Move Inc. (NASDAQ: MOVE), which operates popular home-search Web sites including Realtor.com, on Thursday announced that the company is pursuing a potentially “transformational” new venture within the company, to launch in the third quarter of this year, led by the company’s real estate division president Allan Dalton.
Mike Long, Move Inc. CEO, offered scarce details about the venture in an earnings announcement Thursday. He said that Dalton has left his day-to-day oversight of Realtor.com to focus on “building an entirely new business venture. It could be transformational for both consumers and real estate professionals.”
Errol Samuelson, president of Top Producer Systems, a Move Inc. company, has been promoted as executive vice president of the real estate division. He will continue to oversee Top Producer operations and will also oversee Realtor.com operations, Long announced.
Dalton was promoted in October to serve as president of Move’s real estate division after serving as president and CEO at Realtor.com, a popular home-search site that is affiliated with the National Association of Realtors trade group.
Move Inc. reported net income of $17.6 million in fourth-quarter 2006, or 9 cents per diluted share, compared with a net loss of $4.6 million, or 3 cents per diluted share, in fourth-quarter 2005.
Net income in the fourth quarter of 2006 includes $15.7 million from the sale of investments and expense of $5.3 million for stock-based compensation, the company reported.
Net income for the full year in 2006 was $18.6 million, or 10 cents per diluted share, compared with net income of $234,000 for the full year in 2005. Net income for the full year 2006 includes $15.7 million from the sale of investments and expense of $15.4 million in stock-based compensation.
Total revenue for the quarter ended Dec. 31, 2006, was $71.8 million, an 8 percent increase compared to $66.6 million in fourth-quarter 2005, Move also reported. Revenue for the full year in 2006 was $290.4 million, a 15 percent increase compared with $252.6 million in 2005.
Move’s earnings before interest, restructuring charges and certain other noncash and nonrecurring items (principally stock-based compensation charges, depreciation and amortization) for fourth-quarter 2006 were $8.6 million, compared with a loss of $2.8 million in fourth-quarter 2005, the company reported.
EBITDA for the fourth quarter of 2005 included $5.9 million in expense related to defense costs that the company advanced to former officers. And EBITDA for the full year in 2006 was $24.6 million, compared with $5.4 million in 2005. EBITDA for the full year 2005 included $15.6 million in expense related to the company’s advance of defense costs for former officers.
At Dec. 31, 2006, Move had $157.8 million in cash and short-term investments available to fund operations. A replay of the company’s fourth-quarter earnings conference call is available online at http://investor.move.com or by calling (888) 286-8010, conference ID 72240063, until midnight Pacific Time on March 1, 2007.
Move’s price per share dropped 45 cents Thursday to $6.01 compared to the prior day’s market close.