Industry News

IAC’s lending, real estate revenue flat in Q4

'Fewer leads led to fewer closings' in broker, builder networks
Published on Feb 7, 2007

IAC, the company that operates RealEstate.com and LendingTree, among other online businesses, on Tuesday announced net income of $16.7 million in fourth-quarter 2006, down 85.2 percent compared with net income of $113.1 million in fourth-quarter 2005. The company had a $3.8 million loss in fourth-quarter 2006 operating income compared to operating income of $190.5 million in fourth-quarter 2005. IAC's adjusted earnings per share rose to 67 cents for the fourth quarter, compared with 50 cents in fourth-quarter 2005. Company revenue increased 7.8 percent in fourth-quarter 2006, rising to $1.82 billion, compared with $1.69 billion in fourth-quarter 2005, and operating income before amortization rose 0.3 percent to $267.6 million in the fourth quarter compared to the prior year's fourth quarter. The company reported that its lending revenue "was flat during a declining mortgage market," while operating income for the company's lending operations increased 63 percent in the fourth quarter...

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