Move, Inc. Posts $2 Million Loss in Third Quarter After Charges

WESTLAKE VILLAGE, CA -- Move, Inc. said its loss from continuing operations for the third quarter was $2 million, which includes a $4 million restructuring charge related to its cost reduction initiatives.

The company reported revenue of $61.2 million in the third quarter, compared to $63.4 million in the third quarter of 2007.

"Our third quarter results demonstrate how MOVE is leveraging the significant advantages and benefits of our market leadership, comprehensive industry knowledge and deep customer relationships," said Mike Long, Move's CEO. "In the face of the housing meltdown, mortgage freeze, government bailout, and global economic uncertainty, we grew our core Realtor.com, Top Producer and Rentals businesses quarter over quarter while maintaining revenue and EBITDA results."

"In September, we experienced a 17% year-over-year increase in total minutes spent on Realtor.com, even as the overall category experienced a 5% decline," said Lorna Borenstein, Move's President. "In fact, consumers spent more time on Realtor.com than the next seven competitors combined. These numbers show that consumers rely on, and trust, the Move Network and Realtor.com more than any other source for their real estate information. We are confident that the greatly improved consumer experience on our newly launched redesigned sites will only serve to further extend our market dominance."