Key Developments For LoopNet, Inc.
LoopNet, Inc. (LOOP.O) (Nasdaq)
LoopNet, Inc. Issues Q4 2009 Revenue Guidance In Line With Analysts' Estimates; Issues Q4 2009 Earnings Guidance; EPS Guidance Above Analysts' Estimates
LoopNet, Inc. announced that for fourth quarter of 2009, it expects revenue to be in the range of $17.7-$17.9 million, adjusted EBITDA to be in the range of $6.7-$6.9 million and non-GAAP net income to be in the range of $0.08-$0.09 per diluted share, assuming an effective tax rate of approximately 40%. The Company expects stock-based compensation to be approximately $0.03 per share (net of tax benefit) in the quarter ending December 31, 2009. The Adjusted EBITDA and non-GAAP net income guidance for the quarter ending December 31, 2009 exclude stock-based compensation and litigation related costs. According to Reuters Estimates, analysts were expecting the Company to report revenues of $17.8 million and earnings per share (EPS) of $0.05 for the fourth quarter of 2009.
LoopNet, Inc. Issues Q3 2009 Guidance Slightly Below Analysts' Estimates
LoopNet, Inc. announced that for third quarter of 2009, it expects revenue to be in the range of $18.0-$18.3 million, adjusted EBITDA to be in the range of $6.7-$7.0 million and non-GAAP net income to be in the range of $0.08-$0.09 per diluted share (EPS). The Adjusted EBITDA and non-GAAP net income guidance for the third quarter of 2009 exclude stock-based compensation and litigation related costs. According to Reuters Estimates, analysts are expecting the Company to report revenue of $18.6 million and adjusted EBITDA of $7.1 million for the same period.
LoopNet, Inc. Announces Significant Legal Victory in Lawsuit Against CoStar Group, Inc.
LoopNet, Inc. announced a significant legal victory against CoStar Group, Inc. The California Superior Court denied CoStar`s Motion for Preliminary Injunction, it confirmed LoopNet`s right to enforce its Terms of Use against CoStar, it rejected as "unreasonable" CoStar`s CEO`s interpretation of the parties` 2005 Settlement and it rejected as completely unsubstantiated CoStar`s claim it was somehow harmed when it was not able to engage in unfettered data mining from LoopNet`s website. The Court`s ruling, which followed a two-day hearing during which the Court heard live testimony from LoopNet`s CEO and CoStar`s CEO, arose from a data mining project launched by CoStar against LoopNet`s website in February 2009. The undisputed evidence established that during the data mining project, CoStar management directed as many as several hundred of CoStar employees and foreign contractors to run tens of thousands of searches on the LoopNet website for the stated purpose of "identifying advertisers and then determining how many listings they have" and to use this information for potential "sales and marketing uses," such as advertising. This competitive data mining effort was a violation of LoopNet`s Terms of Use which prohibit the use of LoopNet listings and data for a competitive service.
LoopNet, Inc. Announces Released Documents Support In Litigation Against CoStar Group, Inc.
LoopNet, Inc. announced that the Superior Court of the State of California has recently unsealed documents in LoopNet`s lawsuit against CoStar Group, Inc. for unlawful copying and use of LoopNet data. In the recently unsealed documents, which CoStar Group, Inc. had aggressively attempted to keep confidential and sealed, CoStar Group, Inc. was forced to admit to engaging in systematic and orchestrated copying of customer and property listing data from the LoopNet website. More specifically, the unsealed documents reveal that CoStar management directed as many as several hundred of its employees / researchers to run tens of thousands of searches on the LoopNet website for the stated purpose of "identifying advertisers and then determining how many listings they have" and to use this information for potential "sales and marketing uses," such as advertising. CoStar also admits that it has utilized what it terms "electronic countermeasures" to circumvent the usage limits put in place by LoopNet to guard against abusive activity.
LoopNet, Inc. Issues Q2 2009 Guidance; Revenue Guidance Below Analysts' Estimates
LoopNet, Inc. announced that for second quarter 2009 it expects revenue to be in the range of $18.8 to $19.1 million, adjusted EBITDA to be in the range of $7.2 to $7.5 million and non-GAAP net income to be in the range of $0.08 to $0.09 per diluted share, assuming a fully diluted share count of approximately 43.2 million and an effective tax rate of approximately 42%. The Company expects stock-based compensation to be approximately $0.03 per share (net of tax benefit) in the quarter ending June 30, 2009. The adjusted EBITDA and non-GAAP net income guidance for the quarter ending June 30, 2009 exclude stock-based compensation and litigation related costs. According to Reuters Estimates, analysts are expecting the Company to report revenue of $19.5 million for second quarter 2009.
