LoopNet, Inc. Announces Fourth Quarter And Fiscal 2011 Financial Results

LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the fourth quarter and year ended December 31, 2011.

LoopNet’s revenue for the fourth quarter of 2011 was $22.1 million, compared to $20.0 million in the fourth quarter of 2010. Net loss applicable to common stockholders for the fourth quarter of 2011 was $2.7 million or $0.07 per diluted share, compared to net income applicable to common stockholders of $7.2 million or $0.17 per diluted share in the fourth quarter of 2010. Net loss applicable to common stockholders for the fourth quarter of 2011 included merger related costs of $7.5 million or $0.11 per diluted share, and an impairment charge related to an equity investment of $1.7 million or $0.03 per diluted share. Net income applicable to common stockholders for the fourth quarter of 2010 included a positive tax adjustment of $5.4 million or $0.13 per diluted share related to the reversal of the income tax valuation allowance for certain federal and state net operating loss carryforwards, an insurance reimbursement for litigation related fees of $750,000 or $0.01 per diluted share, and an impairment charge related to an equity investment of $1.4 million or $0.02 per diluted share. Excluding the above items net income applicable to common stockholders for the fourth quarter of 2011 was $0.07 per diluted share, compared to $0.05 per diluted share in the fourth quarter of 2010.

Non-GAAP net income, which excludes stock-based compensation, merger related costs, impairment charges, litigation related recoveries, amortization of acquired intangible assets and certain tax adjustments, for the fourth quarter of 2011 was $4.8 million or $0.11 per diluted share, compared to $4.0 million or $0.10 per diluted share in the fourth quarter of 2010.

LoopNet’s Adjusted EBITDA (earnings before net interest and other income (expense), income taxes, depreciation, amortization, stock-based compensation, merger related costs and litigation related recoveries) for the fourth quarter of 2011 was $7.8 million, compared to $7.0 million in the fourth quarter of 2010.

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