Move, Inc. Announces Q3 2009 Financial Results

CAMPBELL, Calif.--(BUSINESS WIRE)--Nov. 5, 2009-- Move, Inc. (NASDAQ:MOVE) reported financial results for the third quarter ended September 30, 2009.

The leader in online real estate reported revenue for the third quarter of $52.9 million, compared to $61.2 million in the third quarter of 2008. Income from continuing operations for the third quarter was $753,000, compared to a loss of $2.1 million in the third quarter of 2008. Net loss applicable to common stockholders was $758,000, or $0.00 per share, compared to a net loss of $22.7 million, or a loss of $0.15 per share in the third 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 third quarter of 2009 was $5.6 million, or 11% of revenue, compared to $5.7 million, or 9% of revenue, for the third quarter of 2008. 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.

"The third quarter in 2009 was another very busy quarter for Move, as we continued to build the foundation for executing our long term growth strategy while keeping a short term focus on revenue, managing expenses and delivering positive Adjusted EBITDA," said Steve Berkowitz, chief executive officer at Move, Inc. “In the past few months, we’ve completed our executive management team by adding seasoned leaders who will run our technology and product operations, launched new services for our real estate customers to help them build their businesses and deepen their relationship with consumers, and began an extensive internal process to better align our business operations and integrate our sales functions across all product lines. At the same time, we have successfully maintained our clear market leadership position, as evidenced by the most recent data that shows Move continues to maintain a dominant position in terms of users, minutes on site and pages viewed.”

BUSINESS OUTLOOK

Move today provided preliminary guidance for the quarter ending December 31, 2009. For the quarter ending December 31, 2009, Move expects revenue to range between $47 and $48 million, with an expected Adjusted EBITDA margin of approximately 9% - 10%.

Move also provided preliminary guidance for the fiscal year ending December 31, 2010. The Company currently expects revenue to range between $184 million and $192 million, with an expected Adjusted EBITDA target of approximately 10%.

“We will exit 2009 with a more stable cost structure and a greater focus on delivering consistent cash flow,” stated Rob Krolik, chief financial officer. “We have eliminated several unprofitable revenue sources through a series of divestments and partnerships in 2009. With a strong balance sheet, we are well-positioned to continue making strategic investments in long term growth until we begin to benefit from our initiatives to refocus our company, launch new products for our customers, and take advantage of our clear position as the leading online real estate company.”

Source: Move, Inc.