Industry News

ZipRealty announces $20.2 million net loss in Q4 ’06

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Real estate brokerage company ZipRealty Inc. today announced a net loss of $20.2 million in fourth-quarter 2006, or 96 cents per share, compared with net income of $17.9 million, or 73 cents per diluted share, in fourth-quarter 2005. For the year ended Dec. 31, 2006, ZipRealty reported a net loss of $20.6 million, compared with net income of $20.5 million for the full year in 2005. "We are pleased with our fourth-quarter results, which exceeded expectations in terms of revenue and profitability," ZipRealty CEO Richard Sommer said in a statement. "The period was characterized by better-than-expected performance in new markets as well as market-share gains in a number of our districts. "Despite the macro-environment, which remains somewhat uncertain, we are committed to executing on our previously announced plan ... we are confident that our accelerated market expansion is a strategic and prudent use of our capital and believe the investment will position the company for sus...