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CoStar Grows Year-Over-Year Revenue 28% And EBITDA 209%; Company Raises 2013 Revenue And Earnings Guidance

WASHINGTON, July 24, 2013 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the primary provider of websites for commercial real estate information, analytics and marketing services, announced today that revenue for the second quarter of 2013 climbed to $109.0 million versus $85.2 million in the second quarter of 2012, which represents an increase of 28% year-over-year.

EBITDA in the second quarter of 2013 increased to $25.3 million compared to $8.2 million in the second quarter of 2012. This represents an increase of $17.1 million or 209% year-over-year. EBITDA margin rose to 23% for the second quarter of 2013, which is a 141% increase year-over-year.

"Net new sales in the second quarter grew 49% year-over-year leading us to our best sales, revenue and EBITDA results ever," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "Cross-selling between our CoStar and LoopNet client bases continues to gain momentum with total revenue synergies now reaching approximately $27.3 million, a 48% increase from last quarter. Record net new sales in the United Kingdom following the release of CoStarGo and CoStar Suite in the U.K. also contributed to our best ever quarter."

Year 2012-2013 Quarterly Results - Unaudited
(in millions, except per share data)
  2012 2013
  Q1 Q2 Q3 Q4 Q1 Q2
             
Revenues $68.6 $85.2 $96.0 $100.1 $104.0 $109.0
EBITDA  11.9 8.2 19.6 20.5 7.6 25.3
Net income (loss) 5.1 (6.7) 6.8 4.7 (2.4) 8.3
Net income (loss) per share - diluted 0.20 (0.25) 0.24 0.17 (0.09) 0.29
Weighted average outstanding shares - diluted 25.5 26.5 27.7 27.7 27.4 28.2
             
Adjusted EBITDA 15.3 20.4 25.6 25.1 25.7 32.6
Non-GAAP Net Income 8.2 10.5 13.1 12.6 13.0 17.2
Non-GAAP Net Income per share - diluted 0.32 0.39 0.47 0.46 0.47 0.61

Non-GAAP net income (defined below) in the second quarter of 2013 was $17.2 million or $0.61 per diluted share, which represents an increase of $6.7 million or 64% year-over-year. Net income in the second quarter of 2013 was $8.3 million or $0.29 per diluted share compared to a net loss of ($6.7) million in the second quarter of 2012. Adjusted EBITDA (which excludes stock based compensation and other items as defined below) was $32.6 million for the second quarter of 2013 versus $20.4 million in the second quarter of 2012, which is an increase of 60% year-over-year. Adjusted EBITDA margin was 30% for the second quarter of 2013.

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