Online real estate services provider Move, Inc. reported revenues of $48.9 million in the second quarter of 2011, up 1.2% year over year.
Adjusted EBITDA (Earnings from continuing operations before interest, taxes, stock-based compensation and charges, depreciation, amortization and other non-recurring charges) came in at $6.1 million or 12.6% of revenues compared to $5.6 million or 11% of total revenues in the year-ago quarter.
Net income came in at $1.2 million or 1 cent per share compared to a net loss of $1.4 million or 1 cent per share in the year-ago quarter. The reported figure was better than the Zacks Consensus Estimate of break-even.
Management believes that as the growing use of market technologies transforms the real estate industry, the company will have the opportunity to lead the industry as it adapts to new technologies that are fundamentally changing how consumers and real estate professionals connect.
Going forward, Move expects revenues to come between $46.5 million and $47 million. Adjusted EBITDA margin is forecasted at around 12%. Move also updated guidance for 2011. The company expects revenues between $192 million and $195 million. EBITDA margin is forecasted at around 13% or $25 million.
Move also appointed Patty Wehr as Chief Accounting Officer. Ms. Wehr has been serving Move since 2003 and most recently held the position of 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.