Realtor.com operator Move Inc. reported a first-quarter net loss of $10.6 million, or 7 cents per share, citing $1.9 million in severance pay and $8.7 million in stock-based compensation charges associated with executive departures and an incoming CEO.
By comparison, the company reported a net loss of $4.6 million in first-quarter 2008 — and that result included $2 million in severance costs for departing execs. Move also reported a $4 million net loss for the full year in 2008 and a $5.3 million net loss in fourth-quarter 2008 (see story).
Revenue for the first quarter ended March 31, 2009, was $54.9 million, according to a Move Inc. earnings announcement, down 11.3 percent compared to revenue in the same quarter last year.
Among the management changes announced this year: W. Michael Long, former Move CEO, retired in January and was replaced by Steven H. Berkowitz, former CEO of Ask.com; Lorna Borenstein, president, left in March (see story); and Lewis R. Belote III, chief financial officer, will leave the company this year (see story).
The company reported product and Web site development expenses of $6.4 million in the first quarter, sales and marketing costs totaling $20.8 million, and general and administrative costs totaling $24 million.
That compares to product and Web site development costs of $6.9 million, sales and marketing costs totaling $24.1 million, and general and administrative costs totaling $22.2 million in first-quarter 2008.
The company’s stock price closed at $2.03 per share on Thursday after down 10 cents from the previous day’s closing price.
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