial and operational performance.”
Stay tuned for more indepth analysis on PropertyPortalWatch.com.
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[...] this year the company reported revenue for the first quarter was down to $54.9 million, compared to $61.9 million in the first quarter of [...]