HomeServices.com, the big, full-service independent residential real estate brokerage, said Wednesday that fourth-quarter revenue was $110 million, 8 percent higher than in the same period in 1999. Net income was $3.2 million, compared with $300,000 in the same period of 1999, when the Minneapolis-based company took $2.2 million in charges related to its IPO. The company earned 35 cents per share, compared with 3 cents a year ago.
Chief Executive Ron Peltier said "the softening economy and inclement weather in the Midwest" prevented larger gains. But the climbing price of the average U.S. home helped boost revenue for the quarter and the year. The average price in the fourth quarter of 2000 was $162,000, and HomeServices.com closed on nearly 88,000 homes last year.
Discuss: HomeServices.com sees profit, sales jump
Be respectful, keep it clean and stay on topic. We delete comments that violate our policy, which we encourage you to read. Discussion threads can be closed at any time at our discretion.