Industry News

HouseValues reports $9.9 million net loss in Q4

Company laid off about 145 workers in 2007

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HouseValues Inc., a company that provides online tools for real estate professionals and real estate search sites for consumers, on Thursday reported a $9.9 million net loss in the fourth quarter compared with a $710,000 net loss in the previous year's quarter. For the full year in 2007 the company reported a $12.6 million net loss, compared with net income of $3.3 million in 2006. The past year has been rough for HouseValues (Nasdaq: SOLD). The company's stock price hit an all-time low of $2.66 per share on Dec. 12, and last month company officials announced the layoff of 45 employees and the resignation of R. Barry Allen, the company's chief financial officer. The company expects to realize about $5 million in annualized savings through this restructuring, according to its earnings report. In late 2007, the company announced that it was closing a sales and service center in Yakima, Wash., and laid off 100 workers -- about 30 percent of its workforce, to cut operating expen...