MOVE Movano Inc

CAMPBELL, Calif., May 5, 2011 /PRNewswire/ -- Move, Inc. (NASDAQ: MOVE), the leader in online real estate, today reported financial results for the first quarter ended March 31, 2011.

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

Revenue in the first quarter of 2011 was $49.1 million, compared to $48.6 million in the first quarter of 2010.  Net loss applicable to common stockholders, including discontinued operations, was $1.6 million, or $0.01 per share, compared to a net loss of $20.3 million, or a loss of $0.13 per share in the first quarter of 2010. Net loss in the March 2010 quarter included an impairment charge of approximately $19.6 million related to our sale of auction rate securities. 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 first quarter of 2011 was $5.4 million, or 11% of revenue, compared to $5.2 million, or 11% of revenue, for the first 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.

“I am pleased that we continue to execute steadily through the current market headwinds while laying the strategic foundation for 2012 and beyond,” said Steve Berkowitz, chief executive officer at Move, Inc. “Our primary focus in 2011 is to continue expanding our distribution channels, developing and releasing more products to improve the overall real estate experience, and delivering the best online destination for real estate information to consumers.  With the growing use of mobile devices in the real estate search process, 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.”

Recent Highlights:

• Market leadership: Move continued its market leadership, with consumers in the first quarter viewing more than 1 1/2 billion pages and spending more than 800 million minutes on the Move Network.
• Century21: Realtor.com and Century 21  Real Estate LLC renewed their Gold Standard Partnership, designed to increase the visibility of Century 21 listings on Realtor.com and driving interested home shoppers directly to CENTURY 21 agents. In addition, as part of the agreement, CENTURY 21 will also deploy a national display advertising program that will run on Realtor.com.
• BlockShopper: Move signed an agreement with BlockShopper to extend advertisers’ reach into hyper local markets.  As part of the agreement, Move becomes the exclusive national sales force for all real estate advertisers on BlockShopper and will syndicate Move ad products on BlockShopper.com for agents interested in reaching local buyers and sellers. Agents purchasing community-based ad products on BlockShopper will soon be supported by Move's rapid response Customer Care team.
• Mobile Highlights:  Move mobile apps have been downloaded more than 3.6 million times since their initial launch in 2010.  Today, on average, 10 properties are viewed every second on a Move mobile app. Realtor.com mobile apps have contributed to approximately a 240 percent increase in consumer outreach to local agents, and open house views have increased by 459 percent in just four months.
• iPad Launch:  Move released the Realtor.com iPad app, the only real estate search app delivering everything from listings with maps and GPS directions to personalization tools that keep users organized and connected when searching across country or across town. Realtor.com mobile apps are also the only real estate search apps with access to Realtor.com, the largest and most accurate collection of online property listings, with more than 80 percent of all property listings updated every 15 minutes.

Business Outlook

Move today provided guidance for the quarter ending June 30, 2011.  For the quarter ending June 30, 2011, Move expects revenue to range between approximately $48.5 million and $49.5 million and expects to report Adjusted EBITDA margin of approximately 11%.

Move today provided guidance for the year ending December 31, 2011.  For the year ending December 31, 2011, Move expects revenue to range between $200 million and $205 million and expects to report Adjusted EBITDA margin of approximately 13%-14% percent.

Conference Call

As previously announced, Move, Inc. will host a conference call, which will be broadcast live over the Internet today, Thursday, May 5, 2011, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).  In order to participate in the call, please dial (877) 312-5848, or if outside the U.S., (253) 237-1155, at least five minutes prior to the 1:30 p.m. PT start time.  A live webcast and replay of the call will also be available at http://investor.move.com under the Events & Presentations menu.  An audio replay will be available between 7:30 p.m. ET, May 5, 2011, and 11:59 p.m. ET, May 19, 2011, by calling (800) 642-1687, or (706) 645-9291, with passcode 55934851.

For additional information regarding the Company's results, please go to the "SEC Filings" section at http://investor.move.com to view our annual report as filed on February 18, 2011 with the Securities and Exchange Commission on Form 10-K for the year ended December 31, 2010.

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 month periods ended March 31, 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 the leader in online real estate with 14.5 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 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, March 2011

SOURCE Move, Inc.