Industry News

ZipRealty reports first-quarter loss

Revenues up 8% as profit falls at brokerage company

Real estate brokerage firm ZipRealty today reported a net loss of $800,000, or 4 cents a share, for the first quarter, down from a $700,000 profit during the same quarter a year ago. Meanwhile, net revenues increased 8 percent to $19.2 million from last year. The company also announced plans to enter Palm Beach, Fla., and the greater Philadelphia area by the end of the year. "In terms of new market activity for the period, we commenced operations in Tampa and were particularly pleased that Houston reached profitability just nine months after its launch," Chief Executive Eric Danziger said Monday in a statement. "Additionally, we expect to be operational in Orlando in the second quarter and Minneapolis and Austin in the third quarters of 2006... Collectively, these new market opportunities position ZipRealty for further revenue diversification while meeting our shorter term goal of four to six new markets this year," he said. During an earnings announcement Monday, Danziger said that ...