SAN JOSE, CA-Locally based Move Inc., an online real estate company, finished strong in 2012 and expects to achieve double-digit growth in 2013. Steve Berkowitz, chief executive officer of Move says that “We executed very well across our core strategic initiatives in 2012 by improving the content and experience for consumers, enhancing our product offerings to customers, strengthening our role as a key partner to the real estate industry, and innovating to capitalize on the rapid consumer migration to mobile.”
Berkowitz adds that “Leveraging our expanding assets for consumers and customers, Move has laid the foundation to accelerate growth and expand profitably in 2013 and beyond. Through our consumer advertising and proprietary software and services products, we are uniquely poised to provide an end-to-end solution for the industry based on our ability to serve the entire supply chain.”
Revenue for the quarter was $52.7 million, an increase of $5.5 million, or 12%, from $47.3 million in the fourth quarter of 2011. Net income applicable to common stockholders was $1.6 million, or $0.04 per diluted share, compared to $3.4 million, or $0.09 per diluted share, in the fourth quarter of 2011. Net income applicable to common stockholders was reduced by $.02 per diluted share as a result of incremental amortization related to two acquisitions the company made during the year. Non-GAAP Adjusted EBITDA was $7.8 million, a decrease of $0.8 million, or 10%, from $8.6 million in the fourth quarter of 2011.
As a percentage of revenue, Adjusted EBITDA improved to 15% of revenue in the fourth quarter of 2012 compared to 14% in the third quarter of 2012. Move 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.
For the full year ended December 31, 2012, Move reported revenue of $199.2 million, an increase of $7.5 million, or 4% compared to $191.7 million in 2011. Net income applicable to common stockholders in 2012 was $4.7 million, or $0.12 per share, compared to $3.2 million, or $0.08 per share, in 2011.
For the quarter ending March 31, 2013, Move expects revenue of approximately $53.5 million to 54 million and expects to report Adjusted EBITDA margin of approximately 11-12%. For the year ending Dec. 31, 2013, Move expects revenue to range between $222 million and $226 million and expects to report Adjusted EBITDA margin of approximately 15%.