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CoStar Fourth Quarter Revenue Climbs 51% Year-Over-Year Reaching $100 Million And Drives 86% Year-Over-Year EBITDA Increase

Stocks in this article: CSGP

WASHINGTON, Feb. 27, 2013 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading internet provider of information, analytics and marketing services, announced today that revenue for the fourth quarter of 2012 was $100.1 million versus $66.2 million in the fourth quarter of 2011, which represents an increase of 51% year-over-year. Revenue for the year ended December 31, 2012 was $349.9 million, an increase of 39% over revenue of $251.7 million for the full year of 2011.

Year 2011-2012 Quarterly Results - Unaudited
(in millions, except per share data)
  2011 2012
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Revenues $ 59.6 $ 62.1 $ 63.8  $ 66.2 $ 68.6 $ 85.2 $ 96.0 $ 100.1
EBITDA 10.5 7.1 6.0 11.0 11.9 8.2 19.6 20.5
Net income (loss) 4.5 2.6 2.3  5.2 5.1 (6.7) 6.8 4.7
Net income (loss) per share - diluted 0.22 0.12 0.09 0.20 0.20 (0.25) 0.24 0.17
Weighted average outstanding shares - diluted 21.0 22.4 25.3 25.4 25.5 26.5 27.7 27.7
Adjusted EBITDA 12.6 14.3 14.0  16.0 15.3 20.4 25.6 25.1
Non-GAAP Net Income 6.2 7.3 7.2 8.4 8.2 10.5 13.1 12.6
Non-GAAP Net Income per share - diluted 0.29 0.33 0.28 0.33 0.32 0.39 0.47 0.46

"2012 was an exceptional year for CoStar both financially and strategically," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "We closed the LoopNet acquisition, and I am very pleased with the early successes we are achieving as we continue integrating the two companies. In the 10 months since we closed the acquisition of LoopNet, we have achieved cost synergies of approximately $18 million. We are successfully upselling LoopNet information users to CoStar information services. CoStar has now sold approximately $10 million of annual contract value in information services to LoopNet members who previously only had a $160,000 commitment. Similarly, we have sold $1.7 million of LoopNet marketing services to CoStar clients."

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