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CoStar Increases Year-Over-Year Revenue 17% And EBITDA 52%; Raises 2013 Revenue And Earnings Guidance

WASHINGTON, Oct. 23, 2013 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the leading provider of commercial real estate information, analytics and marketing services, announced today that revenue for the third quarter of 2013 grew to $112.3 million versus $96.0 million in the third quarter of 2012, which represents an increase of 17% year-over-year.

EBITDA in the third quarter of 2013 increased to $29.8 million compared to $19.6 million in the third quarter of 2012, which represents an increase of $10.2 million or 52% year-over-year.

"We have now achieved nearly $36 million of revenue synergies from cross-selling the CoStar and LoopNet client bases, which is driving year-over-year mid-teens revenue growth and significantly expanding margins," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "Last week in select cities in the United States and across the United Kingdom we began the rollout of five major product enhancements."

Florance continued, "First, we made significant upgrades to CoStar Suite with a new user interface and map search capabilities. Second, we added powerful analytics that provide users customizable property and market analytics. Third, we released CoStarGo® 2.0, the next generation of our iPad application, also featuring customizable analytics. Fourth, we launched our coverage of comprehensive multifamily information and analytics that we believe will increase our penetration with brokers, banks, owners and institutional investors. The fifth release is CoStar LeaseAnalysis™, an integrated workflow tool that allows clients to incorporate CoStar data with their own data to do intensive lease analysis. These releases have been well-received by our clients and we believe they will be yet another driver of high margin revenue growth."
Year 2012-2013 Quarterly Results - Unaudited
(in millions, except per share data)
  2012 2013
  Q1 Q2 Q3 Q4 Q1 Q2 Q3
Revenues $68.6 $85.2 $96.0 $100.1 $104.0 $109.0 $112.3
EBITDA  11.9 8.2 19.6 20.5 7.6 25.3 29.8
Net income (loss) 5.1 (6.7) 6.8 4.7 (2.4) 8.3 11.1
Net income (loss) per share - diluted 0.20 (0.25) 0.24 0.17 (0.09) 0.29 0.39
Weighted average outstanding shares - diluted 25.5 26.5 27.7 27.7 27.4 28.2 28.3
Adjusted EBITDA 15.3 20.4 25.6 25.1 25.7 32.6 37.7
Non-GAAP Net Income 8.2 10.5 13.1 12.6 13.0 17.2 20.2
Non-GAAP Net Income per share - diluted 0.32 0.39 0.47 0.46 0.47 0.61 0.71

Non-GAAP net income (defined below) in the third quarter of 2013 was $20.2 million or $0.71 per diluted share, which represents an increase of $7.1 million or 54% year-over-year. Net income in the third quarter of 2013 was $11.1 million or $0.39 per diluted share compared to $6.8 million or $0.24 per diluted share in the third quarter of 2012. Adjusted EBITDA (which excludes stock based compensation and other items as defined below) was $37.7 million for the third quarter of 2013 versus $25.6 million in the third quarter of 2012, which is an increase of 47% year-over-year. Adjusted EBITDA margin was 33.6% for the third quarter of 2013 compared to 26.7% for the third quarter of 2012.

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