Slight Boost for loopnet.com in Q1

US commercial real estate portal loopnet.com is reporting first quarter revenue of US$18.8 million, up from $18.3 million in the fourth quarter of 2009.

Despite this slight increase, the portal’s revenue is still down compared to its total of $20.1 million for the first quarter of 2009.

loopnet.com’s net income applicable to common stockholders for Q1 was $2.3 million or $0.05 per diluted share, down from $2.8 million or $0.08 per diluted share in the first quarter of 2009.

Non-GAAP net income was $4.0 million or $0.09 per diluted share, down $4.8 million or $0.13 per diluted share in the first quarter of 2009. Adjusted EBITDA was also down to $6.9 million compared to $8.4 million in the first quarter of 2009.

Richard Boyle, the company’s chairman and CEO, said this quarter marked a turning point for the company:

“Revenue increased sequentially for the first time since Q3 2008, as a result of continued improvement in our business and some of our recent expansion efforts; our base of premium members increased sequentially for the first time since Q3 2007; several key measures of our business continued to show signs of improvement; we closed two small acquisitions and an investment that will extend our product footprint; and, we made meaningful progress on new initiatives aimed at maximizing our opportunity and creating meaningful longer-term shareholder value.”

loopnet.com’s average monthly unique visitors during the first quarter of 2010, as reported by comScore Media Metrix, totalled approximately 977,000, which is a 1 percent decline from the first quarter of 2009.

The number of registered members at the website grew 20 percent from Q1 2009 to a total of 4,121,906. Premium member numbers were up 0.6 percent from the previous quarter, but down 7.4 percent year-on-year.

The number of listings on loopnet.com was up 10 percent compared to Q1 2009 to a total of 754,116. The portal saw 44.9 million profile views of listings during the first quarter of 2010, which is a 36 percent increase over the first quarter of 2009.

loopnet.com invested in online auction service AuctionPoint in March, and acquired custom website developer Reaction Web in April.

The portal says it expects its revenue for the quarter ending June 30 to be in the range of $18.6 million to $18.8 million.

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