Industry News

ZipRealty reports $62.3 million in 2004 revenue

Plans to add Las Vegas market in mid-2005

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ZipRealty today reported 2004 fourth-quarter net revenues of $17.5 million, up 89 percent from $9.3 million during the same quarter in 2003. Net income was $900,000, or 1 cent per diluted share, in the fourth quarter, up from $200,000 the previous year. Net revenues for all of 2004 were $62.3 million, an 84 percent increase from $33.8 million generated in 2003. Net income for 2004 was $3.2 million, which compares to a net loss of $4.6 million in 2003. The company also announced plans to expand into the Las Vegas market in mid-2005, representing the first market expansion for ZipRealty since 2000 when it entered Chicago. The company currently operates in 12 major metropolitan areas nationwide, and has less than one half of one percentage share of the markets it currently represents, according to chief executive officer Eric Danziger. "2004 could be characterized as a breakout year for us, as we leveraged the company's infrastructure and saw our results positively impacted by a va...