LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the third quarter 2011.
LoopNet’s revenue for the third quarter of 2011 was $22.2 million, compared to $21.6 million in the second quarter of 2011, and $19.8 million in the third quarter of 2010. Net income applicable to common stockholders for the third quarter of 2011 was $0.9 million or $0.02 per diluted share, compared to $2.7 million or $0.06 per diluted share in the third quarter of 2010. Net income applicable to common stockholders for the third quarter of 2011 included acquisition related costs of $0.05 per diluted share. Non-GAAP net income, which excludes stock-based compensation, acquisition related costs and amortization of acquired intangible assets, for the third quarter of 2011 was $5.2 million or $0.12 per diluted share, compared to $4.4 million or $0.11 per diluted share in the third quarter of 2010. The effective tax rate for the third quarter of 2011 was 24.1% compared to 34.8% in the third quarter of 2010.
LoopNet’s Adjusted EBITDA (earnings before net interest and other income (expense), income taxes, depreciation, amortization, stock-based compensation and acquisition related costs) for the third quarter of 2011 was $7.7 million, compared to $7.4 million in the third quarter of 2010.
Key operating metrics and business highlights from the third quarter of 2011 include:
- Unique paying subscribers to one or more of LoopNet’s commercial real estate related services was 94,793, as of the end of the quarter;
- Average monthly price paid by the company’s unique subscribers was $60.01 during the quarter;
- LoopNet Premium Members were 73,283, as of the end of the quarter;
- Average monthly price of LoopNet Premium Membership was $66.34 during the quarter;
- Total commercial real estate listings active on the LoopNet marketplace were 824,761, as of the end of the quarter;
- Total profile views of listings on the LoopNet marketplace were 84.8 million during the quarter;
- LoopNet Registered Members, which includes Basic and Premium Members, were 5,241,489, as of the end of the quarter; and,
- Average monthly unique visitors to LoopNet owned websites during the quarter was approximately 3.0 million per month, according to comScore. LoopNet owned websites include LoopNet.com, CityFeet.com, LandandFarm.com, LandsofAmercia.com, BizQuest.com and BizBuySell.com.
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