Industry News

ZipRealty earnings fall in third quarter

Company reports decline in total value of transactions

ZipRealty Inc. (Nasdaq: ZIPR) today announced third-quarter net income of $600,000, down from net income of $2.9 million in third-quarter 2005. For the first nine months of the year, ZipRealty reported a net loss of $386,000 compared with net income of $2.57 million for the first nine months of 2005. Net income amounted to 3 cents per diluted share for the quarter ended Sept. 30, down from 8 cents per diluted share for the same period in 2005. On a pro forma basis, earnings per diluted share was 7 cents vs. earnings of 11 per diluted share in the same period last year. The company also reported revenues of $26.2 million in the third quarter, a 7.3 percent decline compared with $28.2 million in third-quarter 2005. The value per share of ZipRealty stock fell 42 cents to $7.56 Thursday compared to the prior day's close. Richard Sommer, ZipRealty CEO, said in a statement, "We are pleased with our third-quarter results, which exceeded expectations, particularly in the context of continued...