ziprealty.com, a US-based online brokerage, has posted full year revenue of US$123.1 million for 2009, which its says represents its 11th consecutive year of revenue growth.
The number of closed transactions was up 46.6 percent in the fourth quarter of 2009 compared to a year earlier at a total of 6,355. Q4 revenue was also up to $33.9 million, which is a 35.4 percent year-on-year increase.
Despite these increases in revenue, the company still reported a Q4 net loss of $2.1 million, or $0.11 per share, compared to a net loss of $2.7 million, or $0.14 per share, in Q4 2008.
Pat Lashinsky, ziprealty.com's president and CEO, had this to say about the results:
"ziprealty.com transacted more than $5 billion in residential property for customers in 2009 leading to double digit revenue gains versus the prior period. Improvement in key metrics throughout the year drove results, including record website visits, higher agent productivity and growing transaction volumes. We were also pleased to exceed our outlook for revenue and deliver on our bottom-line commitment, while maintaining a cash balance consistent with three quarters ago.
Looking ahead, we are focused on initiatives that are designed to promote profit growth. First, we are committed to gaining market share and driving profitability in our existing markets. Second, we intend to build on our recent listings success and continue to grow this side of our market opportunity. Third, we plan to stay at the forefront of innovation so that our agents and customers benefit from advancements in technology. Finally, we will target referral revenue growth by partnering with brands that are relevant to our growing user base. We look forward to progress on these fronts in 2010 and into an eventual recovery."
ziprealty.com expects net revenues for 2010 to grow between 10 percent and 20 percent over 2009 levels. Net loss for 2010 is expected to be narrower than the 2009 net loss, and adjusted EBITDA is expected to be positive.