Industry News

Homestore narrows loss

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Real estate media and technology provider Homestore today reported a net loss of $12.1 million or 10 cents a share in the fourth quarter 2003. Earnings results improved from a $37.6 million loss, or 32 cents a share, in the fourth quarter 2002, and $30.6 million, or 26 cents a share in the third quarter 2003. Fourth quarter 2003 revenue fell to $54.9 million from $55.1 million the previous quarter and $60.8 million during the fourth quarter 2002. The year-over-year decline in revenue was due primarily to the expiration of certain legacy revenue agreements with Cendant that accounted for $3.6 million, and a decline in software revenue from the sale of The Hessel Group, the company said. Homestore had $35.5 million in cash and short-term investments available to fund operations. The cash balance reflects a $10 million payment made on Oct. 15, 2003, related to a class action settlement with The California State Teachers' Retirement System (CalSTRS). "As we move beyond the historical...