EX-99.1 2 a5908444_ex991.htm EXHIBIT 99.1

Exhibit 99.1

Move, Inc. Announces Fourth Quarter and Full Year 2008 Financial Results

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--March 3, 2009--Move, Inc. (NASDAQ:MOVE) reported financial results for the fourth quarter and full year ended December 31, 2008.

Revenue for the fourth quarter was $57.5 million, compared to $62.6 million in the fourth quarter of 2007. Income from continuing operations for the fourth quarter was $282,000, which includes a $398,000 restructuring charge related to cost reduction initiatives and a $1.7 million impairment on long-lived assets. Income from continuing operations in the fourth quarter of 2007 was $1.2 million, which included an impairment charge of $4.8 million.

Move's Adjusted EBITDA (earnings from continuing operations before interest, taxes, stock-based compensation and charges, depreciation, amortization and other non-recurring charges) on a non-GAAP basis for the fourth quarter of 2008 was $7.3 million, compared to $9.7 million for the fourth quarter of 2007. The Company 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.

"2008 was an eventful year for Move and for our industry, and I believe we enter the new year positioned to continue our market leadership in online real estate," said Steve Berkowitz, Move's CEO. “As we reshaped our external profile, relaunching our websites to better serve consumers and real estate professionals, we also focused internally on our efficiency as an organization, reducing operating expenses by $20 million and divesting underperforming businesses to improve our bottom line performance. While we still face the challenges of a deteriorating housing market, continuing challenges in the mortgage and credit markets, and global economic uncertainty, I am excited to step into the CEO role and help take Move to the next level of financial and operational performance.”

For the fourth quarter of 2008, the Company reported a loss from discontinued operations of $2.2 million, which included a restructuring charge of $1.5 million related to the Welcome Wagon operations that are being marketed for sale, compared to a loss of $5.2 million for the fourth quarter of 2007, which included an impairment charge of $3.1 million.


Net loss applicable to common stockholders ("net loss") for the fourth quarter of 2008 was $3.2 million, or $0.02 per share, compared to a net loss of $5.3 million, or $0.03 per share, for the fourth quarter of 2007.

Revenue for the full year 2008 was $242.1 million compared to $248.9 million for the full year 2007. Loss from continuing operations for the year was $399,000, which includes a $4.4 million restructuring charge related to cost reduction initiatives and a $1.7 million impairment on long-lived assets. Income from continuing operations for 2007 was $11.3 million, which included an impairment charge of $4.8 million and a litigation settlement charge of $3.9 million.

Move's Adjusted EBITDA (earnings from continuing operations before interest, taxes, stock-based compensation and charges, depreciation, amortization and other non-recurring charges) on a non-GAAP basis for the full year 2008 was $22.2 million, compared to $33.6 million for the full year 2007.

In the full year 2008, the Company reported a loss from discontinued operations of $27.2 million, which includes a restructuring charge of $1.6 million and an impairment charge of $16.0 million, related to the Welcome Wagon operations. In the full year 2007, the loss from discontinued operations was $10.3 million which included an impairment charge of $3.1 million.

Net loss applicable to common stockholders ("net loss") for the full year 2008 was $32.7 million, or $0.22 per share, compared to a net loss of $4.0 million, or $0.03 per share, for the full year 2007.

Conference Call

As previously announced, Move, Inc. will host a conference call, which will be broadcast live over the Internet today, Tuesday, March 3, 2009, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Chief Executive Officer, Steve Berkowitz, and Chief Financial Officer, Lew Belote, will discuss the Company's fourth quarter 2008 results. In order to participate in the call, please dial (866) 271-6130, or if outside the U.S., (617) 213-8894 with passcode 49585131, at least five minutes prior to the 2:00 p.m. PT start time. A live webcast and replay of the call will also be available at http://investor.move.com under the Event Calendar menu. An audio replay will be available between 8:00 p.m. ET, March 3, 2009, and 11:59 p.m. ET, March 10, 2009, by calling (888) 286-8010, or (617) 801-6888, with passcode 65671153.

For additional information regarding the Company's results, please go to the "SEC Filings" section at http://investor.move.com to view annual reports as filed with the Securities and Exchange Commission on Form 10-K. Move's Form 10-K for the year ended December 31, 2008 is expected to be filed with the Securities and Exchange Commission on, or before, March 11, 2009.


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 income (loss) from continuing operations excluding restructuring, impairment of long-lived assets, litigation settlement charges and certain other non-cash and non-recurring items, principally depreciation, amortization and stock based compensation and other charges, which is referred to as EBITDA. The Company has also presented a non-GAAP table of Segment Data for the three months and years ended December 31, 2008 and 2007 that extracts stock based compensation under SFAS 123R "Share Based Payment". 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 the leader in online real estate with 7.4 million [1] monthly visitors to its online network of websites. 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 Web site of the National Association of REALTORS®; Welcome Wagon®; Moving.com; SeniorHousingNet™; and TOP PRODUCER® Systems. Move, Inc. is based in Westlake Village, California. For more information: www.move.com.

[1] comScore Media Metrix, January 2009


MOVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

       
Three Months Ended December 31, Twelve Months Ended December 31,
2008 2007 2008 2007
(unaudited)
Revenue $ 57,450 $ 62,563 $ 242,069 $ 248,919
Cost of revenue (1) 11,588   11,266   46,041   42,908  
Gross profit 45,862   51,297   196,028   206,011  
 
Operating expenses: (1)
Sales and marketing 22,263 21,665 93,531 89,954
Product and web site development 5,832 8,043 26,342 34,656
General and administrative 15,807 18,205 75,945 71,434
Amortization of intangible assets 174 197 756 761
Restructuring charge 398 4,412
Impairment of long-lived assets 1,670 4,824 1,670 4,824
Litigation settlement       3,900  
Total operating expenses 46,144   52,934   202,656   205,529  
Operating income (loss) from continuing operations (282 ) (1,637 ) (6,628 ) 482
 
Interest income, net 848 2,469 5,687 9,852
Other income, net (48 ) 415   1,091   1,493  
Income from continuing operations before income taxes 518 1,247 150 11,827
 
Provision for income taxes (236 ) (79 ) (549 ) (501 )
 
Income (loss) from continuing operations 282 1,168 (399 ) 11,326
 
Loss from discontinued operations (2,181 ) (5,203 ) (27,165 ) (10,345 )
Net income (loss) (1,899 ) (4,035 ) (27,564 ) 981
 
Convertible preferred stock dividends and related accretion (1,289 ) (1,256 ) (5,108 ) (4,977 )
Net loss applicable to common stockholders $ (3,188 ) $ (5,291 ) $ (32,672 ) $ (3,996 )
 
Basic net income (loss) per share applicable to common stockholders
Continuing operations $ (0.01 ) $ (0.00 ) $ (0.04 ) $ 0.04
Discontinued operations (0.01 ) (0.03 ) (0.18 ) (0.07 )
Basic Net income (loss) per share applicable to common stockholders $ (0.02 ) $ (0.03 ) $ (0.22 ) $ (0.03 )
 
Diluted net income (loss) per share applicable to common stockholders
Continuing operations $ (0.01 ) $ (0.00 ) $ (0.04 ) $ 0.04
Discontinued operations (0.01 ) (0.03 ) (0.18 ) (0.07 )
Diluted net income (loss) per share applicable to common stockholders $ (0.02 ) $ (0.03 ) $ (0.22 ) $ (0.03 )
 

Shares used in calculation of net income (loss) per share applicable to common stockholders:

 
Basic 152,844   153,857   151,952   154,524  
Diluted 152,844   153,857   151,952   154,524  
 
(1) Includes stock-based compensation as follows:
 
Cost of revenue $ 34 $ 43 $ 144 $ 130
Sales and marketing 388 153 758 1,058
Product and web site development 147 336 566 1,181
General and administrative 1,812   2,979   8,905   10,742  
$ 2,381   $ 3,511   $ 10,373   $ 13,111  
 

MOVE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

   
Twelve Months Ended December 31,
2008 2007
Cash flows from continuing operating activities:
Income (loss) from continuing operations $ (399 ) $ 11,326
Adjustments to reconcile income (loss) from continuing operations to net cash provided by continuing operating activities:
Depreciation 11,246 9,978
Amortization of intangible assets 756 761
Provision for doubtful accounts 823 1,271
Stock-based compensation and charges 10,699 13,703
Impairment of long-lived assets 1,670 4,824
Gain on sales of property and equipment (687 ) (337 )
Change in market value of embedded derivative liability (411 ) (1,052 )
Other non-cash items 651 128
Changes in operating assets and liabilities, net of acquisitions and discontinued operations:
Accounts receivable 1,965 (1,618 )
Other assets (557 ) (3,574 )
Accounts payable and accrued expenses (6,067 ) 2,986
Deferred revenue (10,834 ) (9,973 )
 
Net cash provided by continuing operating activities 8,855 28,423
Net cash used in discontinued operating activities (7,334 ) (4,660 )
Net cash provided by operating activities 1,521   23,763  
 
Cash flows from investing activities:
Purchases of property and equipment (5,935 ) (18,509 )
Purchases of short-term investments (96,418 ) (73,475 )
Loss from discontinued operations 96,918 86,550
Purchases of intangible assets (619 )
Proceeds from sale of marketable equity securities 27 15,743
Proceeds from the surrender of life insurance policy 5,200
Proceeds from sale of assets 206   338  
Net cash provided by (used in) investing activities of continuing operations (5,202 ) 15,228
Net cash provided by (used in) investing activities of discontinued operations 813   (221 )
Net cash provided by (used in) investing activities (4,389 ) 15,007  
 
Cash flows from financing activities:
Proceeds from exercise of stock options 3,058 3,064
Proceeds from line of credit 64,700
Repurchase of company stock (10,000 )
Payments on capital lease obligations (1,828 ) (1,904 )
Restricted cash 160   910  
Net cash provided by (used in) financing activities 66,090   (7,930 )
 
Change in cash and cash equivalents 63,222 30,840
 
Cash and cash equivalents, beginning of period 45,713   14,873  
 
Cash and cash equivalents, end of period $ 108,935   $ 45,713  
 

MOVE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

   
 

December 31,
2008

 

December 31,
2007

ASSETS
Current assets:
Cash and cash equivalents $ 108,935 $ 45,713
Short-term investments 129,900
Accounts receivable, net 12,833 15,645
Assets of discontinued operations 24,417
Other current assets 11,399   10,111  
Total current assets 133,167 225,786
 
Property and equipment, net 21,934 29,930
Long-term investments 111,800
Goodwill, net 16,969 17,181
Intangible assets, net 3,933 5,011
Restricted cash 3,209 3,369
Other assets 995   1,251  
Total assets $ 292,007   $ 282,528  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 4,051 $ 4,337
Accrued expenses 22,747 28,446
Obligation under capital leases 339 1,894
Deferred revenue 23,991 34,975
Line of credit 64,700
Loss from discontinued operations   5,429  
Total current liabilities 115,828 75,081
 
Obligation under capital leases 273
Other non-current liabilities 2,043   1,508  
Total liabilities 117,871   76,862  
 
Series B convertible preferred stock 106,297 101,189
 
Stockholders’ equity:
Series A convertible preferred stock
Common stock 153 151
Additional paid-in capital 2,089,964 2,076,074
Accumulated other comprehensive income (17,183 ) 675
Accumulated deficit (2,005,095 ) (1,972,423 )
Total stockholders’ equity 67,839   104,477  
Total liabilities and stockholders’ equity $ 292,007   $ 282,528  
 

MOVE, INC.

SEGMENT OPERATING RESULTS

(in thousands)

 
Three Months Ended December 31,   Twelve Months Ended December 31,
2008   2007 2008   2007
Revenue: (unaudited) (unaudited)
Real Estate Services $ 52,732 $ 56,337 $ 217,233 $ 220,546
Consumer Media 4,718   6,226   24,836   28,373  
Total revenue $ 57,450   $ 62,563   $ 242,069   $ 248,919  
 
Operating income (loss) from continuing operations (1)
Real Estate Services $ 13,804 $ 15,527 $ 52,968 $ 59,943
Consumer Media (331 ) (608 ) 303 (1,432 )
Unallocated (13,755 ) (16,556 ) (59,899 ) (58,029 )
Operating income (loss) from continuing operations $ (282 ) $ (1,637 ) $ (6,628 ) $ 482  
 
(1) Includes stock-based compensation as follows:
 
Real Estate Services $ 861 $ 1,550 $ 4,188 $ 4,631
Consumer Media 121 253 413 1,048
Unallocated 1,399   1,708   5,772   7,432  
$ 2,381   $ 3,511   $ 10,373   $ 13,111  
 

MOVE, INC.

SEGMENT OPERATING RESULTS

NET OF STOCK-BASED COMPENSATION EXPENSE

(in thousands)

         
Three months ended
December 31, 2008
(unaudited)
Real Estate
Services
Consumer
Media
Unallocated Stock-based
Compensation
Total
Revenue $ 52,732 $ 4,718 $ $ $ 57,450
Cost of revenue 9,701     1,593       260       34       11,588  
Gross profit 43,031 3,125 (260 ) (34 ) 45,862
 
Sales and marketing 18,661 2,139 1,075 388 22,263
Product and web site development 4,564 510 611 147 5,832
General and administrative 5,091 576 8,328 1,812 15,807
Amortization of intangibles 174 174
Restructuring charges 50 110 238 398
Impairment of long-lived assets   1,670     1,670  
Total operating expenses 28,366 3,335   12,096   2,347   46,144  
 
Operating income (loss) from continuing operations $ 14,665 $ (210 ) $ (12,356 ) $ (2,381 ) $ (282 )
 
 
Three months ended
December 31, 2007
(unaudited)
Real Estate
Services
Consumer
Media
Unallocated Stock-based
Compensation
Total
Loss from discontinued operations $ 56,337 $ 6,226 $ $ $ 62,563
Cost of revenue 9,002     1,653       568       43       11,266  
Gross profit 47,335 4,573 (568 ) (43 ) 51,297
 
Sales and marketing 17,664 2,939 909 153 21,665
Product and web site development 6,035 1,172 500 336 8,043
General and administrative 6,559 817 7,850 2,979 18,205
Amortization of intangibles 197 197
Restructuring charges
Impairment charge   4,824     4,824  
Total operating expenses 30,258 4,928   14,280   3,468   52,934  
 
Operating income (loss) from continuing operations $ 17,077 $ (355 ) $ (14,848 ) $ (3,511 ) $ (1,637 )
 

MOVE, INC.

SEGMENT OPERATING RESULTS

NET OF STOCK-BASED COMPENSATION EXPENSE

(in thousands)

         
Twelve months ended
December 31, 2008
(unaudited)
Real Estate
Services
Consumer
Media
Unallocated Stock-based
Compensation
Total
Revenue $ 217,233 $ 24,836 $ $ $ 242,069
Cost of revenue 38,263     6,546       1,088   144   46,041  
Gross profit 178,970 18,290 (1,088 ) (144 ) 196,028
 
Sales and marketing 75,420 11,911 5,442 758 93,531
Product and web site development 21,326 1,719 2,731 566 26,342
General and administrative 24,767 3,756 38,517 8,905 75,945
Amortization of intangibles 756 756
Restructuring charges 301 188 3,923 4,412
Impairment of long-lived assets   1,670     1,670  
Total operating expenses 121,814 17,574   53,039   10,229   202,656  
 
Operating income (loss) from continuing operations $ 57,156 $ 716   $ (54,127 ) $ (10,373 ) $ (6,628 )
 
 
Twelve months ended
December 31, 2007
(unaudited)
Real Estate
Services
Consumer
Media
Unallocated Stock-based
Compensation
Total
Loss from discontinued operations $ 220,546 $ 28,373 $ $ $ 248,919
Cost of revenue 34,564     5,865       2,349   130   42,908  
Gross profit 185,982 22,508 (2,349 ) (130 ) 206,011
 
Sales and marketing 70,519 13,343 5,034 1,058 89,954
Product and web site development 26,174 5,768 1,533 1,181 34,656
General and administrative 24,715 3,781 32,196 10,742 71,434
Amortization of intangibles 761 761
Litigation settlement 3,900 3,900
Impairment charge   4,824     4,824  
Total operating expenses 121,408 22,892   48,248   12,981   205,529  
 
Operating income (loss) from continuing operations $ 64,574 $ (384 ) $ (50,597 ) $ (13,111 ) $ 482  
 

MOVE, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE

OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS EXCLUDING STOCK-BASED

COMPENSATION AND CHARGES, DEPRECIATION, AMORTIZATION, RESTRUCTURING, LITIGATION

SETTLEMENT AND IMPAIRMENT OF LONG-LIVED ASSETS (EBITDA)

(in thousands)

       
Three Months Ended December 31,   Twelve Months Ended December 31,
2008 2007 2008 2007
(unaudited) (unaudited)
Operating income (loss) from continuing operations $ (282) $ (1,637) $ (6,628) $ 482
 
Plus:
Stock-based charges 109 143 326 592
Amortization of intangible assets 174 197 756 761
Depreciation 2,811 2,656 11,246 9,978
Stock-based compensation 2,381 3,511 10,373 13,111
Restructuring charge 398 4,412
Litigation settlement 3,900
Impairment of long-lived assets 1,670 4,824 1,670 4,824
Adjusted EBITDA $ 7,261 $ 9,694 $ 22,155 $ 33,648
 

MOVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(quarterly results revised for discontinued operations)

(in thousands, except per share amounts)

         
Three Months Ended

Twelve Months
Ended

March 31,
2008

 

June 30,
2008

 

September 30,
2008

 

December 31,
2008

December 31,
2008

 
Revenues $ 61,942 $ 61,437 $ 61,240 $ 57,450 $ 242,069
Cost of revenues   11,435     11,214     11,804     11,588     46,041  
Gross profit   50,507     50,223     49,436     45,862     196,028  
 
Operating expenses:
Sales and marketing 24,126 23,140 24,002 22,263 93,531
Product and web site development 6,887 6,802 6,821 5,832 26,342
General and administrative 22,171 19,433 18,534 15,807 75,945
Amortization of intangible assets 197 197 188 174 756
Litigation Settlement - - - - -
Restructuring charges - - 4,014 398 4,412
Impairment charges   -     -     -     1,670     1,670  
Total operating expenses   53,381     49,572     53,559     46,144     202,656  
Operating income (loss) from continuing operations (2,874 ) 651 (4,123 ) (282 ) (6,628 )
 
Interest income, net 2,057 1,521 1,261 848 5,687
Other income (expense), net   71     109     959     (48 )   1,091  
Income (loss) from continuing operations before income taxes (746 ) 2,281 (1,903 ) 518 150
 
Provision for income taxes   (41 )   (162 )   (110 )   (236 )   (549 )

Income (loss) from continuing operations

(787 ) 2,119 (2,013 ) 282 (399 )
Loss from discontinued operations   (2,574 )   (3,076 )   (19,334 )   (2,181 )   (27,165 )
Net loss (3,361 ) (957 ) (21,347 ) (1,899 ) (27,564 )
Convertible preferred stock dividends and related accretion   (1,265 )   (1,272 )   (1,282 )   (1,289 )   (5,108 )
Net loss applicable to common stockholders $ (4,626 ) $ (2,229 ) $ (22,629 ) $ (3,188 ) $ (32,672 )
 
 
Three Months Ended

Twelve Months
Ended

March 31,
2007

June 30,
2007

September 30,
2007

 

December 31,
2007

December 31,
2007

 
Revenues $ 60,443 $ 62,533 $ 63,380 $ 62,563 $ 248,919
Cost of revenues   9,991     10,598     11,053     11,266     42,908  
Gross profit   50,452     51,935     52,327     51,297     206,011  
 
Operating expenses:
Sales and marketing 22,802 22,275 23,212 21,665 89,954
Product and web site development 8,775 9,223 8,615 8,043 34,656
General and administrative 18,222 14,528 20,479 18,205 71,434
Amortization of intangible assets 181 189 194 197 761
Litigation settlement - - 3,900 - 3,900
Impairment of long-lived assets   -     -     -     4,824     4,824  
Total operating expenses   49,980     46,215     56,400     52,934     205,529  
Operating income (loss) from continuing operations 472 5,720 (4,073 ) (1,637 ) 482
 
Interest income, net 2,313 2,503 2,567 2,469 9,852
Other income, net   774     (372 )   676     415     1,493  
Income (loss) from continuing operations before income taxes 3,559 7,851 (830 ) 1,247 11,827
 
Provision for income taxes   (84 )   (169 )   (169 )   (79 )   (501 )

Income (loss) from continuing operations

3,475 7,682 (999 ) 1,168 11,326
Loss from discontinued operations   (2,080 )   (2,018 )   (1,044 )   (5,203 )   (10,345 )
Net income (loss) 1,395 5,664 (2,043 ) (4,035 ) 981
Convertible preferred stock dividends and related accretion   (1,232 )   (1,241 )   (1,248 )   (1,256 )   (4,977 )
Net income (loss) applicable to common stockholders $ 163   $ 4,423   $ (3,291 ) $ (5,291 ) $ (3,996 )
 

MOVE, INC.

SEGMENT OPERATING RESULTS

(quarterly results revised for discontinued operations)

(in thousands)

         
Three Months Ended

Twelve Months
Ended

March 31,
2008

 

June 30,
2008

 

September 30,
2008

 

December 31,
2008

December 31,
2008

 
Revenue:
Real Estate Services $ 55,794 $ 54,214 $ 54,493 $ 52,732 $ 217,233
Consumer Media   6,148     7,223     6,747     4,718     24,836  
Total revenue $ 61,942   $ 61,437   $ 61,240   $ 57,450   $ 242,069  
 
Operating income (loss) from continuing operations (1)
Real Estate Services $ 11,546 $ 14,228 $ 13,390 $ 13,804 $ 52,968
Consumer Media (653 ) 623 664 (331 ) 303
Unallocated   (13,767 )   (14,200 )   (18,177 )   (13,755 )   (59,899 )
Operating income (loss) from continuing operations $ (2,874 ) $ 651   $ (4,123 ) $ (282 ) $ (6,628 )
 
(1) Includes stock-based compensation as follows:
Real Estate Services $ 1,731 $ 669 $ 927 $ 861 $ 4,188
Consumer Media 84 95 113 121 413
Unallocated   1,584     1,231     1,558     1,399     5,772  
$ 3,399   $ 1,995   $ 2,598   $ 2,381   $ 10,373  
 
 
Three Months Ended

Twelve Months
Ended

March 31,
2007

 

June 30,
2007

 

September 30,
2007

 

December 31,
2007

December 31,
2007

 
Revenue:
Real Estate Services $ 53,523 $ 54,750 $ 55,936 $ 56,337 $ 220,546
Consumer Media   6,920     7,783     7,444     6,226     28,373  
Total revenue $ 60,443   $ 62,533   $ 63,380   $ 62,563   $ 248,919  
 
Operating income (loss) from continuing operations (1)
Real Estate Services $ 13,229 $ 16,277 $ 14,910 $ 15,527 $ 59,943
Consumer Media (1,035 ) 36 175 (608 ) (1,432 )
Unallocated   (11,722 )   (10,593 )   (19,158 )   (16,556 )   (58,029 )
Operating income (loss) from continuing operations $ 472   $ 5,720   $ (4,073 ) $ (1,637 ) $ 482  
 
(1) Includes stock-based compensation as follows:
Real Estate Services $ 2,078 $ (442 ) $ 1,445 $ 1,550 $ 4,631
Consumer Media 601 (112 ) 306 253 1,048
Unallocated   2,665     346     2,713     1,708     7,432  
$ 5,344   $ (208 ) $ 4,464   $ 3,511   $ 13,111  
 

MOVE, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE

INCOME (LOSS) FROM CONTINUING OPERATIONS EXCLUDING STOCK-BASED COMPENSATION AND

CHARGES, DEPRECIATION, AMORTIZATION, RESTRUCTURING, LITIGATION SETTLEMENT AND

IMPAIRMENT OF LONG-LIVED ASSETS (EBITDA)

(quarterly results revised for discontinued operations)

(in thousands)

         
Three Months Ended

Twelve Months
Ended

March 31,
2008

 

June 30,
2008

 

September 30,
2008

 

December 31,
2008

December 31,
2008

 
Operating income (loss) from continuing operations $ (2,874 ) $ 651 $ (4,123 ) $ (282 ) $ (6,628 )
Add Back:
Stock-based charges 96 13 108 109 326
Depreciation expense 2,629 2,883 2,923 2,811 11,246
Amortization of intangible assets 197 197 188 174 756
Stock based compensation 3,399 1,995 2,598 2,381 10,373
Impairment charges - - - 1,670 1,670
Restructuring charges   -     -     4,014     398     4,412  
EBITDA $ 3,447   $ 5,739   $ 5,708   $ 7,261   $ 22,155  
 
 
Three Months Ended

Twelve Months
Ended

March 31,
2007

 

June 30,
2007

September 30,
2007

 

December 31,
2007

December 31,
2007

 
Operating income (loss) from continuing operations $ 472 $ 5,720 $ (4,073 ) $ (1,637 ) $ 482
Add Back:
Stock-based charges 148 136 165 143 592
Depreciation expense 2,334 2,388 2,600 2,656 9,978
Amortization of intangible assets 181 189 194 197 761
Stock based compensation 5,344 (208 ) 4,464 3,511 13,111
Impairment of long-lived assets - - - 4,824 4,824
Litigation settlement   -       -       3,900     -     3,900  
EBITDA $ 8,479     $ 8,225     $ 7,250   $ 9,694   $ 33,648  

CONTACT:
The Blueshirt Group
Todd Friedman, 415-217-7722
todd@blueshirtgroup.com
Stacie Bosinoff, 415-217-7722
Stacie@blueshirtgroup.com