realestate.com owner tree.com, Inc. has released its fourth quarter financial results, showing US$47.8 million in revenue down from $50.7 million in the third quarter of 2009. This 6 percent quarter-on-quarter drop follows a 17 percent decline in revenue between Q2 and Q3 2009.
The company reported adjusted EBITDA of $0.4 million, which is an improvement of $3.9 million over the previous quarter but a $0.6 million decrease from the fourth quarter of 2008. It also reported a GAAP loss of $1.92 per share on a net loss of $21 million.
At the end of last year, tree.com predicted a 3.5 to 7 percent increase in revenue from 2009 levels to between US$227 million and $237 million in 2010. Chairman and CEO Doug Lebda said he stands behind that guidance, and that the company is pleased to have the settlement of "significant contingencies" in the fourth quarter of last year behind it.
US commercial real estate portal loopnet.com has also released its financial results for the fourth quarter of 2009, registering a drop in revenue to $18.3 million compared to $21.1 million in the fourth quarter of 2008. Revenue for the full year of 2009 was $76.5 million, compared to $86.1 million in 2008.
loopnet.com's net income applicable to common stockholders for the full year of 2009 was $11.5 million or $0.27 per diluted share, compared to $18.3 million or $0.49 per diluted share in 2008. Non-GAAP net income for 2009 was $19.3 million or $0.45 per diluted share, compared to $23.7 million or $0.64 per diluted share in 2008. Adjusted EBITDA for the year was $32.0 million, compared to $39.9 million in 2008.
Despite these losses, loopnet.com has managed to make gains in registered member numbers, which grew to a total of 3,925,534 during the fourth quarter of 2009 - a 21 percent increase over the fourth quarter of 2008. However, premium membership was down 12 percent from the previous year as the cost of premium subscriptions rose by 1 percent during 2009.
loopnet.com had 732,503 active commercial real estate listings as of the end of the fourth quarter of 2009, which is up 12 percent over the fourth quarter of 2008. Average monthly unique visitors during the fourth quarter of 2009, as reported by comScore Media Metrix, were approximately 992,000, which is a 17 percent increase over the fourth quarter of 2008. However, this figure is well down on the Google Analytics average of 1.9 million unique visitors per month quoted by the website a few days ago.