Move, Inc. Announces Fourth Quarter 2009 Financial Results

(Business Wire)-- Move, Inc. (NASDAQ:MOVE) reported financial results for the fourth quarter and fiscal year ended December 31, 2009.
Revenue in the fourth quarter of 2009 was $49.6 million, compared to $57.5 million in the fourth quarter of 2008. Net loss applicable to common stockholders, including discontinued operations, was $4.5 million, or a loss of $0.03 per share, compared to a net loss of $3.2 million, or a loss of $0.02 per share in the fourth quarter of 2008. 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 fourth quarter of 2009 was $5.0 million, or 10% of revenue, compared to $7.3 million, or 13% of revenue, for the fourth 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 fourth quarter closed a year of tremendous change for Move, as we realigned our entire business to further extend our position as the leader in the online real estate market,". "In my first year leading the company, we have put in place the people, processes and operating plan to drive Move forward. Some of the changes we have implemented will have short term benefits, while others will take time before we fully realize the benefit of our efforts. However, I am confident that we have the focus and dedication to leverage our market leadership into long term success for our customers, our partners, and our consumers."Steve Berkowitz, chief executive officer at Move, Inc

2009 Highlights

• In 2009, Move maintained its dominant market leadership, leading the industry in unique users and total engagement every month of the year. For the full year, Move averaged 8.9 million monthly unique users and 209 million monthly minutes. Among the top 8 companies in the online real estate market, consumers spent more time on Move's sites than the next seven competitors combined. Other highlights from 2009 included:
• Steve Berkowitz was named CEO of Move in January, bringing 25 years of experience from companies including Microsoft, Ask.com and IDG Books.
• As CEO, Mr. Berkowitz built out a new management team, promoting Errol Samuelson to Chief Revenue Officer and hiring Rob Krolik (eBay, Shopping.com, DigitalThink) as Chief Financial Officer in July, followed by the September additions of David Story (Adobe, Intuit) as Chief Technology Officer and Scott Boecker (Ticketmaster, eToys) as Chief Product Officer.
• Launched new real estate professional products, including Search Assist, REALTOR Facebook widgets, Ask a Realtor, Realtor blogs, and in January 2010, the Realtor.com Real Estate Search iPhone app with 300,000 downloads in 50 days.
• Expanded marketing partnerships with leading real estate brokerage companies, including CENTURY 21 Real Estate and The Realty Alliance to increase listings exposure for tens of thousands of real estate professionals around the country.
• Launched Builders Design Experience, a joint venture with Builder Homesite, Inc. focused on helping new home builders reach buyers through the nation's largest network of new home sites.
• Reduced annual expense run rate by more than $30 million to drive EBITDA and to free up capital for investment.
• For the full year ended December 31, 2009, Move reported revenue of $212.0 million, compared to $242.1 million in the 2008 fiscal year. Net loss applicable to common stockholders in 2009 was $12.2 million, or a loss of $0.08 per share, compared to a net loss of $34.3 million, or a loss of $0.23 per share in 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 2009 was $24.3 million, or 11% of revenue, compared to $22.2 million, or 9% of revenue, for 2008.

BUSINESS OUTLOOK

Move today provided guidance for the quarter ending March 31, 2010. For the quarter ending March 31, 2010, Move expects revenue to be approximately $48 million and expects to report Adjusted EBITDA margin of approximately 10%.

Move also provided guidance for the fiscal year ending December 31, 2010. The Company currently expects revenue to range between $186 million and $192 million, with an Adjusted EBITDA target of approximately 10%.

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