loopnet.com Revenue Dips in Q3

After affirming its position as the top US commercial property portal earlier this month, loopnet.com has released its financial results for the third quarter of 2009, showing decreases in revenue, net income and EBITDA.

Revenue fell from US$22.4 million in the third quarter of 2008 to $18.8 million. Net income was $3.7 million or $0.09 per diluted share, compared to $4.8 million or $0.13 per diluted share.

Non-GAAP net income was $5.3 million or $0.12 per diluted share, dropping from $6.4 million or $0.17 per diluted share. Adjusted EBITDA was $7.8 million, compared to $10.4 million in the third quarter of 2008.

Despite these losses, loopnet.com reported a 21 percent increase in overall membership numbers, however premium memberships fell by 17 percent after a 2 percent increase in their average price over the third quarter of 2008.

loopnet.com says unique visitors increased by 11 percent compared to the third quarter of 2008, with an approximate average monthly total of 1,005,000 according to comScore figures. comScore’s estimate is more conservative than the Google Analytics figures previously quoted by loopnet.com, which put its August unique visitor total at 2.04 million and its combined total for the period from June to August at 5.1 million.

loopnet.com’s listings increased by 14 percent to 729,467 at the end of the third quarter, however profile views of listings were down 1 percent to 44.1 million.

loopnet.com chairman and CEO Richard Boyle had this to say about the third quarter results:

“Despite extremely challenging industry conditions, we comfortably exceeded the financial targets that we set three months ago, and several key measures of our business improved substantially in the quarter. Equally important, we are as confident as ever that our team, approach, and positioning will enable us to emerge from the current down cycle as a much stronger company.”

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