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ZipRealty Announces Second Quarter 2010 Results

ZipRealty, Inc. (Nasdaq: ZIPR) today announced financial results for its second quarter ended June 30, 2010. For the second quarter, net revenues were $37.6 million, a 17% increase from the $32.1 million reported in the second quarter last year. The Company’s net loss for the period was $225,000, or $0.01 per share, compared to a net loss of $2.4 million, or $0.12 per share, in the year-ago period. Adjusted EBITDA for the second quarter was $1.3 million versus a loss of $900,000 in the second quarter last year.

Pat Lashinsky, President and CEO of ZipRealty commented, “We were pleased with second quarter results which were characterized by high-teens revenue growth and positive Adjusted EBITDA. The first time home buyer tax credit stimulated market activity, and ZipRealty’s performance was driven by progress in our listings business and solid closing yields, with year-to-year agent productivity gains for the eighth consecutive quarter. Improved gross margins and continuing expense management also contributed to the favorable year-to-year and sequential quarterly results.”

Lashinsky continued, “Housing market momentum and our client activity levels downshifted significantly by the end of the second quarter and, consequently, we are revising our full year outlook. However, we are committed to making progress on our strategic priorities and plan to continue driving innovation aimed at serving customers and enabling agents. Along these lines, we are looking forward to the transition we will make in the third quarter to engage all of our California agents as independent contractors. We believe that offering the best of ZipRealty’s leads, technology and systems in combination with the flexibility of the contractor model will create new opportunities for growth in our largest and most established region. Ultimately, our balance sheet remains strong and we are focused on executing our plan in a volatile environment.”

The Company announced the following operating metrics for the second quarter of 2010:
  • The total value of real estate transactions closed increased to $1.6 billion in the second quarter of 2010 versus $1.4 billion in the same period last year.
  • The total number of transactions closed was 7,100, compared to 6,017 in the same period last year.
  • Average net transaction revenue per close decreased approximately 2.7% to $5,129 from $5,269 in the same period last year.
  • At June 30, 2010, the company retained 3,251 ZipAgents, up from 3,172 agents at the end of the second quarter of 2009 and 3,017 agents at March 31, 2010.

Balance Sheet & Liquidity

As of June 30, 2010, the Company had approximately $39.9 million of cash, cash equivalents and short-term investments, with no long-term debt. Relative to March 31, 2010 ZipRealty’s cash, cash equivalents and short-term investments increased by approximately $1.7 million

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