Key Developments: Reis Inc (REIS.OQ)
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Latest Key Developments (Source: Significant Developments)
Reis Inc Comments On Q1 2013 Guidance
Reis Inc announced that the Company expects revenue and EBITDA will decrease from the fourth quarter of 2012 to the first quarter of 2013. However, on a pro forma basis, excluding the custom revenue referred to above, the Company expect revenue and EBITDA to grow in those consecutive periods. The Company reported revenue of $8.58 million in fourth quarter of 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $8.03 million and EBITDA of $1.82 million for first quarter of 2013. Full Article
Reis Inc Announces Settlement Of Gold Peak Litigation
Reis Inc announced a final settlement of its liability under the previously disclosed litigation regarding construction defects at its former Gold Peak condominium project in Douglas County, Colorado, outside of Denver. Reis has reached a settlement agreement with the plaintiff, the Gold Peak homeowners association, providing for a total payment by Reis of $17.0 million. Of this amount, $5.0 million is payable by August 3, 2012 and the remaining $12.0 million is payable by October 15, 2012. By that time, the Company will have made the final payment under its existing bank loan agreement. Reis's management has determined that payment of these amounts, even without additional recoveries by Reis. In reaching the decision to settle, Reis's management and board of directors considered, among other things: the amount of the settlement versus the potential for an ultimately greater judgment amount after appeal, including additional costs and post-judgment interest; the benefits of the clarity of settling the case at this time versus continuing uncertainty; and the continuing strong cash flow generation of Reis Services's core business. Reis also notes that the final payment amount is $2.0 million less than the aggregate charge previously recorded. Reis continues to vigorously pursue actions against a number of insurance companies and Reis's former insurance broker, alleging a variety of claims, including failure to cover, negligent underwriting and bad faith. Full Article
Reis Inc Opens New Marketing Channel Through Appraisal Institute Partnership
Reis Inc announced a strategic marketing partnership with the Appraisal Institute, a global membership association of professional real estate appraisers. The Appraisal Institute will promote Reis's small business product, ReisReports (www.reisreports.com), to its 23,000 members. The two organizations will also jointly conduct educational webinars for Appraisal Institute members. Through its partnership with Reis, the Appraisal Institute will make available to its members data which has long served as the authoritative source for large commercial lenders and other financial institutions, but packaged and priced in a way to make it more accessible to the small business user. Full Article
Reis Inc Reports Verdict From Gold Peak Litigation
Reis, Inc. announced that that on March 13, 2012 a jury in Douglas County, Colorado, rendered a verdict in the Company's previously disclosed litigation regarding construction defects at its former Gold Peak condominium project outside of Denver, Colorado. Reis, one of its subsidiaries (Gold Peak at Palomino Park LLC (GP LLC)), two former officers of Reis (one of whom was also a director), and the construction manager/general contractor (Tri-Star Construction West, LLC (Tri-Star)) for the project were defendants in the suit, brought by the Gold Peak homeowners association. The jury found Reis, jointly and severally with GP LLC and the former officers, liable for an aggregate of $18.2 million. The Company is reviewing the decision with counsel and believes there will be grounds for appeal, as well as for motions for post-trial relief. Full Article
Like employment, demand for office space improves
NEW YORK - The office vacancy rate fell only slightly during the first quarter, as a lack of significant job growth continued to impede demand for space, according to a quarterly report released on Tuesday.

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