Welcome Wagon a drag on Move Inc.

Move Inc. -- the California-based operator of Realtor.com -- saw third-quarter losses grow to $22.6 million after taking a large write-down on Welcome Wagon, a direct mail and online marketer of goods and services targeted at new homeowners.

Move Inc. reported quarter-to-quarter growth in its core businesses, Realtor.com, Top Producer and rentals, but said third-quarter revenue fell 4 percent from a year ago, to $61.2 million.

Losses from continuing operations doubled from a year ago, to $2 million, thanks in part to a $4 million charge related to cost reduction initiatives, the company said.

But the biggest hit to Move Inc.'s third-quarter bottom line was a $19.3 million loss on discontinued operations, including a $15.9 million impairment charge and $2.1 million write-down of other operating assets to reflect a decline in value of Welcome Wagon.

Move acquired Welcome Wagon in 2001 and launched WelcomeWagon.com in July 2006. The site offers information about local businesses and services. In announcing second-quarter results, Move Inc. said it had hired an investment banking firm to assist in the sale of Welcome Wagon.

The company said total minutes spent on Realtor.com -- the official site of the National Association of Realtors -- increased by 17 percent during September from a year ago.

Move Inc. announced the relaunch of the redesigned site last week (see story).

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