For the first quarter, LOOP beat the analyst expectations for sales ($20.6 million versus the consensus estimate of $20.2 million) and EPS ($.12 versus the consensus estimate of $.11, adjusted for litigation costs):
LoopNet, Inc. Announces First Quarter 2008 Financial Results
Wednesday April 30, 4:01 pm ET
Year Over Year Revenue Growth of 33% - Adjusted EBITDA Growth of 31%
SAN FRANCISCO--(BUSINESS WIRE)--LoopNet, Inc. (NASDAQ:LOOP - News), today announced financial results for the first quarter ended March 31, 2008.
Revenue for the first quarter of 2008 was $20.6 million, an increase of 33% from $15.5 million in the first quarter of 2007. Net income for the first quarter of 2008 was $4.9 million or $0.12 per diluted share, compared to $4.5 million or $0.11 per diluted share in the first quarter of 2007. Net income in the first quarter of 2008 included $0.01 per diluted share of litigation related costs.
LoopNet’s Adjusted EBITDA (earnings before interest, tax, depreciation, amortization, stock-based compensation and litigation related costs) for the first quarter of 2008 was $9.6 million, an increase of 31% from $7.3 million in the first quarter of 2007. The Company has reported Adjusted EBITDA because management uses it to monitor and assess the Company’s performance and believes it is helpful to investors in understanding the Company’s business.
"We are pleased to report another quarter of strong financial results for the first quarter of 2008. The LoopNet team has continued to execute our business plan with outstanding focus on providing value to our customers,” said LoopNet Chairman and CEO Richard Boyle. “With solid growth in our core marketplace delivering unparalled value to our users, as well as strategic moves such as the REApplication acquisition, we believe we are well positioned to continue to build our business for the future.”
The number of LoopNet registered members, which includes both basic and premium members, grew to 2,781,109 during the first quarter of 2008, a 39% increase over the first quarter of 2007. The number of LoopNet premium members as of the end of the first quarter of 2008 was 88,226, a 4% increase over the first quarter of 2007. The average monthly price of premium membership increased to $59.20, a 19% increase over the first quarter of 2007. There were 596,000 total commercial real estate listings active on the LoopNet marketplace as of the end of the first quarter, a 24% increase over the first quarter of 2007. In addition, there were 44.2 million profile views of listings on the LoopNet marketplace during the quarter, a 15% increase over the first quarter of 2007. Average monthly unique visitors during the first quarter of 2008, as reported by comScore Media Metrix, were approximately 950,000, a 7% increase over the first quarter of 2007.
Stock Repurchase Program
Since the announcement of the $50 million stock repurchase program on February 5, 2008, the Company has repurchased 3,306,163 shares of its common stock for $39.1 million, which represents 9.3% of shares outstanding.
Balance Sheet and Liquidity
As of March 31, 2008, LoopNet had $76.3 million of cash, cash equivalents and short-term investments and no debt.
2008 Outlook
Based on current visibility, the Company expects revenue for the quarter ending June 30, 2008 to be in the range of $21.7 to $22.0 million, Adjusted EBITDA to be in the range of $9.5 to $9.8 million and net income to be in the range of $0.12 to $0.13 per diluted share, assuming stock-based compensation of $0.02 to $0.03 per share (net of tax benefit) and an effective tax rate of approximately 41.2%. The Company expects revenue for the full year of 2008 to be in the range of $86.3 to $88.3 million, Adjusted EBITDA to be in the range of $37.5 to $39.5 million and net income to be in the range of $0.45 to $0.48 per diluted share, assuming stock-based compensation of $0.10 to $0.11 per share (net of tax benefit) and an effective tax rate of approximately 41.2%. The Adjusted EBITDA and net income guidance for the quarter ending June 30, 2008 and the full year of 2008 exclude litigation related costs.
Conference Call Information
LoopNet, Inc. will discuss these financial results in a conference call at 1:30 p.m. PDT, 4:30 p.m. EDT, today. To participate in the conference call, please dial 866-256-9239 if you are calling from within the United States or 703-639-1213 if you are calling from outside the United States and enter pass code number 1225870. Investors may also listen to a live web cast of the conference call on the investor relations section of our website at investor.LoopNet.com/events.cfm. For investors unable to participate in the live conference call, an audio replay will be available until Monday, May 5, 2008 at 8:59 p.m. PDT. To access the audio replay, dial 888-266-2081 within the United States or 703-925-2533 internationally and enter pass code number 1225870. A web cast replay of the call will be available on the investor relations section of our website at investor.LoopNet.com/events.cfm approximately two hours after the conclusion of the call and will remain available for 30 calendar days.
Non-GAAP Financial Measures
This press release includes a discussion of Adjusted EBITDA, which is a non-GAAP financial measure provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before net interest, income taxes, depreciation, amortization, stock-based compensation and litigation related costs. Adjusted EBITDA is not a substitute for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA as reported by other companies. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate the operating performance of our business. We also believe that Adjusted EBITDA allows for a more accurate comparison of our operating results over historical periods. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance, and we also use Adjusted EBITDA for planning purposes and in presentations to our board of directors. A limitation of Adjusted EBITDA is that it does not include all items that impact our net income for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of net income, which includes the items that are excluded from Adjusted EBITDA. A reconciliation of this non-GAAP measure to GAAP is provided in the attached tables.
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The full finanical statements can be found here:
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