Industry News

Homestore earnings up in third quarter

Reports net income of $1.9 million; revenue up 21%

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Real estate media and technology provider Homestore today reported third-quarter earnings of $1.9 million, or 1 cent per share, up from its net loss of $4.6 million for the same period a year ago. Total revenue for the third quarter was $66.3 million, a 21 percent increase from $54.8 million in the third quarter of 2004. Homestore's earnings report came one day after the Westlake Village, Calif.-based company announced that Elevation Partners, a private equity firm, has agreed to invest $100 million in the company in the form of convertible preferred stock. Homestore's shares (Nasdaq:HOMS) climbed 52 cents, or 14.6 percent to $4.08 in midday trading on the investment news Monday. Shares on Tuesday closed at $4.20. "Our third-quarter financial results represent further validation of our ongoing investment programs," said Mike Long, Homestore's CEO. "The businesses that were early beneficiaries of our investments are performing very well and are positioned for continued growth." "Wi...