This Day On The Street
Continue to site
ADVERTISEMENT
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

CoStar First Quarter 2013 Revenue Grows 52% Year-Over-Year; Organic Growth Rate Of LoopNet Core Business Surges 219% Since Acquisition; Company Raises Revenue And Earnings Guidance

WASHINGTON, April 24, 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 first quarter of 2013 was $104.0 million versus $68.6 million in the first quarter of 2012, which represents an increase of 52% year-over-year.

"I am very pleased with the progress we have made since closing the LoopNet acquisition a year ago," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "We had a record $13.8 million in annualized net new sales in the first quarter of 2013, which is up 27% from last quarter. In March 2013, we recorded our best sales month ever."

Florance stated: "We achieved all-time high quarterly revenue for LoopNet Premium Membership in the first quarter of 2013 and increased the organic revenue growth rate for Premium Membership by 219%, from 5.2% in the first quarter of 2012 to 16.6% in the first quarter of 2013. Also, we increased the average new sales price 32% on Premium Membership from $57 to $75 year-over-year. In March 2013, 51% of all new Premium Membership subscribers signed up for annual contracts, up from almost no annual contracts before the acquisition."

"Total revenue synergies from the acquisition through the end of the first quarter of 2013 increased to $18.4 million, including $12.4 million of CoStar information sales to LoopNet members and approximately $2.0 million in LoopNet marketing services to CoStar clients. I expect we will achieve our goal of a $500 million revenue run rate and 30-35% adjusted EBITDA margins as we exit 2014," said Florance.
Year 2012-2013 Quarterly Results - Unaudited
(in millions, except per share data)
  2012 2013
  Q1 Q2 Q3 Q4 Q1
           
Revenues $68.6 $85.2 $96.0 $100.1 $104.0
EBITDA  11.9 8.2 19.6 20.5 7.6
Net income (loss) 5.1 (6.7) 6.8 4.7 (2.4)
Net income (loss) per share - diluted 0.20 (0.25) 0.24 0.17 (0.09)
Weighted average outstanding shares - diluted 25.5 26.5 27.7 27.7 27.4
           
Adjusted EBITDA 15.3 20.4 25.6 25.1 25.7
Non-GAAP Net Income 8.2 10.5 13.1 12.6 13.0
Non-GAAP Net Income per share - diluted 0.32 0.39 0.47 0.46 0.47

Adjusted EBITDA (which excludes stock-based compensation and other items as defined below) was $25.7 million for the first quarter of 2013 compared to $15.3 million in the first quarter of 2012, which is an increase of 68% year-over-year.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,183.08 +124.73 0.78%
S&P 500 1,922.40 +8.55 0.45%
NASDAQ 4,666.2760 +30.1710 0.65%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs