Industry NewsTechnology

Welcome Wagon a drag on Move Inc.

Write-downs drive $22.6 million Q3 loss

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Move Inc. -- the California-based operator of Realtor.com -- saw third-quarter losses grow to $22.6 million after taking a large write-down on Welcome Wagon, a direct mail and online marketer of goods and services targeted at new homeowners.Move Inc. reported quarter-to-quarter growth in its core businesses, Realtor.com, Top Producer and rentals, but said third-quarter revenue fell 4 percent from a year ago, to $61.2 million.Losses from continuing operations doubled from a year ago, to $2 million, thanks in part to a $4 million charge related to cost reduction initiatives, the company said.But the biggest hit to Move Inc.'s third-quarter bottom line was a $19.3 million loss on discontinued operations, including a $15.9 million impairment charge and $2.1 million write-down of other operating assets to reflect a decline in value of Welcome Wagon.Move acquired Welcome Wagon in 2001 and launched WelcomeWagon.com in July 2006. The site offers information about local businesses and services....