Monday, November 5, 2012 profit falls as business shifts

In its first full quarter since selling its mortgage origination business, Charlotte-based posted a profit of $4.4 million, two-thirds less than the same time period a year ago.

The company is best known for its LendingTree mortgage website, but also operates sites listing colleges and home improvement services. sold its mortgage origination business last quarter to Discover Financial for nearly $26 million as the company seeks to return to a strictly lead-generation business.

The company said that without taking its discontinued mortgage business into account, its financial performance has been improving.

"Tree delivered another great quarter. This was our first full quarter as a pure-play performance marketing company and we grew both top- and bottom-line," CEO Doug Lebda said in a statement. "We continue to leverage our brands to drive consumers to our sites and provide quality leads to our clients."