Industry News

Homestore announces $2 million loss in Q1

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Homestore Inc. this week rolled out a new look for its home-search Web site, which features existing homes, new homes and properties for rent. The company, which has re-branded and is now doing business as Move Inc., announced the launch of the newly designed Web site during a first-quarter earnings presentation Tuesday. Move reported a net loss of $2.04 million in the first quarter compared to a net loss of $395,000 in first-quarter 2005. The company reported that the quarterly loss is related to a new rule issued by the Financial Accounting Standards Board, which relates to public companies' accounting of stock options. "Excluding stock-based compensation expense related to the adoption of (the rule), net income would have been $1.3 million for the first quarter of 2006," Move Inc. reported. Total operating expenses were $55.4 million in the first quarter, up from $44.3 million in first-quarter 2005. The company reported a 1 cent loss per share for the quarter. The company...