ZipRealty poised for further growth in revenue, agent count

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Technology-based brokerage and referral company ZipRealty turned a profit of $324,000 in the second quarter, as revenues grew 7 percent from a year ago to $21.7 million -- the best growth pace for the company in three years. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $1.1 million, ahead of expectations. In an earnings call today, ZipRealty Chief Financial Officer Eric Mersch said the company's second-quarter performance "signals that we are entering a seminal period marked by sustained growth." ZipRealty has gone through extensive restructuring in recent years, including transitioning all of its agents to independent contractors, closing brokerage operations in 15 of 35 markets, and launching its "Powered by Zip" referral network. In today's call, ZipRealty CEO Lanny Baker said that now that the company has moved beyond restructuring, it anticipates its financial results will become "more predictable" and "stronger." The company...