CAMPBELL, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Move, Inc. (Nasdaq: MOVE) today reported financial results for the second quarter ended June 30, 2010.
Revenue in the second quarter of 2010 was $49.7 million, compared to $54.6 million in the second quarter of 2009. Net loss applicable to common stockholders, including discontinued operations, was $1.4 million, or a $0.01 loss per share, in the second quarter of 2010 compared to net income of $3.3 million, or $0.02 per share, in the second quarter of 2009. Non-GAAP Adjusted EBITDA (earnings from continuing operations before interest, taxes, stock-based compensation and charges, depreciation, amortization and other non-recurring charges) for the second quarter of 2010 was $5.6 million, or 11 percent of revenue, as compared to $7.5 million, or 14 percent of revenue, for the second quarter of 2009. 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.
"Move continues to execute as changes implemented over the past year have yielded positive early returns and our core business continues to stabilize," said Steve Berkowitz, chief executive officer at Move, Inc. "In the past few months, we made good progress against our core business strategies, releasing beta sites for both Realtor.com® and Move.com, several updates to our iPhone app and Top Producer® 8i®. These and other efforts leverage recent investments in technology, and will enable us to improve the online search experience for consumers while delivering more marketing tools to real estate professionals, empowering them to more effectively leverage data and grow their businesses."
Second Quarter 2010 Hi ghlights:
- Move maintained its dominant market leadership, leading the industry in unique users and total engagement. In June, Move attracted 11.8 million unique users(1) who spent more than 240 million minutes on our network(1). Visitors to the Move Network viewed more than 400 million pages, more than the next five competitors combined.
- The Company launched the beta site for Realtor.com. The new site improvements leverage Move's eighteen-month technology investment to completely rebuild the site's underlying platform, enabling more innovation in real estate search and greater flexibility to deliver a superior customer experience. The new site developments include significant improvements in search, map display, and a host of other capabilities slated for general availability in the coming months.
- Move's Realtor.com Real Estate Search iPhone application has been downloaded nearly 1.5 million times in the last 6 months. 0;The application was named one of four great iPhone apps by Money Magazine, and the number one real estate application by Clareity Consulting with best features, best ratings and ease of use.
- Move also released the highly anticipated next generation of the Top Producer® 8i® CRM solution. Key upgrades included a new social media integration featuring the ability to capture updates, status changes and postings from Facebook and Twitter directly into Top Producer 8i's contact, calendar and outreach programs.
- The Company integrated Lat49, the premier location-focused ad platform, across the Move Network of websites. Advertisers on Realtor.com can now better target their products, services and retail locations throughout the United States based on a visitor's physical location, as well as any expressed location of interest based on map views or other search-based or home-search criteria.
Business Outlook
Move today provided guidance for the quarter ending September 30, 2010. For the quarter ending September 30, 2010, Move expects revenue to range between $48.5 - $49.5 million and expects to report Adjusted EBITDA margin of approximately 10 to 11 percent.
Move also provided updated guidance for the fiscal year ending December 31, 2010. The company currently expects revenue to range between $194 million and $197 million, with an Adjusted EBITDA target of approximately 11 percent.
Conference Call
As previously announced, Move, Inc. will host a conference call, which will be broadcast live over the Internet today, Thursday, August 5, 2010, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). In order to participate in the call, please dial (877) 312-5848, or if outside the U.S., (253) 237-1155, at least five minutes prior to the 1:30 p.m. PT start time. A live webcast and replay of the call will also be available at ht tp://investor.move.com under the Events & Presentations menu. An audio replay will be available between 7:30 p.m. ET, August 5, 2010, and 11:59 p.m. ET, August 19, 2010, by calling (800) 642-1687, or (706) 645-9291, with passcode 87787726.
For additional information regarding the Company's results, please go to the "SEC Filings" section at http://investor.move.com to view our annual report as filed on March 5, 2010 with the Securities and Exchange Commission on Form 10-K for the year ended December 31, 2009. Move's Form 10-Q for the quarter ended June 30, 2010 is expected to be filed with the Securities and Exchange Commission on, or before, August 9, 2010.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Move uses a non-GAAP measure of income (loss) from continuing operations excluding interest income, ne t, provision for income taxes, impairment of auction rate securities, litigation settlement charges and certain other non-cash and non-recurring items, principally depreciation, amortization and stock-based compensation and other charges, which is referred to as Adjusted EBITDA. The Company has also presented a non-GAAP table of Financial Data for the three and six month periods ended June 30, 2010 and 2009 that extracts stock-based compensation under ASC Topic 718 "Compensation – Stock Compensation." A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables. These non-GAAP adjustments are provided to enhance the user's overall understanding of Move's current financial performance and its prospects for the future and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP measures are the primary basis management uses for planning and forecasting its future operations. Move believ es these non-GAAP results provide useful information to both management and investors by excluding certain expenses that it believes are not indicative of its core operating results and a more consistent basis for comparison between quarters and should be carefully evaluated.
This press release may contain forward-looking statements, including information about management's view of Move's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move's future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
ABOUT MOVE, INC.
Move, Inc. (Nasdaq: MOVE) is the leader in online real estate with 11.8(1) million monthly visitors to its online network of websites. Move, Inc. operates: Move.com, a leading destination for information on new homes and rental listings, moving, home and garden and home finance; REALTOR.com(R), the official Web site of the National Association of REALTORS(R); Moving.com; SeniorHousingNet; and TOP PRODUCER Systems. Move, Inc. is based in Campbell, California.
(1) comS core Media Metrics, June 2010
MOVE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) | |
| Three Months Ended June 30, |
| Six Months Ended June 30, | |
|
| 2010 |
|
| 2009 |
|
| 2010 |
|
| 2009 | |
| (unaudited) |
| (unaudited) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenue | $ | 49,691 |
| $ | 54,637 |
| $ | 98,334 |
| $ | 109,505 | |
Cost of revenue (1) |
| 11,088 |
|
| 12,804 |
|
| 22,016 |
|
| 25,451 | |
Gross profit |
| 38,603 |
|
| 41,833 |
|
| 76,318 |
|
| 84,054 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Operating expenses: (1) |
|
|
|
|
|
|
|
|
|
|
| |
Sales and marketing |
| 18,872 |
|
| 21,387 |
|
| 37,204 |
|
| 42,149 | |
Product and web site development |
| 8,136 |
|
| 6,425 |
|
| 16,662 |
|
| 12,808 | |
General and administrative |
| 10,800 |
|
| 11,364 |
|
| 21,489 |
|
| 35,001 | |
Amortization of intangible assets |
| 104 |
|
| 108 |
|
| 209 |
|
| 259 | |
Litigation settlement |
| — |
|
| 975 |
|
| — |
|
| 975 | |
Total operating expenses |
| 37,912 |
|
| 40,259 |
|
| 75,564 |
|
| 91,192 | |
Operating income (loss) from continuing operations |
| 691 |
|
| 1,574 |
|
| 754 |
|
| (7,138) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Interest income, net |
| 178 |
|
| 314 |
|
| 734 |
|
| 449 | |
Earnings of unconsolidated joint venture |
| 193 |
|
| — |
|
| 299 |
|
| — | |
Impairment of auction rate securities |
| — |
|
| — |
|
| (19,559) |
|
| — | |
Other income (expense), net |
| (1,069) |
|
| 386 |
|
| (1,102) |
|
| 491 | |
Income (loss) from continuing operations before income taxes |
| (7) |
|
| 2,274 |
|
| (18,874) |
|
| (6,198) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for income taxes |
| 28 |
|
| 81 |
|
| 91 |
|
| 177 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from continuing operations |
| (35) |
|
| 2,193 |
|
| (18,965) |
|
| (6,375) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from discontinued operations |
| — |
|
| 107 |
|
| — |
|
| (249) | |
Gain on disposition of discontinued operations |
| — |
|
| 2,303 |
|
| — |
|
| 2,303 | |
Net income (loss) |
| (35) |
|
| 4,603 |
|
| (18,965) |
|
| (4,321) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Convertible preferred stock dividend and related accretion |
| (1,341) |
|
| (1,307) |
|
| (2,674) |
|
| (2,605) | |
Net income (loss) applicable to common stockholders | $ | (1,376) |
| $ | 3,296 |
| $ | (21,639) |
| $ | (6,926) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Basic net income (loss) per share applicable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
| |
Continuing operations | $ | (0.01) |
| $ | 0.01 |
| $ | (0.14) |
| $ | (0.06) | |
Discontinued operations |
| — |
|
| 0.02 |
|
| — |
|
| 0.01 | |
Basic net income (loss) per share applicable to common stockholders: | $ | (0.01) |
| $ | 0.02 |
| $ | (0.14) |
| $ | (0.05) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted net income (loss) per share applicable to common stockholders |
|
|
|
|
|
|
|
|
|
|
| |
Continuing operations | $ | (0.01) |
| $ | 0.01 |
| $ | (0.14) |
| $ | (0.06) | |
Discontinued operations |
| — |
|
| 0.02 |
|
| — |
|
| 0.01 | |
Diluted net income (loss) per share applicable to common stockholders | $ | (0.01) |
| $ | 0.02 |
| $ | (0.14) |
| $ | (0.05) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Shares used in calculation of net income (loss) per share
applicable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
| 154,641 |
|
| 152,920 |
|
| 154,574 |
|
| 153,019 | |
Diluted |
| 154,641 |
|
| 156,552 |
|
| 154,574 |
|
| 153,019 | |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Includes stock-based compensation as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of revenue | $ | 45 |
| $ | 46 |
| $ | 92 |
| $ | 83 | |
Sales and marketing |
| 430 |
|
| 604 |
|
| 840 |
|
| 877 | |
Product and web site development |
| 308 |
|
| 187 |
|
| 790 |
|
| 327 | |
General and administrative |
| 964 |
|
| 334 |
|
| 1,917 |
|
| 10,372 | |
| $ | 1,747 |
| $ | 1,171 |
| $ | 3,639 |
| $ | 11,659 | |
| | | | | | | | | | | |
MOVE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands) | |
|
| June 30,
2010 |
|
| December 31,
2009 | |
|
| (unaudited) |
|
|
| |
ASSETS |
|
|
|
|
| |
Current assets: |
|
|
|
|
| |
Cash and cash equivalents | $ | 156,527 |
| $ | 106,847 | |
Accounts receivable, net |
| 10,400 |
|
| 10,782 | |
Other current assets |
| 11,717 |
|
| 12,101 | |
Total current assets |
| 178,644 |
|
| 129,730 | |
|
|
|
|
|
| |
Property and equipment, net |
| 22,066 |
|
| 21,139 | |
Long-term investments |
| — |
|
| 111,800 | |
Investment in unconsolidated joint venture |
| 6,948 |
|
| 6,649 | |
Goodwill, net |
| 16,969 |
|
| 16,969 | |
Intangible assets, net |
| 3,251 |
|
| 3,460 | |
Other assets |
| 1,351 |
|
| 1,548 | |
Total assets | $ | 229,229 |
| $ | 291,295 | |
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| |
Current liabilities: |
|
|
|
|
| |
Accounts payable | $ | 3,915 |
| $ | 5,545 | |
Accrued expenses |
| 17,966 |
|
| 18,335 | |
Deferred revenue |
| 16,011 |
|
| 15,951 | |
Line of credit |
| — |
|
| 64,630 | |
Total current liabilities |
| 37,892 |
|
| 104,461 | |
|
|
|
|
|
| |
Other non-current liabilities |
| 2,652 |
|
| 1,096 | |
Total liabilities |
| 40,544 |
|
| 105,557 | |
|
|
|
|
|
| |
Series B convertible preferred stock |
| 114,215 |
|
| 111,541 | |
|
|
|
|
|
| |
Stockholders’ equity: |
|
|
|
|
| |
Series A convertible preferred stock |
| — |
|
| — | |
Common stock |
| 156 |
|
| 156 | |
Additional paid-in capital |
| 2,117,038 |
|
| 2,112,613 | |
Accumulated other comprehensive income |
| 371 |
|
| (17,116) | |
Accumulated deficit |
| (2,043,095) |
|
| (2,021,456) | |
Total stockholders’ equity |
| 74,470 |
|
| 74,197 | |
|
|
|
|
|
| |
Total liabilities and stockholders’ equity | $ | 229,229 |
| $ | 291,295 | |
|
|
|
|
|
| |
| | | | | |
MOVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) | |
| Six Months Ended June 30, | |
|
| 2010 |
|
| 2009 | |
|
| (unaudited) | |
Cash flows from continuing operating activities: |
|
|
|
|
| |
Loss from continuing operations | $ | (18,965) |
| $ | (6,375) | |
Adjustments to reconcile loss from continuing operations to net cash
provided by continuing operating activities: |
|
|
|
|
| |
Depreciation |
| 5,155 |
|
| 5,287 | |
Amortization of intangible assets |
| 209 |
|
| 259 | |
Provision for doubtful accounts |
| (120) |
|
| 811 | |
Impairment of auction rate securities |
| 19,559 |
|
| — | |
Stock-based compensation and charges |
| 3,906 |
|
| 11,925 | |
Earnings of unconsolidated joint venture |
| (299) |
|
| — | |
Change in market value of embedded derivative liability |
| — |
|
| (536) | |
Other non-cash items |
| (115) |
|
| (56) | |
Changes in operating assets and liabilities, net of discontinued
operations: |
|
|
|
|
| |
Accounts receivable |
| 502 |
|
| (51) | |
Other assets |
| 104 |
|
| 354 | |
Accounts payable and accrued expenses |
| (724) |
|
| (1,774) | |
Deferred revenue |
| 58 |
|
| (4,701) | |
|
|
|
|
|
| |
Net cash provided by continuing operating activities |
| 9,270 |
|
| 5,143 | |
Net cash used in discontinued operating activities |
| — |
|
| (1,225) | |
Net cash provided by operating activities |
| 9,270 |
|
| 3,918 | |
|
|
|
|
|
| |
Cash flows from investing activities: |
|
|
|
|
| |
Purchases of property and equipment |
| (6,078) |
|
| (4,453) | |
Proceeds from the sale of auction rate securities |
| 109,841 |
|
| — | |
Proceeds from the sale of marketable equity securities |
| 14 |
|
| — | |
Net cash provided by (used in) continuing investing activities |
| 103,777 |
|
| (4,453) | |
Net cash provided by discontinued operations |
| — |
|
| 1,739 | |
Net cash provided by (used in) investing activities |
| 103,777 |
|
| (2,714) | |
|
|
|
|
|
| |
Cash flows from financing activities: |
|
|
|
|
| |
Proceeds from exercise of stock options and share issuances under
employee stock purchase plans |
| 519 |
|
| 70 | |
Restricted cash |
| 462 |
|
| 81 | |
Gross proceeds from line of credit |
| 64,700 |
|
| — | |
Proceeds from loan payable |
| 316 |
|
| — | |
Gross principal payments on line of credit |
| (129,330) |
|
| — | |
Principal payments on loan payable |
| (34) |
|
| — | |
Tax payment related to net share settlements of restricted stock awards |
| — |
|
| (1,064) | |
Payments on capital lease obligations |
| — |
|
| (339) | |
Net cash used in financing activities |
| (63,367) |
|
| (1,252) | |
|
|
|
|
|
| |
Change in cash and cash equivalents |
| 49,680 |
|
| (48) | |
|
|
|
|
|
| |
Cash and cash equivalents, beginning of period |
| 106,847 |
|
| 108,935 | |
|
|
|
|
|
| |
Cash and cash equivalents, end of period | $ | 156,527 |
| $ | 108,887 | |
|
|
|
|
|
| |
| | | | | |
MOVE, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
INCOME (LOSS) FROM CONTINUING OPERATIONS EXCLUDING INTEREST INCOME, PROVISION FOR INCOME
TAXES, STOCK-BASED COMPENSATION AND CHARGES, DEPRECIATION, IMPAIRMENT OF AUCTION RATE
SECURITIES, AMORTIZATION, LITIGATION SETTLEMENT AND NON-RECURRING SEVERANCE COSTS (EBITDA)
(in thousands) | |
| Three Months Ended June 30, |
| Six Months Ended June 30, | |
|
| 2010 |
|
| 2009 |
|
| 2010 |
|
| 2009 | |
|
| (unaudited) |
|
| (unaudited) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from continuing operations | $ | (35) |
| $ | 2,193 |
| $ | (18,965) |
| $ | (6,375) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Plus: |
|
|
|
|
|
|
|
|
|
|
| |
Interest income, net |
| (178) |
|
| (314) |
|
| (734) |
|
| (449) | |
Provision for income taxes |
| 28 |
|
| 81 |
|
| 91 |
|
| 177 | |
Stock-based compensation |
| 1,747 |
|
| 1,171 |
|
| 3,639 |
|
| 11,659 | |
Stock-based charges |
| 91 |
|
| 117 |
|
| 267 |
|
| 266 | |
Depreciation |
| 2,554 |
|
| 2,668 |
|
| 5,155 |
|
| 5,287 | |
Impairment of auction rate securities |
| — |
|
| — |
|
| 19,559 |
|
| — | |
Loss on sale of auction rate securities |
| 1,098 |
|
| — |
|
| 1,098 |
|
| — | |
Amortization of intangible assets, including
unconsolidated joint venture |
| 301 |
|
| 108 |
|
| 688 |
|
| 259 | |
Litigation settlement |
| — |
|
| 975 |
|
| — |
|
| 975 | |
Non-recurring severance costs |
| — |
|
| 497 |
|
| — |
|
| 2,397 | |
Adjusted EBITDA | $ | 5,606 |
| $ | 7,496 |
| $ | 10,798 |
| $ | 14,196 | |
|
|
|
|
|
|
|
|
|
|
|
| |
| | | | | | | | | | | |
MOVE, INC.
OPERATING RESULTS
NET OF STOCK-BASED COMPENSATION EXPENSE
(in thousands) | |
|
| Three Months Ended | |
|
| June 30, 2010 | |
|
| (unaudited) | |
|
| As Reported |
| Stock-based
Compensation |
| Excluding
Stock-Based
Compensation | |
Revenue | $ | 49,691 | $ | — | $ | 49,691 | |
Cost of revenue |
| 11,088 |
| (45) |
| 11,043 | |
Gross profit |
| 38,603 |
| 45 |
| 38,648 | |
|
|
|
|
|
|
| |
Sales and marketing |
| 18,872 |
| (430) |
| 18,442 | |
Product and web site development |
| 8,136 |
| (308) |
| 7,828 | |
General and administrative |
| 10,800 |
| (964) |
| 9,836 | |
Amortization of intangibles |
| 104 |
| — |
| 104 | |
Total operating expenses |
| 37,912 |
| (1,702) |
| 36,210 | |
|
|
|
|
|
|
| |
Operating income from continuing operations | $ | 691 | $ | 1,747 | $ | 2,438 | |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
| Three Months Ended | |
|
| June 30, 2009 | |
|
| (unaudited) | |
|
| As Reported |
| Stock-based
Compensation |
| Excluding
Stock-Based
Compensation | |
Revenue | $ | 54,637 | $ | — | $ | 54,637 | |
Cost of revenue |
| 12,804 |
| (46) |
| 12,758 | |
Gross profit |
| 41,833 |
| 46 |
| 41,879 | |
|
|
|
|
|
|
| |
Sales and marketing |
| 21,387 |
| (604) |
| 20,783 | |
Product and web site development |
| 6,425 |
| (187) |
| 6,238 | |
General and administrative |
| 11,364 |
| (334) |
| 11,030 | |
Amortization of intangibles |
| 108 |
| — |
| 108 | |
Litigation settlement |
| 975 |
| — |
| 975 | |
Total operating expenses |
| 40,259 |
| (1,125) |
| 39,134 | |
|
|
|
|
|
|
| |
Operating income from continuing operations | $ | 1,574 | $ | 1,171 | $ | 2,745 | |
|
|
|
|
|
|
| |
| | | | | | |
MOVE, INC.
OPERATING RESULTS
NET OF STOCK-BASED COMPENSATION EXPENSE
(in thousands) | |
|
| Six Months Ended | |
|
| June 30, 2010 | |
|
| (unaudited) | |
|
| As Reported |
| Stock-based
Compensation |
| Excluding
Stock-Based
Compensation | |
Revenue | $ | 98,334 | $ | — | $ | 98,334 | |
Cost of revenue |
| 22,016 |
| (92) |
| 21,924 | |
Gross profit |
| 76,318 |
| 92 |
| 76,410 | |
|
|
|
|
|
|
| |
Sales and marketing |
| 37,204 |
| (840) |
| 36,364 | |
Product and web site development |
| 16,662 |
| (790) |
| 15,872 | |
General and administrative |
| 21,489 |
| (1,917) |
| 19,572 | |
Amortization of intangibles |
| 209 |
| — |
| 209 | |
Total operating expenses |
| 75,564 |
| (3,547) |
| 72,017 | |
|
|
|
|
|
|
| |
Operating income from continuing operations | $ | 754 | $ | 3,639 | $ | 4,393 | |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
| Six Months Ended | |
|
| June 30, 2009 | |
|
| (unaudited) | |
|
| As Reported |
| Stock-based
Compensation |
| Excluding
Stock-Based
Compensation | |
Revenue | $ | 109,505 | $ | — | $ | 109,505 | |
Cost of revenue |
| 25,451 |
| (83) |
| 25,368 | |
Gross profit |
| 84,054 |
| 83 |
| 84,137 | |
|
|
|
|
|
|
| |
Sales and marketing |
| 42,149 |
| (877) |
| 41,272 | |
Product and web site development |
| 12,808 |
| (327) |
| 12,481 | |
General and administrative |
| 35,001 |
| (10,372) |
| 24,629 | |
Amortization of intangibles |
| 259 |
| — |
| 259 | |
Litigation settlement |
| 975 |
| — |
| 975 | |
Total operating expenses |
| 91,192 |
| (11,576) |
| 79,616 | |
|
|
|
|
|
|
| |
Operating income (loss) from continuing operations | $ | (7,138) | $ | 11,659 | $ | 4,521 | |
|
|
|
|
|
|
| |
| | | | | | |
(Logo: http://photos.prnewswire.com/prnh/20080213/MOVEINCLOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20080213/MOVEINCLOGO)
CONTACT: Todd Friedman, todd@blueshirtgroup.com, or Stacie Bosinoff, Stacie@blueshirtgroup.com, both of The Blueshirt Group, +1-415-217-7722, for Move, Inc.
