Banking

March 10, 2014

Tree.com reports breakeven results in 4Q quarter

The parent company of LendingTree on Monday posted breakeven results in the fourth quarter from a year ago, as it reported a $1.3 million loss from discontinued operations.

The parent company of LendingTree on Monday posted breakeven results in the fourth quarter from a year ago, as it reported a $1.3 million loss from discontinued operations.

Ballantyne-based Tree.com said the loss related to the 2012 sale of the company’s home loan origination business to Discover Financial Services.

Mortgage products continue to generate the lion’s share of revenue for the company, whose signature website, LendingTree.com, matches borrowers with mortgage, auto and other lenders. The company said its mortgage-related revenue grew 49 percent to $31.2 million from $21 million a year ago.

Overall revenue rose 52 percent to $36.4 million from $23.9 million a year earlier.

Tree.com executives said the company’s diversification strategy is helping it grow new revenue streams. Last year, the company began allowing consumers to shop for reverse mortgages on Lendingtree.com. Also last year, the company added the ability to comparison shop for credit cards, and it relaunched its personal loan product.

The company is waiting for a federal jury to issue a decision in a case involving LendingTree’s patents. In 2010, LendingTree sued competitors, alleging they infringed on patents it filed beginning in the late 1990s to protect its methods for matching borrowers with lenders.

Closing arguments in the case wrapped up Monday. The jury is expect to begin deliberating this week.

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