Big turn around at Move

by THE WAV GROUP on August 10, 2009

In 2008, Move, Inc reported $61.4 Million in sales and reported a net loss of $2.1 Million.  This year, under the strong leadership of former Ask.com CEO Steve Berkowitz – Move, Inc is now posting $3.2 Million in profit in the second quarter of 2009 against lower revenues of $54.6 Million.  Sales are down, but profits are up!

“During the quarter, we continued to make solid progress toward both our short term business objectives and our long term growth strategy,” said Steve Berkowitz, Move’s CEO. “While we remain focused on improving the financial and operational performance across our product lines in the current economy, I’m pleased that we have begun the process of better integrating all our businesses, which we anticipate will have a positive impact on our future performance. Over the past few months, we began combining sales, product and administrative functions across the company, enabling us to better focus our efforts on leveraging our key assets, addressing areas of the business that need to be changed, and expanding our capabilities in other areas that will drive our future growth.”

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 second quarter of 2009 was $7.1 million, compared to $5.7 million for the second quarter of 2008. 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.

 

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