Industry News

HouseValues profit more than doubles

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Kirkland, Wash.-based HouseValues, an online marketing partner to real estate and mortgage professionals, today reported its third-quarter earnings more than doubled from the same period a year ago. Third-quarter 2005 net income was $4.3 million, or 16 cents per diluted share, compared to $1.6 million, or 7 cents per diluted share, in net income for the third quarter of 2004. HouseValues had an 82 percent increase in revenue for the third quarter of 2005, at $23.3 million. In after-hours trading, the company's stock (Nasdaq: SOLD) was up $1.62 a share, at $16, an 11.27 percent increase. The earnings of 16 cents per share beat the Reuters Estimates consensus of 12 cents, reported. "We achieved record quarterly results while continuing to make significant strategic investments in the people, products, and technology to extend our market leadership position," said Ian Morris, CEO of HouseValues, in a statement. "We feel that we are well-positioned for growth, based...