Industry News

HouseValues reports $1.5 million net loss in Q3

Company cites rising sales and marketing expenses

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Real estate marketing and technology company HouseValues on Tuesday reported a net loss of $1.5 million in the third quarter, down 134.9 percent compared with net income of $4.3 million in third-quarter 2005. The company reported revenue of $24 million in the third quarter, up from $23.3 million in third-quarter 2005. The company had a net loss of 6 cents per share in the third quarter compared to earnings per diluted share of 16 cents in third-quarter 2005. "Sales and marketing expenses were significantly higher than the comparable quarter of the prior year, primarily due to higher media expenses and increased sales staff to support expansion of markets served and products offered," HouseValues reported. "The increase in media expense primarily reflected the company's support for new products launched in the past year and lower consumer response rates attributed to market conditions." On a sequential quarter basis, the company reported that revenue fell 7 percent in the third quarte...