BrokerageIndustry News

ZipRealty narrows losses

Expenses outweigh growth in transactions

ZipRealty Inc. edged closer to profitability during the third quarter, as transactions grew 30.6 percent and revenue by 12.8 percent from a year ago, the company said.The Emeryville, Calif.-based brokerage's $779,000 net loss for the quarter ending Sept. 30 was less than half the $1.69 million loss for the same period a year ago. Excluding $923,000 in stock-based compensation of employees, ZipRealty eked out a gain of $144,000 for the quarter, the company said in a regulatory filing.ZipRealty President and Chief Executive Officer Pat Lashinksy said in a statement that agent productivity was the highest in two years, and that tight cost controls helped the company reach "pro forma" profitability.But ZipRealty's net loss for the year to date -- $10.76 million -- was still slightly ahead of last year's pace, when the company was $10.62 million in the red at the end of September.ZipRealty Inc. finished 2008 with a $13.3 million loss, even though agents boosted transactions by 23 ...