RISMEDIA, May 12, 2008-Move, Inc. reported financial results for the first quarter ended March 31, 2008.
Total revenue for the first quarter was $70.4 million compared to $68.9 million in the first quarter of 2007. Net loss applicable to common stockholders (“net loss”) for the first quarter of 2008 was $4.6 million, or $0.03 per share, compared to net income of $163,000, or $0.00 per diluted share, for the first quarter of 2007.
“A great effort from Move’s employees, customers and partners helped us grow revenue in this difficult real estate environment,” said Mike Long, Move’s CEO. “Our Realtor customers continued strong purchases of our REALTOR.com® and Top Producer products, helping them reach qualified buyers in a tight market where existing home sales were 22% lower than last year.
“Although revenue from our real estate services increased, higher costs during the quarter from large one-time charges related to the shutdown of nonstrategic businesses and the cost of opening our new product development center in Silicon Valley contributed to a GAAP operating loss,” continued Mike Long. “As the category leader in revenue, advertisers and consumer audience, we are growing our audience, adding new products and building a world class team so when the real estate market recovers we are extraordinarily well-positioned.”
Move’s EBITDA (earnings from continuing operations before interest, taxes, stock-based compensation and charges, depreciation, and amortization) on a non-GAAP basis for the first quarter of 2008 was $2.2 million, compared to $7.1 million for the first quarter of 2007. 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.
According to the company, traffic grew during the quarter by 15% over the first quarter of last year and remained the uncontested leader in consumer real estate traffic, averaging 9.8 million unique users per month.
“We continue to attract twice as many users as any other site in the real estate category,” said Lorna Borenstein, Move’s president. “Consumers on the Move network spent eight times more minutes in the first quarter with us than any other competitor.”
Move announced the launch of the new Beta version of Realtor.com. The Beta includes vastly improved user interface design and a streamlined search process that makes it easier for consumers to view, scan and search the site. The Beta also introduces significant improvements to help real estate professionals differentiate themselves and their listings on Realtor.com.
“Not only do we have the largest audience of online real estate consumers, our research shows that consumers are spending more time on the Beta site and consumer recall of broker/agent information displayed is significantly higher,” continued Borenstein. “This data point provides powerful proof of the value proposition for advertising on Realtor.com.”
For more information, visit www.move.com.
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