Move Inc. earnings fall from last quarter

Move Inc., which operates Realtor.com and Move.com property-search Web sites, today reported net income of $1.7 million in the second quarter, compared with net income of $3.3 million in second-quarter 2005.

Excluding stock-based compensation expense, net income would have been $4.3 million in second-quarter 2006, the company reported. Total revenue for the second quarter was $73.9 million, up 17 percent from total revenue in second-quarter 2005.

Net income applicable to common stockholders for the second quarter of 2006 was 1 cent per share, compared with net income of 2 cents per share in second-quarter 2005. Excluding stock-based compensation expense, net income would have been $4.3 million for the second quarter of 2006.

Move's EBITDA (earnings before interest, restructuring charges and certain other non-cash and non-recurring items, principally stock-based charges, depreciation, and amortization) for the second quarter of 2006 was $4.7 million, compared with $2.9 million for the second quarter of 2005.

EBITDA in the second quarter of 2005 included $4.2 million in expenses related to the company's obligation to advance the defense costs of former officers.

"We successfully implemented essential components of our corporate strategy, including our new corporate brand, the industry's most powerful real estate search engine, Move.com, and a suite of new products and services," said Mike Long, Move CEO. "We are pleased that even with continued large investments in our business we were able to achieve improving financial performance."

Move stock (NASDAQ:MOVE) traded at $4.46 a share in after-hours trading Thursday.

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