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.

Income from continuing operations for the second quarter was $2.1 million, the same as the second quarter of 2008. Net income applicable to common stockholders was $3.2 million, or $0.02 per share, compared to a net loss of $2.2 million, or a loss of $0.01 per share in the second quarter of 2008.

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 second quarter of 2009 was $7.1 million, compared to $5.7 million for the second quarter of 2008.

Move’s CEO, Steve Berkowitz, commented on the results saying:

“During the quarter, we continued to make solid progress toward both our short term business objectives and our long term growth strategy. While we remain focused on improving the financial and operational performance across our product lines in the current economy, I’m pleased that we have begun the process of better integrating all our businesses, which we anticipate will have a positive impact on our future performance. Over the past few months, we began combining sales, product and administrative functions across the company, enabling us to better focus our efforts on leveraging our key assets, addressing areas of the business that need to be changed, and expanding our capabilities in other areas that will drive our future growth.”

Earlier 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 2008.

It has been a busy year half year for Move, with the sale of Welcome Wagon, appointment of a new CFO as well as a new CEO and the departure of president Lorna Borenstein, plus serious overhauls of two of its websites: seniorhousing.net and moving.com.

For the full details of the results visit move.com.

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