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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

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 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

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