Industry News

Homestore reports net loss of $4.57 million

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Homestore, the National Association of Realtors-affiliated company that runs home-search site and other Web sites, today reported a net loss of $4.57 million for the third quarter, which compares to a $4.26 million net loss in the second quarter and a $30.58 million loss in third-quarter 2003. The net loss for the nine months ended Sept. 30 for this year was $13.9 million, compared with a net loss of $35.1 million for the first nine months of 2003. "During the third quarter, we made progress on many key financial measures, including revenue growth, improved segment profitability, and increased liquidity," said Mike Long, Homestore CEO. "We also made significant improvement in overall profitability, although these results are somewhat masked by unusual and non-recurring costs in the quarter." Long noted a $7.2 million charge the company took against its third-quarter results for the potential advancement of legal costs for former officers of the company. That charge relate...