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Move Inc. loses $4.6 million in Q1

Company takes impairment charge for student-loan investment

Realtor.com operator Move Inc. (NASDAQ: MOVE) reported Thursday that new product development costs and charges related to the elimination of some business units contributed to a $4.6 million net loss, or 3 cents per share, in the first quarter. The company's quarterly loss compared with net income of $163,000 in first-quarter 2007. Total revenue was $70.4 million in the first quarter, compared with $68.9 million in first-quarter 2007. An earlier-reported problem with a company's investment in student-loan auction-rate securities led the company to take a temporary impairment charge of $8.4 million, Move reported. Move reported that it holds $129.6 million in AAA-rated rated student-loan auction-rate securities backed by the Federal Family Education Loan Program, a private-sector student loan program, and these securities were considered by the company as short-term investments until they failed at auction in February. David Nierenberg, who represents a Move shareholder gro...

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