On November 2, 2011, IAC's Board of Directors declared a quarterly cash dividend of $0.12 per share of common and Class B common stock outstanding to be paid to stockholders of record as of the close of business on November 15, 2011, with a payment date of December 1, 2011. Based on the Company's current shares outstanding, the total amount of this dividend will be approximately $10.0 million.

On November 3, 2011, IAC entered into an agreement to sell its direct sponsored listings business ("Sendori") for total consideration of approximately $3.0 million, of which $2.3 million is contingent upon the collection of current outstanding accounts receivable. The transaction is expected to close on or around November 10, 2011. The assets and liabilities of Sendori included in the accompanying consolidated balance sheet at September 30, 2011 consist of approximately $4.0 million of current assets, $1.8 million of current liabilities and $2.4 million of noncontrolling interests.

The table below reflects Sendori's revenue and a reconciliation of operating income (loss) to Operating Income Before Amortization for each of the quarters in 2011 and 2010 (in thousands):

	Quarter Ended March 31, 2011		Quarter Ended June 30, 2011			Quarter Ended September 30, 2011

Revenue	$	9,239	$	6,982		$	5,277
Operating income (loss)		14		(770	)		(6,064	)
Amortization of intangibles		183		183			767
Operating Income Before Amortization		197		(587	)		(5,297	)

Included in the third quarter of 2011 is a write-down of $4.9 million in capitalized software costs and an intangible asset impairment charge of $0.6 million recorded in connection with the planned exit from the direct sponsored listings business.

	Quarter Ended March 31, 2010			Quarter Ended June 30, 2010			Quarter Ended September 30, 2010		Quarter Ended December 31, 2010

Revenue	$	9,682		$	6,907		$	9,903	$	9,984
Operating (loss) income		(69	)		(758	)		348		(434	)
Amortization of intangibles		183			183			183		183
Non-cash compensation expense		147			88			59		39
Operating Income Before Amortization		261			(487	)		590		(212	)