Move, Inc. reported its financial results for the third quarter ended September 30, 2012. The company’s revenue for the quarter was $49.4 million, an increase of $3.0 million, or six percent, from $46.5 million in the third quarter of 2011. Net income applicable to common stockholders was $1.8 million, or $0.04 per diluted share, compared to $242,000, or $0.01 per diluted share, in the third quarter of 2011.
Non-GAAP Adjusted EBITDA was $6.9 million, an increase of $1.3 million, or 24 percent, from $5.5 million in the third quarter of 2011. As a percentage of revenue, Adjusted EBITDA improved to 14 percent of revenue in the third quarter of 2012 compared to 12 percent in the third quarter of 2011. Move, Inc. 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.
Steve Berkowitz, chief executive officer of Move, Inc. said, "We continued to make solid progress across our key strategic initiatives, building strength in our core business while expanding our market opportunity through our recent acquisitions of TigerLead Solutions and Relocation.com. We are poised to exit the year in a stronger competitive position, with a broader and more stable product set that offers greater upside potential and with growing consumer engagement metrics that highlight our market leadership. Combined with continued indicators of a slow but steady path to recovery in the housing market, we expect to end the year on a positive note and set the stage for revenue acceleration in 2013."
For the quarter ending December 31, 2012, Move expects revenue to range between approximately $51.5 million and $52.0 million and expects to report Adjusted EBITDA margin of approximately 15 percent.