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CoStar Grows Year-Over-Year Revenue 15% And EBITDA 255%; Raises 2014 Revenue And Earnings Guidance

WASHINGTON, April 23, 2014 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the first quarter of 2014 was $119.1 million, an increase of approximately 15% over revenue of $104.0 million for the first quarter of 2013.

EBITDA in the first quarter of 2014 increased to $27.0 million compared to $7.6 million in the first quarter of 2013, which represents an increase of $19.4 million or 255% year-over-year. Adjusted EBITDA (defined below) was $37.0 million in the first quarter of 2014 versus $25.7 million in the first quarter of 2013, which is an increase of 44% year-over-year. Adjusted EBITDA margin was 31.1% for the first quarter of 2014 compared to 24.7% for the first quarter of 2013.

"We had a very strong first quarter as we continued to drive solid revenue growth," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "In March, we generated our highest monthly net new sales in our history which is a result of the substantial expansion of our field sales team late last year. As new sales executives become more productive throughout 2014 and into 2015, I expect our sales will continue to grow."

Florance continued, "Today we are very focused on executing on an exciting new business plan for Apartments.com. We announced our agreement to acquire Apartments.com less than two months ago and we closed the acquisition just 22 days ago, yet in that short time we believe we have developed a transformative customer centric business plan that will result in significant and sustainable revenue and earnings growth. Hundreds of talented personnel from LoopNet, CoStar, and Apartments.com are already aligning and working together to jointly execute on that innovative business plan. I believe that this is the fastest I have ever seen merging companies come together around a common business objective." 
Year 2013-2014 Quarterly Results - Unaudited
(in millions, except per share data)
  2013 2014
  Q1 Q2 Q3 Q4 Q1
           
Revenues $104.0 $109.0 $112.3 $115.6 $119.1
EBITDA 7.6 25.3 29.8 31.5 27.0
Net income (loss) (2.4) 8.3 11.1 12.8 9.7
Net income (loss) per share - diluted (0.09) 0.29 0.39 0.45 0.34
Weighted average outstanding shares - diluted 27.4 28.2 28.3 28.4 28.8
           
Adjusted EBITDA 25.7 32.6 37.7 40.8 37.0
Non-GAAP Net Income 13.0 17.2 20.2 22.2 19.8
Non-GAAP Net Income per share - diluted 0.47 0.61 0.71 0.78 0.69
           

Net income in the first quarter of 2014 was $9.7 million or $0.34 per diluted share compared to a net loss of ($2.4) million or ($0.09) per diluted share in the first quarter of 2013. Non-GAAP net income (defined below) in the first quarter of 2014 was $19.8 million or $0.69 per diluted share, which represents an increase of $6.8 million or 52% year-over-year.

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