Interchange Corp. said Tuesday it plans to double the size of its headquarters in a move from Laguna Hills to Irvine.
The company, a paid Internet search provider, signed a five-year lease with The Irvine Company for 23,000 square feet of space.
Interchange said it plans to move later this year. The move “is necessary to accommodate Interchange’s planned future growth,” the company said in a release.
The online advertising company has had quite a ride on Wall Street since its public offering last year.
Interchange shares have traded between $7.2 and $31.8 a share. The company reported sales of $6 million for the fourth quarter, up 115% from a year earlier. Operating profit fell 12% to $413,000.
But Wall Street didn’t like the results. Analysts had expected nearly $7 million in sales for the quarter. And they were further spooked by Interchange’s projection of lower-than-expected profits for the first quarter and the year.
“In 2005 the company is making significant investments in research and development, as well as sales and marketing and expects to realize the benefits of these investments in future periods,” Interchange said in a statement about its profit outlook.
Shares were trading hands at $11.2 a share Tuesday.
