Industry News

IAC’s lending, real estate revenue flat in Q4

'Fewer leads led to fewer closings' in broker, builder networks

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IAC, the company that operates and LendingTree, among other online businesses, on Tuesday announced net income of $16.7 million in fourth-quarter 2006, down 85.2 percent compared with net income of $113.1 million in fourth-quarter 2005. The company had a $3.8 million loss in fourth-quarter 2006 operating income compared to operating income of $190.5 million in fourth-quarter 2005. IAC's adjusted earnings per share rose to 67 cents for the fourth quarter, compared with 50 cents in fourth-quarter 2005. Company revenue increased 7.8 percent in fourth-quarter 2006, rising to $1.82 billion, compared with $1.69 billion in fourth-quarter 2005, and operating income before amortization rose 0.3 percent to $267.6 million in the fourth quarter compared to the prior year's fourth quarter. The company reported that its lending revenue "was flat during a declining mortgage market," while operating income for the company's lending operations increased 63 percent in the fourth quarter...