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WASHINGTON, Feb. 19, 2014 (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 year ended December 31, 2013 was $440.9 million, an increase of 26% over revenue of $349.9 million for the full year of 2012. Revenue for the fourth quarter of 2013 grew to $115.6 million versus $100.1 million in the fourth quarter of 2012, which represents an increase of 15.5% year-over-year.
EBITDA for the year ended December 31, 2013 was $94.2 million which is an increase of 56% over EBITDA of $60.2 million for the full year of 2012. EBITDA in the fourth quarter of 2013 increased to $31.5 million compared to $20.5 million in the fourth quarter of 2012, which represents an increase of $11.0 million or 54% year-over-year.
"2013 was the best year ever for CoStar Group," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "We increased revenue by $91 million in 2013. We also generated the highest EBITDA in our history with over $94 million in 2013. The LoopNet acquisition continues to augment our outstanding financial performance. We have achieved $50 million in cross-selling revenue and we have also strengthened the LoopNet marketplace by drawing more unique visitors and registered users while significantly increasing revenue, making LoopNet the fastest growing part of CoStar. This strong financial performance is providing us with resources to further fuel growth and focus on new technology enhancements and new services as we add to our industry leading global platform."
Florance added, "I am also very pleased that we achieved profitability in the United Kingdom in the fourth quarter of 2013. We invested in the U.K. several years ago by acquiring a number of companies and consolidating them. We then exported our research methodology from the U.S., developed an excellent team of researchers in Glasgow and built an unprecedented database of commercial real estate information in the U.K. At the beginning of 2013, we had a very successful launch of CoStar Suite
™ and CoStarGo® which resulted in strong financial performance and has solidified CoStar as the top information and analytics provider in the U.K. I expect that we will continue to expand margins and grow the top-line in the U.K. This clearly demonstrates and confirms that the CoStar business model can be successfully implemented internationally."
Year 2012-2013 Quarterly Results - Unaudited
(in millions, except per share data)
Net income (loss)
Net income (loss) per share - diluted
Weighted average outstanding shares - diluted
Non-GAAP Net Income
Non-GAAP Net Income per share - diluted
Net income for the year ended December 31, 2013 was $29.7 million or $1.05 per diluted share, which represents an increase of 200% over net income of $9.9 million for the full year of 2012. Net income in the fourth quarter of 2013 was $12.8 million or $0.45 per diluted share compared to $4.7 million or $0.17 per diluted share in the fourth quarter of 2012.