Tree.com Announces 2010 Guidance CNNMoney.com (press release)
CHARLOTTE, N.C., Dec. 10, 2009 (GLOBE NEWSWIRE) -- Tree.com, Inc. (Nasdaq:TREE) today released full year 2010 revenue and earnings guidance. The Company expects continued growth in its new consumer verticals, specifically Education and Home Services, as well as additional growth in Real Estate which positively impacts this guidance. Additionally, the Company has identified cost efficiencies that will be realized by reorganizing certain processes and eliminating certain duplicative cost structures, principally combining Tree's call center functions into one centrally managed organization and reducing redundant network and corporate staff roles. As a result of this cost rationalization, Tree.com expects to decrease annualized compensation costs by approximately $5.5 million and facilities and overhead costs by $3.0 million.
Doug Lebda, Chairman and CEO of Tree.com, stated, "We are pleased to see signs of stability in the real estate and mortgage markets and continue to be encouraged by our new verticals. We expect to see a decline in refinance originations in 2010, particularly after the record setting first half of 2009. However, improving demand from our network lenders, continued agent growth in Real Estate and a full year of results from our recently acquired Education and Home Services businesses should enable us to grow our top-line revenue if the mortgage market remains stable."
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