This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

ZipRealty Announces First Quarter 2010 Results

ZipRealty, Inc. (Nasdaq: ZIPR) today announced financial results for its first quarter ended March 31, 2010. For the first quarter, net revenues were $25.8 million, an 18.8% increase from the $21.7 million reported in the first quarter last year. The Company’s net loss for the period was $6.2 million, or $0.31 per share, compared to a net loss of $7.5 million, or $0.38 per share, in the year-ago period. Adjusted EBITDA for the first quarter was a $5.0 million loss versus a loss of $6.2 million in the first quarter last year.

Pat Lashinsky, President and CEO of ZipRealty commented, “We were pleased with first quarter results which saw an 18.8% revenue gain driven by strong volume and stable home prices. Improved gross margins and controlled expense growth helped narrow our operating loss versus the prior period. In terms of our strategic initiatives, listing close volumes increased 73% year to year, non-transaction revenue doubled, and we outpaced the industry to gain market share again in the first quarter.”

Lashinsky continued, “Innovation remains a high priority, and we continue to develop features designed to improve the ZipRealty experience for buyers and sellers. In 2010, we launched our application for Android phones, released a ground-breaking second generation iPhone application bringing augmented reality to real estate, and we then made it all available for Apple's iPad as well. These, and other advancements over the years, have helped build our brand into a differentiated platform with the industry’s most trafficked website, and in April, we were gratified to have completed our 100,000th real estate transaction since our start in 1999.”

The Company announced the following operating metrics for the first quarter of 2010:

  • The total value of real estate transactions closed increased to $1.1 billion in the first quarter of 2010 versus $909 million in the same period last year.
  • The total number of transactions closed was 4,903, compared to 4,171 in the same period last year.
  • Average net transaction revenue per close decreased approximately 1.0% to $5,067 from $5,119 in the same period last year.
  • At March 31, 2010, there were 3,017 ZipAgents employed, up from 2,989 agents at the end of the first quarter of 2009 and down from 3,085 agents at December 31, 2009.

Balance Sheet & Liquidity

As of March 31, 2010, the Company had approximately $38.1 million of cash, cash equivalents and short-term investments, with no long-term debt. Relative to December 31, 2009 ZipRealty’s cash, cash equivalents and short-term investments decreased by approximately $6.0 million reflecting the use of cash during the Company’s seasonally smallest quarter.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs