HouseValues reports profitable year
Ends year with $47.7 million in revenue
By Inman News, Friday, February 4, 2005.Online real estate marketing company HouseValues on Thursday reported $14.4 million revenue for the fourth quarter, up 112 percent from the same quarter the previous year. Revenue for all of 2004 was $47.7 million, up 90 percent from 2003.
Fourth quarter net income was $1.9 million, or 8 cents per diluted share, compared to net income of $614,000, or 3 cents per diluted share, in the fourth quarter of 2003. Net income for the year ended was $7.5 million or 34 cents per diluted share, compared to net income of $3.8 million or 18 cents per diluted share for the year ended December 31, 2003.
HouseValues offers lead generation and lead management services and products for real estate brokers and agents. The company draws home sellers through its HouseValues.com Web site, and home buyers through its JustListed.com site.
2004 marked the 15th consecutive profitable quarter for HouseValues and operating profit nearly doubled year-over-year to $13.7 million last year, according to chief financial officer John Zdanowski.
CEO Ian Morris attributes the record growth to the success that HouseValues' real estate customers are having with the lead and marketing system. He said the company is well positioned as real estate marketing spend continues to migrate from traditional classifieds to the Internet.
"We are confident about our strategy and the large market opportunity ahead," Morris said. "We intend to focus throughout 2005 to aggressively expand our core business, make our products even more effective for our customers, deepen long-term relationships with consumers, and aggressively explore new business opportunities."
HouseValues shares (NASDAQ:SOLD) traded at $14.32 per share this morning.
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