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CoStar Group, Inc. Announces Fourth Quarter And Full-Year 2010 Results

Stocks in this article: CSGP

WASHINGTON, Feb. 23, 2011 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information, analytic and marketing services, announced that revenues for the year ended December 31, 2010 were $226.3 million, an increase of approximately 8% over revenues of $209.7 million for the full year of 2009. Revenues for the fourth quarter of 2010 totaled $58.2 million, an increase of $3.6 million compared to revenue of $54.6 million in the fourth quarter of 2009.

Net income for the quarter ended December 31, 2010 increased to $3.8 million, or $0.18 per diluted share, compared to net income of $3.4 million, or $0.16 per diluted share, for the quarter ended September 30, 2010. EBITDA (defined below) for the quarter ended December 31, 2010 increased to $10.4 million, compared to EBITDA of $9.4 million for the quarter ended September 30, 2010.

As of December 31, 2010, the Company had $239 million in cash, cash equivalents, short-term and long-term investments, which is an increase of $7.3 million since September 30, 2010. The Company has no long-term debt. Following the sale of its headquarters on February 18, 2011, the Company's cash and investments exceed $320 million.

Year 2009-2010 Quarterly Results-Unaudited
(in millions, except per share data)
  2009 2010
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                 
Revenues $ 51.4 $ 50.1 $ 53.6 $ 54.6 $ 55.1 $ 55.8 $ 57.1 $ 58.2
EBITDA  14.4 11.6 10.6 9.9 8.8 7.8 9.4 10.4
Net income 6.1 4.6 4.3 3.6 2.9 3.3 3.4 3.8
Net income per share - diluted 0.31 0.24 0.22 0.18 0.14 0.16 0.16 0.18
Weighted average outstanding shares - diluted 19.6 19.6 20.1 20.4 20.6 20.6 20.7 20.9

The majority of revenue growth during the fourth quarter of 2010 was driven by strong net new sales of CoStar's core subscription-based information services coupled with consistently high customer renewal rates. During the fourth quarter of 2010, the Company's 12-month trailing renewal rate for subscription-based services remained strong at over 90%, which increased 5 percentage points from approximately 85% one year ago. Subscription-based revenue accounted for approximately 94% of the Company's total revenue in the fourth quarter of 2010.

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