![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ziprealty (MM) | NASDAQ:ZIPR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.74 | 0 | 01:00:00 |
ZipRealty, Inc. (Nasdaq: ZIPR) today announced financial results for its fourth quarter and full-year ended December 31, 2008. For the fourth quarter, net revenues were $25.1 million, an 18.3% increase from the $21.2 million reported in the fourth quarter last year. The Company’s net loss for the period was $2.7 million, or $0.14 per share, compared to a net loss of $5.9 million, or $0.26 per share, in the year-ago period. The pro forma loss per share, excluding the effect of stock-based compensation and one-time items, was $0.18 for the fourth quarter of 2008 versus $0.22 loss per share for the same period a year ago.
Pat Lashinsky, President and CEO of ZipRealty, commented, “We were very pleased that, despite historic economic challenges in 2008, ZipRealty marked its tenth consecutive year of revenue growth. We credit our ongoing investments in technology and people, which have driven high customer satisfaction levels, market share gains and agent efficiency.” Lashinsky continued, “In the near term, we continue to be cautious about the overall residential real estate market, as various regions of the country are in different stages of rationalizing price and inventory. However, we remain excited about our market position and strategic momentum and believe we have significant opportunity to innovate and grow over the long term.”
Lashinsky concluded, “Throughout the current downturn, ZipRealty has maintained a strong liquidity position and an unwavering commitment to outstanding customer service. We believe that our focus on the real estate consumer and providing a great customer experience, supercharged by prudent investments in our technology, will position ZipRealty to prosper and profit from an eventual industry recovery.”
In 2008, net revenues increased for the tenth consecutive year to $107.5 million, a 3.5% increase from the $103.9 million reported in 2007. The Company’s net loss for the year was $13.3 million, or $0.64 per share, compared to a net loss of $14.9 million, or $0.66 per share, in the prior year. The pro forma loss per share was $0.52 for the year versus a $0.34 loss per share last year. The cash used in operating activities was $11.6 million in 2008 compared to $5.7 million in 2007.
The Company announced the following operating metrics for the fourth quarter of 2008:
The following operating metrics pertain to the full-year 2008 results:
Balance Sheet & Liquidity
As of December 31, 2008, the Company had approximately $49.4 million of cash, cash equivalents and short-term investments, with no long-term debt.
Use of Non-GAAP Financial Measures
To supplement its financial statements presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ZipRealty uses a non-GAAP measure of net income (loss) it refers to as “pro forma net income (loss)” that excludes certain items including stock-based compensation, non-cash income taxes, and certain one-time items, if any. A reconciliation of this non-GAAP measure to GAAP is provided in the attached tables. These non-GAAP adjustments are provided to enhance the user's overall understanding of ZipRealty’s current financial performance and its prospects for the future. ZipRealty believes these non-GAAP results provide useful information to both management and investors by excluding certain items it believes are not indicative of its core operating results and thus presents a more meaningful basis for comparison between periods. Further, this non-GAAP method involves key information management uses for planning and forecasting its future operations. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.
Outlook
In 2009, the Company plans to limit expansion to 1 to 2 new markets, including the previously announced entry into the Portland market in early 2009, as it focuses resources on optimizing the return on investment in all of its markets. Based on this plan and management’s current information, the Company anticipates the following:
Conference Call Details
A conference call to discuss fourth quarter and year-end financial results and the Company’s outlook for 2009 will be webcast live on Thursday, March 12, 2009 at 5:00 p.m. Eastern Time on the investor relations section of ZipRealty’s website, www.ziprealty.com. Listeners may also access the call by dialing 888-778-9052. A replay of the conference call will be available through March 19, 2009 by dialing 888-203-1112, password 4124376.
About ZipRealty, Inc.
ZipRealty is a full-service residential real estate brokerage firm. The Company utilizes its user-friendly website and employee real estate agents to provide homebuyers and sellers with high-quality service and value. ZipRealty's website provides users with access to comprehensive local Multiple Listing Services home listings data, as well as other relevant market and neighborhood information. The Company's proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers as permitted by law. Founded in 1999, the company operates in 35 major markets in 21 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.
Cautionary Language
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including, without limitation, statements that we remain cautious about the overall residential real estate market and excited about our market position and strategic momentum, that we believe we have a significant opportunity to innovate and grow the business in the future, and that we are confident that maintaining strong liquidity, an unwavering commitment to customer service, and prudent investments in our people, technology and brand will position the company to prosper and profit as the market recovers. Forward-looking statements also include those appearing under the heading “Outlook,” including limiting expansion to 1 or 2 new markets, and certain ranges of revenue and narrowing of GAAP income (loss). The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The risks and uncertainties include but are not limited to our history of losses and expectation of future losses, volatility in the real estate market, macroeconomic challenges, including a loss of consumer confidence and high unemployment, a continuing decline in the residential real estate market, including an increase in sales of distressed properties and a decline in the number and/or sales prices of homes, changes in interest rates, the ability of home buyers to obtain mortgage financings on acceptable terms, the impact of tight credit on the housing market, the impact of federal and/or state efforts designed to bolster the housing and credit markets, the Company’s ability to hire, retain and train qualified agents and key personnel, the Company’s access to MLS listings and leads from third parties that it does not control, the newness and scalability of the Company’s business model, legal challenges to the Company’s compensation plans, including expense policies, under federal and state wage and hour laws, the Company’s ability to manage growth in terms of personnel, expansion into new markets, information and control systems and legal restrictions, the Company’s ability to comply with often complex federal and state laws and regulations concerning real estate brokerage, other core services such as insurance, internet content, privacy and other matters as well as rules of real estate industry organizations, competition, management transitions, use by Internet service providers and personal computer users of more restrictive email filters, seasonality, geographic concentration, and other risk factors set forth in the Company's Form 10Q for its recently completed third quarter ended September 30, 2008. The forward-looking statements included in this release are made as of today’s date and, except as otherwise required by law, ZipRealty does not intend to update these forward-looking statements to reflect events or circumstances after the date hereof.
ZipRealty, Inc. Consolidated Statements of Operations (unaudited) (in thousands, except per share amounts and operating data) Three Months Ended Twelve Months Ended December 31, December 31, 2008 2007 2008 2007 Net transaction revenues $ 24,667 $ 20,694 $ 105,427 $ 101,100 Referral and other revenues 383 476 2,023 2,762 Net revenues 25,050 21,170 107,450 103,862 Operating expenses Cost of revenues 15,293 12,589 62,702 58,613 Product development 2,191 1,991 8,678 7,320 Sales and marketing 9,676 9,950 40,571 38,256 General and administrative 3,045 3,627 12,789 15,409 Litigation (recovery), net (1,980 ) - (1,355 ) 3,550 Total operating expenses 28,225 28,157 123,385 123,148 Loss from operations (3,175 ) (6,987 ) (15,935 ) (19,286 ) Other income (expense), net Interest income 457 1,072 2,518 4,401 Other income (expense), net - (1 ) 75 1 Total other income (expense), net 457 1,071 2,593 4,402 Loss before income taxes (2,718 ) (5,916 ) (13,342 ) (14,884 ) Provision for income taxes - - - - Net loss $ (2,718 ) $ (5,916 ) $ (13,342 ) $ (14,884 ) Net loss per share: Basic and diluted $ (0.14 ) $ (0.26 ) $ (0.64 ) $ (0.66 ) Weighted average common shares outstanding: Basic and diluted 20,049 23,194 20,917 22,586 Supplemental operating data (unaudited) Number of ZipAgents at beginning of period 2,814 2,263 2,180 1,794 Number of ZipAgents at end of period 2,816 2,180 2,816 2,180 Total value of real estate transactions closed during period (in billions) $ 1.07 $ 0.92 $ 4.64 $ 4.62 Number of transactions closed during period (1) 4,335 3,035 17,156 13,962 Average net revenue per transaction during period (2) $ 5,690 $ 6,818 $ 6,145 $ 7,241 (1) The term "transaction" refers to each representation of a buyer or seller in a real estate purchase or sale. (2) Average net revenue per transaction equals net transaction revenues divided by number of transactions with respect to each period. Pro forma net income (loss) and pro forma net income (loss) per sharePro forma net income (loss) and pro forma net income (loss) per share have been computed to give effect to excluding stock-based compensation expense, non-cash income taxes, and certain one-time items, if any. Management believes that pro forma net income (loss) for the three and twelve months ended December 31, 2008 and 2007 provides useful information to investors because it excludes the impact of items it believes are not indicative of its core operating results and thus presents a more consistent basis for comparison between periods.
Three Months Ended Twelve Months Ended December 31, December 31, 2008 2007 2008 2007 GAAP net loss as reported $ (2,718 ) $ (5,916 ) $ (13,342 ) $ (14,884 ) Stock-based compensation 1,012 889 3,912 3,751 Non-cash income taxes - - - - One-time item; litigation (recovery), net (1,980 ) - (1,355 ) 3,550 Pro forma net loss $ (3,686 ) $ (5,027 ) $ (10,785 ) $ (7,583 ) Pro forma net loss per share: Basic and diluted $ (0.18 ) $ (0.22 ) $ (0.52 ) $ (0.34 ) Pro forma weighted average common shares outstanding: Basic and diluted 20,049 23,194 20,917 22,586 ZipRealty, Inc. Consolidated Balance Sheets (unaudited) (in thousands, except per share amounts) December 31, December 31, 2008 2007 Assets Current assets: Cash and cash equivalents $ 18,500 $ 7,818 Short-term investments 30,889 72,649 Accounts receivable, net of allowance 1,625 1,170 Prepaid expenses and other current assets 3,442 3,267 Total current assets 54,456 84,904 Restricted cash 130 90 Property and equipment, net 4,516 5,366 Intangible assets, net 89 119 Other assets 776 340 Total assets $ 59,967 $ 90,819 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,169 $ 2,095 Accrued expenses and other current liabilities 6,706 10,495 Total current liabilities 8,875 12,590 Other long-term liabilities 441 503 Total liabilities 9,316 13,093 Stockholders' equity:Common stock: $0.001 par value; 23,709 and 23,651 shares issued and 20,273 and 23,641 shares outstanding, respectively
24 24 Additional paid-in capital 148,502 144,499 Common stock warrants 4 209 Deferred stock-based compensation - (3 ) Accumulated other comprehensive income (loss) (246 ) 188 Accumulated deficit (80,483 ) (67,141 ) Treasury stock at cost: 3,436 and 10 shares, respectively (17,150 ) (50 ) Total stockholders' equity 50,651 77,726 Total liabilities and stockholders' equity $ 59,967 $ 90,819 ZipRealty, Inc. Consolidated Statements of Cash Flows (unaudited) (in thousands) Twelve Months Ended December 31, 2008 2007 Cash flows from operating activities Net loss $ (13,342 ) $ (14,884 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 2,786 2,828 Stock-based compensation expense 3,912 3,751 Provision for doubtful accounts (3 ) (1 ) Amortization of short-term investment premium (discount) (266 ) (420 ) Amortization of intangible assets 30 30 Loss on disposal of property and equipment 107 10 Equity in net loss of non-consolidated companies - 4 Changes in operating assets and liabilities Accounts receivable (452 ) 612 Prepaid expenses and other current assets (175 ) (87 ) Other assets (436 ) (122 ) Accounts payable 74 (89 ) Accrued expenses and other current liabilities (3,789 ) 2,704 Other long-term liabilities (62 ) (10 ) Net cash used in operating activities (11,616 ) (5,674 ) Cash flows from investing activities Restricted cash (40 ) - Purchases of short-term investments (12,859 ) (48,830 ) Proceeds from sale and maturity of short-term investments 54,451 57,179 Purchases of property and equipment (1,980 ) (4,048 ) Investment in non-consolidated companies - 13 Net cash provided by investing activities 39,572 4,314 Cash flows from financing activities Proceeds from stock option exercises 21 203 Proceeds from common stock warrant exercises - 450 Acquisition of treasury stock (17,500 ) (50 ) Proceeds from reissue of treasury stock 205 - Net cash provided by (used in) financing activities (17,274 ) 603 Net increase (decrease) in cash and cash equivalents 10,682 (757 ) Cash and cash equivalents at beginning of period 7,818 8,575 Cash and cash equivalents at end of period $ 18,500 $ 7,818
1 Year Ziprealty (MM) Chart |
1 Month Ziprealty (MM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions