Industry News

ZipRealty announces $1 million Q2 loss

Company expects net loss of $10 million-$13 million for '07

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Real estate brokerage company ZipRealty Inc. (NASDAQ: ZIPR) today announced a net loss of $1 million for the second quarter ended June 30, compared with a net loss of $200,000 in second-quarter 2006. The quarterly results amount to a 5 cent loss per basic and diluted share, compared with a loss of 1 cent per basic and diluted share in the same quarter last year. Despite its losses, the company is moving ahead with expansion plans and will enter the New York market by year-end, company President and CEO Pat Lashinsky said in a statement. "We were pleased to post solid results for the quarter in the current challenging residential real estate environment," Lashinsky stated. He also stated that there is "record traffic and activity" at the company's Web site. The company plans to enter the Long Island and Westchester County markets in New York this year -- the 10th and 11th new market areas for the company this year. ZipRealty had net revenues of $31.3 million for the quarte...