Industry NewsTechnology operator projects modest growth in 2011

Move Inc. redeems most of stake by firm that invested $100M in '05
Published on Feb 11, 2011

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by CareyBot 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 $20.9 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.