Realtor.com operator Move Inc. (NASDAQ: MOVE) reported Thursday that new product development costs and charges related to the elimination of some business units contributed to a $4.6 million net loss, or 3 cents per share, in the first quarter.

The company’s quarterly loss compared with net income of $163,000 in first-quarter 2007.

Total revenue was $70.4 million in the first quarter, compared with $68.9 million in first-quarter 2007.

An earlier-reported problem with a company’s investment in student-loan auction-rate securities led the company to take a temporary impairment charge of $8.4 million, Move reported.

Move reported that it holds $129.6 million in AAA-rated rated student-loan auction-rate securities backed by the Federal Family Education Loan Program, a private-sector student loan program, and these securities were considered by the company as short-term investments until they failed at auction in February.

David Nierenberg, who represents a Move shareholder group, in March called for Move’s board to remove Long and Move Chief Financial Officer Lewis R. Belote III for the problematic investment in the auction-rate securities, which has tied up money that Nierenberg asserts could have been used to fuel the company’s growth.

In its latest earnings announcement, Move stated, "These funds may not be accessible until future auctions of these investments are successful or they are redeemed by the issuers or they mature." And the maturity dates are more than two decades away, ranging from 2030 to 2047.

Move reported in its earnings statement that it has entered into a revolving line of credit to provide the company access to up to $65 million.

A patent lawsuit related to mapping technology has contributed to the company’s expenses, Move officials said during the earnings presentation.

Move’s stock price per share, which dropped below $2 in January, ended regular trading at $3.11 today, up 11 cents from Wednesday’s closing price.

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