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)|
|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|
|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|
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