Industry News

ZipRealty earnings up despite market slide

California real estate still in transition, say company officials

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ZipRealty Inc., a real estate brokerage company, today announced that its agents closed about 25 percent more real estate transactions representing about 25 percent more transaction volume in fourth-quarter 2005 compared to fourth-quarter 2004. But the company's business in California has suffered in a softening market, company officials said during an earnings announcement Tuesday, and California represented about 47 percent of net transaction revenues for the quarter compared to 61 percent for the same quarter a year ago. About half of the company's agents are in California. Net revenues reached $21.6 million for the fourth quarter, which ended Dec. 31. This represents a 23 percent increase over the $17.5 million net revenue reported in fourth-quarter 2004, ZipRealty announced. The company's stock skidded down about 3.83 percent from the close of trading Monday to the close of trading Tuesday – from $9.40 to $9.04. Excluding a one-time, non-cash benefit of $16.8 million, net i...