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Thursday, Mar 28, 2024

Homestore Posts Second Profit in Year

Homestore Inc. posted its second consecutive profitable quarter on the heels of an announcement by a private equity fund to invest $100 million in the company. Westlake Village-based Homestore said its net income for the quarter ended Sept. 30 was $1.9 million or $0.01 per share on revenues of $66.3 percent, up 21 percent from the comparable quarter in 2004. The company’s net results compared with a loss of $4.6 million or $0.03 per share in the third quarter of 2004. Homestore shares closed Wednesday at $4.42, down somewhat from the company’s 52-week high of $4.64 reached in late September and up $1.40 in the past five days. Earlier this week, Homestore announced that Elevation Partners planned to invest $100 million in the company.

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