Industry News

Customer cancellations hurt HouseValues

Company reports net loss of $5.4 million in Q4

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An unexpected surge in customer cancellations hurt House Values (NASDAQ: SOLD) earnings in the fourth quarter, company CEO Ian Morris said Thursday. The company, which offers marketing tools and services for real estate professionals, announced a net loss of $5.34 million for the quarter ended Dec. 31, 2006, or 22 cents per diluted share, compared with net income of $4.01 million for the same quarter in 2005. Fourth-quarter 2006 revenue rose 15 percent to $21.5 million compared to the prior year's quarter. The company also reported that adjusted earnings before interest, taxes, depreciation and amortization in the fourth quarter were a loss of $492,000 compared with adjusted earnings of $6.62 million in fourth-quarter 2005. For the full year in 2006 the company reported a net loss of $3.14 million, or 12 cents per diluted share, compared with net income of $14.98 million in 2005. Revenue increased 13 percent in 2006 to $98.2 million. The company's adjusted earnings before interest,...