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Move, Inc. Reports Third Quarter 2007 Results

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RISMEDIA, Nov. 3, 2007-Move, Inc. reported financial results for the third quarter ended September 30, 2007. Total revenue for the quarter was $75.6 million compared to $75.7 million in the third quarter of 2006.

“The real estate industry is absorbing the shock of a precipitous decline in home sales,” said Mike Long, Move’s chief executive officer. “We believe this market dislocation will prove to be a major catalyst for the industry to shift more of their marketing spend online. As the online real estate leader, we stand to be a major beneficiary of this transformation.”

Net loss applicable to common stockholders for the third quarter of 2007 was $4.6 million, or $0.03 per share, compared to net income of $980,000 or $0.01 per share, for the third quarter of 2006.

Move’s EBITDA (earnings before interest, restructuring charges and certain other non-cash and non-recurring items, principally stock-based charges, depreciation, and amortization) for the third quarter of 2007 was $7.0 million, compared to $7.4 million for the third quarter of 2006. The Company has reported 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.

“We have a rock solid balance sheet with $185 million in cash and short-term investments,” continued Mike Long. “During the quarter we had a number of one-time charges. Excluding these charges and stock based compensation, our net income would have been $7.5 million compared to $5.1 million in the third quarter of 2006.”

“I am extremely optimistic about the opportunities available to us and am pleased with what we have accomplished in the past 90 days,” said Lorna Borenstein, Move’s president. “Some of our businesses are performing extremely well in a tough market, but we are not satisfied with the performance of all of our businesses and are focused on better monetizing our entire portfolio.”

For more information, visit http://www.move.com.

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