Technology

Market Leader says acquisition by Trulia still on track

Q2 revenue up 24 percent from a year ago, to $13.7M

Market Leader Inc. says revenue was up 24 percent from a year ago during the second quarter, to $13.7 million, and that a pending $355 million acquisition of the company by Trulia remains on track to close during the third quarter. The Kirkland, Wash.-based maker of marketing software for real estate pros reported a $2.8 million net loss, a 29 percent increase from the same quarter a year ago, as $1.1 million in costs associated with the pending acquisition helped bloat expenses by 24.5 percent from a year ago. Market Leader's adjusted earnings before interest, tax, depreciation and amortization (EBITDA) stood at $1.3 million, up from $260,000 a year ago. Under the terms of the merger agreement announced May 8, Market Leader shareholders would receive $6 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader common stock -- an 18 percent premium to Market Leader’s closing share price of $9.61 on May 7, when the agreement was signed. However,...