Industry NewsTechnology

Realtor.com operator projects modest growth in 2011

Move Inc. redeems most of stake by firm that invested $100M in '05

Editor's note: This story has been corrected to note that Move posted a $15.5 million net loss in 2010. The $20.9 million figure originally reported was the net loss applicable to common stockholders, which takes into account preferred stock dividends and related accretion.Realtor.com operator Move Inc. said it will ask shareholders to approve a one-for-four reverse stock split and will streamline its capital structure by buying back $70 million in convertible preferred stock held by private equity firm Elevation Partners, which has an investment team that includes rock group U2's lead singer Bono and a former Apple executive.The measures -- along with a two-year, $25 million stock repurchase program -- were announced Thursday as Move reported net income of $409,000 for the fourth quarter and a $15.5 million loss for the year.Fourth-quarter revenue was down 1.5 percent from a year ago, to $48.9 million, while revenue for the year overall fell 6.8 percent from 2009, to $197.5 million.Mo...

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