Move, Inc. Announces Second Quarter 2011 Financial Results

CAMPBELL, Calif., Aug. 8, 2011 /PRNewswire/ -- Move, Inc. (NASDAQ: MOVE), the leader in online real estate, today reported financial results for the second quarter ended June 30, 2011.

(Logo:  http://photos.prnewswire.com/prnh/20080213/MOVEINCLOGO)

Revenue in the second quarter of 2011 was $48.9 million, compared to $49.7 million in the second quarter of 2010.  Net income applicable to common stock holders was $1.2 million, or $0.01 per share, compared to a net loss of $1.4 million, or  $0.01 per share in the second quarter of 2010. Non-GAAP Adjusted EBITDA (earnings from continuing operations before interest, taxes, stock-based compensation and charges, depreciation, amortization and other non-recurring charges) for the second quarter of 2011 was $6.1 million, or 12.6 percent of revenue, compared to $5.6 million, or 11 percent, for the second quarter of 2010.  Move, Inc. has reported Adjusted EBITDA because management uses it to monitor and assess the Company's performance and believes it is helpful to investors in understanding the Company's business.

Steve Berkowitz, chief executive officer at Move, Inc. said, "We made good progress against our strategy in the second quarter while operating against the continuing market headwinds.  Our focus on delivering solid financial results while creating future revenue streams is beginning to show signs of fruition as our first significant initiatives are beginning to roll out in the second half of the year.  As the growing use of mobile in real estate search transforms our industry, we have the opportunity to lead the industry as it adapts to new technologies that are fundamentally changing how consumers and real estate professionals connect."

Move also announced today the appointment of Patty Wehr as chief accounting officer.  Ms. Wehr has been with Move, Inc., since 2003, most recently as senior vice president, corporate controller.  Prior to joining Move, Ms. Wehr held various senior financial management positions, including CFO at Haskel International, vice president of finance and administration for Fiberspace, Inc., and audit manager for Deloitte and Touche LLP.

Recent Highlights:

• Market leadership: Move continued its market leadership by attracting more than 23 million consumers in the month of June that viewed more than 650 million pages and spent more than 300 million minutes on the Realtor.com Real Estate Network.
• Connection(SM): Move launched a pilot program to generate more buyer inquiries for real estate professionals on unenhanced listings.  This launch, part of Move's Connection(SM) initiative, is a simple way to add a contact point on unenhanced listings so consumers can request information about a property in a manner that respects the content rights of the listing agent.  
• Mobile Highlights: Today, on average, 16 properties are viewed every second on a Move mobile app, with consumer leads to local real estate agents increasing approximately 400 percent year-over-year.  Realtor.com mobile page views now represent approximately 25% of all properties viewed.
• Social Bios Acquisition: Move acquired SocialBios, an award-winning social search platform that allows individuals and companies to create one social hub for their online profiles through interactive 'About Us' pages.  SocialBios simplifies the discovery of shared connections on Facebook, LinkedIn, Twitter, Foursquare and Google without sacrificing the user's privacy. Move will leverage the SocialBios platform and talent to develop products that connect people with real estate professionals based on the commonalities of their on- and offline social networks.

Business Outlook

Move today provided guidance for the quarter ending September 30, 2011.  For the quarter ending September 30, 2011, Move expects revenue to range between approximately $46.5 million and $47 million and expects to report Adjusted EBITDA margin of approximately 12%.

Move today updated guidance for the year ending December 31, 2011.  For the year ending December 31, 2011, Move expects revenue to range between $192 million and $195 million and expects to report Adjusted EBITDA margin of approximately 13%, or $25 million.

Conference Call

As previously announced, Move, Inc. will host a conference call, which will be broadcast live over the Internet today, Monday, August 8, 2011. To access the call, please dial (877) 312-5848, or outside the U.S. (253) 237-1155, five minutes prior to 1:30 p.m. Pacific Daylight Time. A live webcast of the call will also be available at http://investor.move.com under the Events & Presentations menu.

An audio replay will be available between 4:30 p.m. Pacific Daylight Time August 8, 2011, and 11:59 p.m. Pacific Daylight Time August 23, 2011, by calling (855) 859-2056 or (404) 537-3406, with Conference ID 76623278. A replay of the call will also be available at http://investor.move.com.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Move uses a non-GAAP measure of net income (loss) excluding interest income, net, income tax expense, impairment of auction rate securities and certain other non-cash and non-recurring items, principally depreciation, amortization and stock-based compensation and other charges, which is referred to as Adjusted EBITDA. The Company has also presented a non-GAAP table of Financial Data for the three and six month periods ended June 30, 2011 and 2010 that extracts stock-based compensation under ASC Topic 718 "Compensation – Stock Compensation."  A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables. These non-GAAP adjustments are provided to enhance the user's overall understanding of Move's current financial performance and its prospects for the future and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP measures are the primary basis management uses for planning and forecasting its future operations. Move believes these non-GAAP results provide useful information to both management and investors by excluding certain expenses that it believes are not indicative of its core operating results and a more consistent basis for comparison between quarters and should be carefully evaluated.

This press release may contain forward-looking statements, including information about management's view of Move's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move's future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

ABOUT MOVE, INC.

Move, Inc. (NASDAQ: MOVE) is a leader in online real estate with over 23 million monthly visitors(1) to its online network of websites within the Realtor.com Real Estate Network. Move, Inc. operates: Move.com, a leading destination for information on new homes and rental listings, moving, home and garden and home finance; REALTOR.com®, the official website of the National Association of REALTORS®; MortgageMatch.com, Moving.com; SeniorHousingNet; ListHub; and TOP PRODUCER Systems. Move, Inc. is based in Campbell, California.

[1] comScore Media Metrics, June 2011

SOURCE Move, Inc.