Reis, Inc. Announces Third Quarter 2016 Results

NEW YORK, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Reis, Inc. (NASDAQ:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, announced its financial results for the three and nine months ended September 30, 2016. 

Financial Highlights

Subscription revenue was $11.5 million for the three months ended September 30, 2016, a 4.9% decrease from the three months ended September 30, 2015 revenue of $12.1 million.  For the nine months ended September 30, 2016, the Company reported subscription revenue of $36.0 million, a 1.9% decrease from the comparable 2015 nine month period amount of $36.7 million. 

Income from continuing operations was $0.5 million, or $0.04 per basic and diluted share, for the three months ended September 30, 2016, as compared to $1.5 million, or $0.13 per basic and diluted share, for the three months ended September 30, 2015.  For the nine months ended September 30, 2016, the Company reported income from continuing operations of $3.0 million, or $0.27 per basic share and $0.26 per diluted share, as compared to the nine months ended September 30, 2015 amount of $5.7 million, or $0.51 per basic share and $0.49 per diluted share.

Reis Services EBITDA was $3.4 million during the third quarter of 2016, a 31.5% decrease from the third quarter 2015 amount of $4.9 million.  The Reis Services EBITDA margins were 29.1% and 40.5% for the three months ended September 30, 2016 and 2015, respectively (see the "Supplemental Financial Information and Reconciliations from GAAP to Non-GAAP Metrics" section at the end of this earnings release for a definition and reconciliations of income from continuing operations to EBITDA and Adjusted EBITDA for the Reis Services segment and on a consolidated basis).  Reis Services EBITDA was $12.9 million during the nine months ended September 30, 2016, a 17.5% decrease from the comparable 2015 period's amount of $15.6 million.  The Reis Services EBITDA margins were 35.8% and 42.5% for the nine months ended September 30, 2016 and 2015, respectively.

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