loopnet.com: Revenue Decrease, Listings Increase

LoopNet, Inc., operator of the largest commercial property portal in the US, loopnet.com, has announced its financial results for the second quarter of 2009 were down slightly.

The company says revenue for the second quarter of 2009 was $19.2 million, compared to $22.0 million in the second quarter of 2008. Net income applicable to common stockholders for the second quarter of 2009 was $1.8 million or $0.04 per diluted share, compared to $4.5 million or $0.12 per diluted share in the second quarter of 2008. Non-GAAP net income (net income excluding stock-based compensation and litigation related costs) for the second quarter of 2009 was $4.4 million or $0.10 per diluted share, compared to $6.1 million or $0.16 per diluted share in the second quarter of 2008.

Adjusted EBITDA was $8.2 million, compared to $10.4 million in the second quarter of 2008.

Despite the lower revenue, LoopNet Chairman and CEO, Richard Boyle, was upbeat, saying:

“We are very pleased with the performance of our business in Q2 2009, given the extremely challenging environment for commercial real estate. At the same time, we remain confident in our ability to capitalize on current industry disruptions, by leveraging our leading market position, compelling profit profile, and cash-rich balance sheet to expand our business and put the pieces in place for future growth.”

And there was some good news for the portal too. The number of LoopNet registered members (both basic and premium members) grew to 3,588,271 during the second quarter of 2009, a 21 percent increase over the second quarter of 2008. While the number of premium members declined 18 percent, the average monthly price of premium membership increased to $65.83, up 6% over the second quarter of 2008. And there were 713,610 total commercial real estate listings active on the LoopNet marketplace as of the end of the second quarter of 2009, a 14% increase over the second quarter of 2008. There were 35.0 million profile views of listings on the LoopNet marketplace during the second quarter of 2009, a 19% decline over the second quarter of 2008. Average monthly unique visitors during the second quarter of 2009, as reported by comScore Media Metrix, were approximately 950,000, a 9% increase over the second quarter of 2008.

As of June 30, 2009, LoopNet had $120.0 million of cash, cash equivalents and short-term investments and no debt.

The company says it expects revenue for the quarter ending September 30, 2009 to be in the range of $18.0 to $18.3 million and adjusted EBITDA to be in the range of $6.7 to $7.0 million.

The announcement of the second quarter results come after LoopNet, Inc. announced what it calls a significant legal victory against CoStar Group last week.

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