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HouseValues narrows Q1 loss to $1.2 million

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More cost-cutting at HouseValues Inc. helped the provider of online tools for real estate professionals and real estate search sites for consumers trim first quarter losses to $1.2 million, company officials said Tuesday. That's an improvement from the fourth quarter, when HouseValues posted a $9.8 million net loss, including $9.3 million in charges related to the reduced carrying value of goodwill and long-lived assets after the company exited the mortgage lead-generation business last year. In a regulatory filing, HouseValues said first quarter revenue declined 8 percent from the previous quarter, to $11.2 million. Losses before interest, taxes, depreciation and amortization (EBITDA) were $100,000, compared to an $800,000 fourth quarter EBITDA gain. First quarter cost-cutting measures included a 23 percent reduction in the company's workforce to 173 employees. Those reductions followed on the heels of 100 layoffs in late 2007 and the closure of the company's Yakima,...