Move Inc, the company behind top US real estate websites move.com and realtor.com, has announced third quarter revenue of US$52.9 million, down from to $61.2 million in the third quarter of 2008.
Income from continuing operations 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 on a non-GAAP basis was $5.6 million, or 11 percent of revenue, compared to $5.7 million, or 9 percent of revenue, for the third quarter of 2008.
The company says it will end the last quarter of 2009 with revenue ranging between $47 million and $48 million.
Move's chief finanicial officer, Robert J. Krolick, who joined the company in July, had this to say about the company's business outlook:
"We will exit 2009 with a more stable cost structure and a greater focus on delivering consistent cash flow. 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."
2009 has seen plenty of change at Move Inc, with the sale of Welcome Wagon, a new CEO and the departure of president Lorna Borenstein, plus serious overhauls of seniorhousing.net and moving.com and new plans for realtor.com.The company moved headquarters last month in an effort to cut costs, and just launched the Builders Digital Experience website - a joint venture dedicated to helping new home builders reach buyers.
Move's share price ended the day's trading up 1.06 percent.