Press Releases

Media Contact
Keosha Burns
(202) 535-5492
kburns@costar.com

December 22, 2014
Joint Study by LoopNet and Google Finds 78% of Tenants and Investors Search for Commercial Real Estate Online
– Findings Reveal the Internet to be the Most Widely Used Tool in Commercial Property Searches, With a Shift Away From More Traditional Methods – 
More

– Findings Reveal the Internet to be the Most Widely Used Tool in Commercial Property Searches, With a Shift Away From More Traditional Methods – 

SAN FRANCISCO, Dec. 22, 2014 (GLOBE NEWSWIRE) -- Google Inc. (Nasdaq:GOOG) (Nasdaq:GOOGL) and LoopNet today released the results of a joint study: Commercial Real Estate Consumer Online Behavior and Trends. The study, which aimed to understand the role the internet plays in commercial real estate, leverages Google's proprietary online search data and custom research conducted on LoopNet's behalf by Market Connections, an independent research firm, in 2014 to survey and analyze the behaviors of tenants and investors currently involved in a commercial property search and who have recently been involved in a transaction. The joint study revealed that nearly 80% of tenants and investors report using online sources to search for commercial property. The study also found that six in 10 searchers begin their property searches on the internet before any other source. These findings correspond to a 60% increase in commercial real estate related online searches reported by Google over the last six years.

"This study confirms what LoopNet's traffic trends have long indicated," said LoopNet President Fred Saint. "The internet has quickly become one of the most valuable and widely used tools to connect buyers and sellers of commercial real estate."

Some key findings from the study:

  • 80% of tenants and investors surveyed agree that they rely on the internet for their commercial real estate information needs more now than three years ago.
  • Over three quarters (78%) of tenants and investors surveyed use online commercial real estate services or tools at some point in their commercial real estate search.
  • Commercial real estate related online searches have grown 60% since 2008.
  • Six in 10 respondents search for commercial properties using their mobile devices at least sometimes.
  • Over half the survey respondents (55%) reported that they perform their own online searches for commercial property, even when they are working with a broker.

Along with the increase in online sources being used, there appears to be a decrease in other more "traditional" research methods. For example, only 7% of surveyed tenants and investors report beginning their commercial real estate searches by driving in the desired area. These findings are significant for commercial real estate brokers and firms who are marketing their services and available properties. With this study, LoopNet and Google hope to provide valuable insight to help them optimize their advertising efforts and reach more tenants and investors.

View the full study report here: www.loopnet.com/commercial-real-estate-consumer-online-behavior-and-trends.pdf

About LoopNet

LoopNet operates the most heavily trafficked commercial real estate marketplace online with more than 9.0 million registered members and over 5 million monthly unique visitors. The LoopNet marketplace, which consists of over 800,000 property listings, covers all commercial property categories, including office, industrial, retail, multifamily apartment buildings, hotel, land, specialty properties, investment properties and businesses for sale. LoopNet is a wholly owned subsidiary of CoStar Group, Inc. (Nasdaq:CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, visit www.loopnet.com.

January 18, 2013
LoopNet.com Uses Stunning Visual Effect to Make 12-Story Building in Downtown Los Angeles "Disappear"
– Progressive Event Demonstrates That if a Commercial Property Isn't Advertised on LoopNet.com, it Might as Well be Invisible –
LOS ANGELES, Jan. 18, 2013 (GLOBE NEWSWIRE) -- CoStar Group's LoopNet.com, the #1 marketplace for commercial real estate online, made history Thursday night when a 12-story building in downtown Los Angeles vanished before a live audience as part of a national marketing campaign supporting its Premium Lister product.
More

Progressive Event Demonstrates That if a Commercial Property Isn't Advertised on LoopNet.com, it Might as Well be Invisible –

LOS ANGELES, Jan. 18, 2013 (GLOBE NEWSWIRE) -- CoStar Group's LoopNet.com, the #1 marketplace for commercial real estate online, made history Thursday night when a 12-story building in downtown Los Angeles vanished before a live audience as part of a national marketing campaign supporting its Premium Lister product. The event demonstrates that if a property isn't advertised with a premium listing on LoopNet.com, it might as well be invisible.

"With more than 6.5 million registered members and 3.5 million unique monthly visitors, LoopNet.com is the premier tool for effectively marketing commercial real estate online," stated CoStar Group Founder and CEO Andrew C. Florance. "Premium Lister leverages LoopNet.com's powerful online marketing platform and gives commercial real estate brokers and owners broad exposure for their listings, access to leads lists, and advanced marketing capabilities."

In addition to the stunning visual effect, the event featured a live performance by the Grammy Award-winning band, Train, which performed two sets before an audience of more than 700 CoStar clients and guests. In addition, CoStar partnered with the band on several charitable initiatives, making $10,000 donations to two charities, Family House and Little Kids Rock. CoStar also will donate a guitar autographed by Train to a local music school in support of Train's commitment to music education. Family House is a 501(c) (3) not-for-profit organization that provides temporary housing to families of seriously ill children receiving treatment at the University of California San Francisco Benioff Children's Hospital. Little Kids Rock is an organization that provides free musical instruments and music instruction to underserved schools across the country.

A video of the event is available online here.

The multi-channel marketing campaign for Premium Lister was developed by Creative i, a Palo Alto-based integrated communications firm. Cutting-edge, 3D projection technology was used to create the illusion, emphasizing the lack of visibility for properties marketed without LoopNet.com. The technology was developed by Pearl Media, a non-traditional out-of-home media and content company with a client roster that includes Lexus, Chevy, THQ and Twentieth Century Fox Home Entertainment.

About CoStar Group, Inc.

CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information, analytics and marketing services. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 6.5 million registered members and 3.5 million unique monthly visitors. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe including the industry's largest professional research organization. For more information, visit www.costar.com.

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's plans, objectives, expectations, beliefs, intentions or strategies regarding the future. These statements are based upon the current beliefs and expectations of management of CoStar and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2011, and CoStar's Form 10-Q for the quarter ended September 30, 2012, under the heading "Risk Factors." All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

MEDIA CONTACT:
Richard Simonelli
Office: (202) 346-6394
Mobile: (973) 896-8184
rsimonelli@costar.com

October 26, 2011
LoopNet, Inc. Announces Third Quarter 2011 Financial Results
– Revenue growth continues, increases 12% year over year –
– Adjusted EBITDA margins expand to 35% –
– Unique paying subscribers approach 95,000 –
– Record profile views –
More

– Revenue growth continues, increases 12% year over year –
– Adjusted EBITDA margins expand to 35% –
– Unique paying subscribers approach 95,000 –
– Record profile views –


SAN FRANCISCO--(BUSINESS WIRE)-- LoopNet, Inc. (NASDAQ:LOOP - News), today announced financial results for the third quarter 2011.

LoopNet's revenue for the third quarter of 2011 was $22.2 million, compared to $21.6 million in the second quarter of 2011, and $19.8 million in the third quarter of 2010. Net income applicable to common stockholders for the third quarter of 2011 was $0.9 million or $0.02 per diluted share, compared to $2.7 million or $0.06 per diluted share in the third quarter of 2010. Net income applicable to common stockholders for the third quarter of 2011 included acquisition related costs of $0.05 per diluted share. Non-GAAP net income, which excludes stock-based compensation, acquisition related costs and amortization of acquired intangible assets, for the third quarter of 2011 was $5.2 million or $0.12 per diluted share, compared to $4.4 million or $0.11 per diluted share in the third quarter of 2010. The effective tax rate for the third quarter of 2011 was 24.1% compared to 34.8% in the third quarter of 2010.

LoopNet's Adjusted EBITDA (earnings before net interest and other income (expense), income taxes, depreciation, amortization, stock-based compensation and acquisition related costs) for the third quarter of 2011 was $7.7 million, compared to $7.4 million in the third quarter of 2010.

Key operating metrics and business highlights from the third quarter of 2011 include:

  • Unique paying subscribers to one or more of LoopNet's commercial real estate related services was 94,793, as of the end of the quarter;
  • Average monthly price paid by the company's unique subscribers was $60.01 during the quarter;
  • LoopNet Premium Members were 73,283, as of the end of the quarter;
  • Average monthly price of LoopNet Premium Membership was $66.34 during the quarter;
  • Total commercial real estate listings active on the LoopNet marketplace were 824,761, as of the end of the quarter;
  • Total profile views of listings on the LoopNet marketplace were 84.8 million during the quarter;
  • LoopNet Registered Members, which includes Basic and Premium Members, were 5,241,489, as of the end of the quarter; and,
  • Average monthly unique visitors to LoopNet owned websites during the quarter was approximately 3.0 million per month, according to comScore. LoopNet owned websites include LoopNet.com, CityFeet.com, LandandFarm.com, LandsofAmercia.com, BizQuest.com and BizBuySell.com.

Balance Sheet and Liquidity

As of September 30, 2011, LoopNet had $116.6 million of cash, cash equivalents and short-term investments and no debt.

Pending Merger Transaction

As previously announced, on June 30, 2011, CoStar and LoopNet each received a Request for Additional Information (commonly referred to as a "second request") from the U.S. Federal Trade Commission ("FTC") with respect to the proposed merger of Lonestar Acquisition Sub, Inc., a wholly-owned subsidiary of CoStar, and LoopNet originally announced on April 27, 2011 ("the merger"). CoStar and LoopNet have been working cooperatively with the FTC in connection with its review and expect to certify substantial compliance with the second request shortly. At the FTC's request, CoStar and LoopNet have agreed to extend the waiting period imposed by the Hart-Scott-Rodino Act (the "HSR Act") from 30 to 60 days after the date of substantial compliance with the second request unless that period is extended voluntarily by the parties or terminated sooner by the FTC. While the parties remain hopeful that the FTC will complete its review in a time frame that would permit the merger to close by the end of 2011, the current timing is such that it is quite possible that the merger may not close by such time. Completion of the merger remains subject to the expiration or termination of the waiting period under the HSR Act and other customary closing conditions.

Use of Non-GAAP Financial Measures

This press release includes discussions of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before net interest and other income (expense), income taxes, depreciation, amortization, stock-based compensation, litigation related recoveries and acquisition related costs. The term "non-GAAP net income" refers to a financial measure that we define as net income before stock-based compensation, litigation related recoveries, acquisition related costs and amortization of acquired intangible assets. Non-GAAP net income is also provided on a per share basis, using shares outstanding at the relevant period of measurement. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share are not substitutes for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share as reported by other companies. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate the operating performance of our business. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance, and we also use Adjusted EBITDA for planning purposes and in presentations to our board of directors. We believe non-GAAP net income and non-GAAP net income per share to be relevant and useful information to our investors as they provide meaningful insight into the Company's performance while excluding infrequent and non-recurring items that may not be considered directly related to our on-going business operations. We believe that non-GAAP net income and non-GAAP net income per share are also used by companies and investors to evaluate comparable performance in the online marketplace and platform industry. We also believe that Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share allow for a more accurate comparison of our operating results over historical periods. A limitation of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share is that they do not include all items that impact our net income for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of net income, which includes the items that are excluded from Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share. Management believes that these non-GAAP measures should be considered as a complement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables.

About LoopNet, Inc.

LoopNet operates the most heavily trafficked commercial real estate marketplace online with more than 5 million registered members and more than 2 million unique monthly visitors, as reported by Google Analytics.

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

Forward Looking Statements

This release contains forward-looking statements regarding our financial results and the Merger. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the risk that LoopNet and CoStar will be unable to comply promptly with the request for additional information received from the Federal Trade Commission on June 30, 2011 and discussed in LoopNet's Current Reports on Form 8-K filed with the SEC on July 1, 2011; the possibility that the Merger does not close, including, but not limited to, due to the failure to obtain governmental clearances or approvals; the risk of business disruption relating to the Merger; economic events or trends in the commercial real estate market or in general, the effects of recent economic and consumer confidence trends on global and domestic financial markets, including credit available to real estate purchasers, our ability to continue to attract and retain new registered members, convert registered members into premium members and retain such premium members, seasonality, our ability to manage our growth, our ability to successfully integrate the technologies, operations and personnel of acquired businesses in a timely manner, our ability to obtain the expected strategic and financial benefits from acquisitions, our ability to introduce new or upgraded products or services and customer acceptance of such services and our ability to obtain or retain listings from commercial real estate brokers, agents and property owners. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward looking statement are contained in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and other SEC filings made by us. Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release which are based on information available to us as of the date of this release.

LOOPNET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
   
 
December 31, 2010 Sept 30, 2011(unaudited)
       
Assets
Current assets:
Cash and cash equivalents $ 88,773 $ 113,067
Short-term investments 3,512 3,517
Accounts receivable, net of allowance of $236 and $265, respectively 1,494 2,055
Prepaid expenses and other current assets 1,095 2,933
Deferred income taxes   1,317     1,315  
Total current assets 96,191 122,887
 
Property and equipment, net 2,010 3,483
Goodwill 41,507 41,507
Intangibles, net 8,940 7,021
Deferred income taxes, net, non-current 17,134 17,069
Deposits and other noncurrent assets   6,208     6,900  
Total assets $ 171,990   $ 198,867  
 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 471 $ 929
Accrued liabilities and other current liabilities 3,393 5,985
Accrued compensation and benefits 3,522 3,958
Deferred revenue   8,888     9,653  
Total current liabilities 16,274 20,525
 
Other long-term liabilities 2,491 2,941
Commitments and contingencies
Series A convertible preferred stock 48,546 48,800
Stockholders' equity:
Common stock, $.001 par value, 125,000,000 shares authorized; 32,183,836 and 33,501,924 shares outstanding, respectively
40 41
Additional paid in capital 132,019 149,447
Other comprehensive loss (389)   (421)  
Treasury stock, at cost, 7,682,261 and 7,682,962 shares, respectively (86,220)   (86,227)  
Retained earnings   59,229     63,761  
Total stockholders' equity   104,679     126,601  
Total liabilities and stockholders' equity $ 171,990   $ 198,867  
       
LOOPNET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(unaudited)
 
 
Three months ended
Sept 30,
Nine months ended
Sept 30,
  2010     2011     2010     2011  
 
 
Revenues $ 19,779 $ 22,214 $ 57,965 $ 64,546
Cost of revenue (1)   3,015     3,230     8,863     9,580  
Gross margin 16,764 18,984 49,102 54,966
 
Operating expenses:
Sales and marketing (1) 4,093 5,259 12,574 15,627
Technology and product development (1) 3,157 3,852 9,053 11,363
General and administrative (1) 4,496 7,598 12,111 18,298
Amortization of acquired intangible assets   516     638     1,442     1,920  
Total operating expenses   12,262     17,347     35,180     47,208  
Income from operations 4,502 1,637 13,922 7,758
 
Interest and other (expense) income, net   (301)     (391)     (670)     (1,067)  
Income before tax 4,201 1,246 13,252 6,691
 
Income tax expense   1,463     300     4,809     1,905  
Net income 2,738 946 8,443 4,786
Convertible preferred stock accretion of discount   (85)     (85)     (254)     (254)  
Net income applicable to common stockholders $ 2,653   $ 861   $ 8,189   $ 4,532  
 
Net income per share applicable to common stockholders:
Basic $ 0.07   $ 0.02   $ 0.20   $ 0.11  
Diluted $ 0.06   $ 0.02   $ 0.19   $ 0.10  
 
Shares used in per share calculation:
Basic   39,569     40,872     40,947     40,377  
Diluted   41,461     44,454     42,577     43,423  
 
(1) Stock-based compensation is allocated as follows:
 
Cost of revenue $ 132 $ 124 $ 414 $ 384
Sales and marketing 409 518 1,338 1,596
Technology and product development 675 680 2,042 2,165
General and administrative   798     763     2,435     2,547  
Total $ 2,014   $ 2,085   $ 6,229   $ 6,692  
LOOPNET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
     
 
Nine months ended
Sept 30,
  2010     2011  
 
Cash flows from operating activities:
Net income $ 8,443 $ 4,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 2,499 3,119
Stock-based compensation 6,229 6,692
Tax benefits from exercise of stock options (611)   (2,107)
Deferred income taxes (2,154)   66
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable (441)   (562)  
Prepaid expenses and other assets 630) 1,039
Accounts payable 51 458
Accrued expenses and other liabilities 235 3,041
Accrued compensation and benefits 375 436
Deferred revenue   115     766  
Net cash provided by operating activities 15,371 17,734
 
Cash flows from investing activities:
Purchase of property and equipment (934)   (2,670)  
Purchase of investments (3,485)   (1,500)
Acquisitions, net of acquired cash   (22,077)     -  
Net cash used in investing activities (26,496)   (4,170)  
 
Cash flows from financing activities:
Net proceeds from exercise of stock options 873 9,349
Tax withholdings related to net share settlements of restrcted stock units (237)   (719)  
Repurchase of common stock (31,664)   (7)  
Tax benefits from exercise of stock options   611     2,107  
Net cash provided by (used in) financing activities (30,417)   10,730
   
Net increase (decrease) in cash and cash equivalents (41,542)   24,294
 
Cash and cash equivalents at beginning of the period 125,571 88,773
   
Cash and cash equivalents at end of the period $ 84,029   $ 113,067  
       
LOOPNET, INC.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(In thousands, except per share data)
 
Three months ended
Sept 30,
Nine months ended
Sept 30,
  2010     2011     2010     2011  
 
GAAP net income $ 2,738 $ 946 $ 8,443 $ 4,786
 
Add back (deduct):
Income tax expense 1,463 300 4,809 1,905
Depreciation and amortization 850 1,096 2,499 3,119
Interest and other expense (income), net 301 391 670 1,067
Stock-based compensation 2,014 2,085 6,229 6,692
Litigation related recoveries - - (1,186)   -
Acquisition related costs   -     2,896     -     4,176  
Adjusted EBITDA $ 7,366   $ 7,714   $ 21,464   $ 21,745  
 
 
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(In thousands, except per share data)
 
Three months ended
Sept 30,
Nine months ended
Sept 30,
  2010     2011     2010     2011  
 
GAAP net income $ 2,738 $ 946 $ 8,443 $ 4,786
 
Add back (deduct):
Stock-based compensation 2,014 2,085 6,229 6,692
Litigation related recoveries - - (1,186)   -
Acquisition related costs - 2,896 - 4,176
Amortization of acquired intangible assets 516 638 1,442 1,920
Income taxes associated with non-GAAP adjustments   (881)     (1,352)     (2,353)     (3,639)  
Non-GAAP net income $ 4,387   $ 5,213   $ 12,575   $ 13,935  
 
Diluted non-GAAP net income per share $ 0.11   $ 0.12   $ 0.30   $ 0.32  
 
Shares used in non-GAAP diluted net income per share calculation   41,461     44,454     42,577     43,423  

Contact:

LoopNet, Inc.
Brent Stumme, 415-284-4310
Chief Financial Officer
Derek Brown, 415-284-4310
VP, Investor Relations & Corporate Planning
October 12, 2011
LoopNet Launches Enterprise Solutions Suite 10: Custom iPad App, Enhanced LoopLink, Branded Reports & Flyers, Enterprise Email Marketing
– Cassidy Turley, Colliers International, Lee & Associates, RE/MAX Commercial, The Shopping Center Group, and Avison Young Among Recently Signed Enterprise Customers –
– End-to-End Enterprise Marketing Solutions Help Commercial Property Firms Save Time, Cut Costs, and Improve Response –
SAN FRANCISCO, CA (October 12, 2011) — LoopNet, Inc.
More

Cassidy Turley, Colliers International, Lee & Associates, RE/MAX Commercial, The Shopping Center Group, and Avison Young Among Recently Signed Enterprise Customers –

End-to-End Enterprise Marketing Solutions Help Commercial Property Firms Save Time, Cut Costs, and Improve Response –

SAN FRANCISCO, CA (October 12, 2011) — LoopNet, Inc. (NASDAQ: LOOP), operator of the most heavily trafficked commercial real estate marketplace, today announced major enhancements to its Enterprise product line for commercial real estate companies and organizations.  Enterprise Solutions Suite 10 now offers custom iPad and iPhone apps, enhanced LoopLink functionality, bulk email campaign creation and management tools, and custom branded reports, flyers, brochures and other marketing collateral.

The launch of LoopNet's new Enterprise Solutions Suite corresponds with a growing list of high profile corporate customers.  For years, LoopNet has powered top commercial brokerage websites, but is now serving an even broader array of clients with an increasingly robust solution set.  Firms that have recently adopted components of the newly enhanced Enterprise Solutions Suite 10 include:

  • Cassidy Turley
  • Colliers International
  • Lee & Associates
  • Jones Lang LaSalle
  • Newmark Knight Frank
  • The Shopping Center Group
  • KW Commercial
  • RE/MAX Commercial
  • NAI Mertz
  • Avison Young

"The Enterprise Solutions Suite 10 delivers an end-to-end, firm-wide marketing solution that increases efficiency, decreases costs, and improves results for our customers.  We are very pleased with the positive reviews and feedback that we have received from our clients," said Thomas Byrne, President and COO of LoopNet.  "The recent client contracts with Cassidy Turley, Lee & Associates, Colliers International and many others are a testament to the potential of LoopNet's Enterprise Solution Suite."

The Enterprise Solution Suite 10 contains the following core modules:

  • Enterprise Search & Display, which offers custom-branded iPad and iPhone Apps, and the industry-leading LoopLink 10 listing search and display engine for corporate websites.
  • Enterprise Marketing, which offers enhanced listing and brand exposure for corporate customers on LoopNet.com and its network.
  • Enterprise Deal Tools, which offers custom-branded HTML email designs, bulk email campaign tools, and custom listing websites.


Highlighted new features of Enterprise Solutions Suite 10 include:

Branded iPad and iPhone App
Branded with the brokerage's logo and returning only the brokerage's listings, the customized app helps impress clients and prospective clients by demonstrating a sophisticated use of the newest marketing technologies available.  It also speeds transactions by enabling access to the firm's complete inventory of availabilities on the road in response to changing client needs.

Less paper is another benefit, and one which was a major selling point for Shawn Massey at The Shopping Center Group.  "I have saved several thousand dollars in printing costs since I started using my iPad to show marketing materials to my clients," he reports.  "It is a far more efficient way to communicate, and it has meant that I have to haul around far less paper."

Branded Marketing Collateral and Report Engine
Brochures, reports, offering memorandums and direct mailings still remain an important part of the property marketing process and communication with clients. LoopNet's Enterprise solutions also provide brokerages with time saving tools for producing consistently-branded collateral pieces directly from their listing data.

"At John Propp Commercial Group, LoopNet is the central hub of all of our sales and leasing marketing efforts.  LoopNet helps us produce professional quality reports, flyers and brochures that carry our brand without ever needing to input data or tie up our graphic team," says John Propp of John Propp Commercial Group.  "All this leads to more time meeting with clients, less time back in the office."

LoopLink 10 - Listing Search and Display
The LoopLink technology for powering listing search and display has also been upgraded, now allowing brokerage site visitors to utilize the polygon search feature (the ability to draw borders around a specific search area) that has proved extremely popular on the LoopNet.com site.  New report creation capabilities, aerial imagery and street mapping have also been upgraded with the LoopLink 10 release.

For more information on Enterprise Solutions, contact corporatesolutions@LoopNet.com or call (866) 907-6415.


About LoopNet

LoopNet, available at http://www.loopnet.com, operates the most heavily trafficked commercial real estate marketplace online with more than five million registered members and 2.6 million unique monthly visitors as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 25 million commercial property records. 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily apartment buildings, hotel, land, specialty properties, investment properties and businesses for sale.  As of June 30, 2011, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, The Shopping Center Group and Sperry Van Ness.


Forward-Looking Statements

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's Enterprise products, including their ability to reduce costs, improve efficiency and generate leads for our corporate customers, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the value and functionality of our new products, such as our enterprise solutions and commercial property database, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our website, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality, our ability to manage our growth and the impact of our pending merger with CoStar, including the possibility that the merger does not close, disruption caused by the merger or that LoopNet products and offerings are modified following the merger.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

September 19, 2011
LoopNet Announces Release of Property Comps 5.0 – Now With 25% More Commercial Real Estate Sales Comparables
– The Nation's Largest Database of Arm's Length Commercial Real Estate Transactions Grows Even Bigger & Better –
– REO Transactions Added, Opening Valuable Window Into Distressed Asset Sales –
SAN FRANCISCO, CA (September 19, 2011) – LoopNet, Inc. (Nasdaq: LOOP), operator of the most heavily trafficked commercial real estate marketplace, today announced the release of its newly enhanced commercial sales comps database, Property Comps 5.0.
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– The Nation's Largest Database of Arm's Length Commercial Real Estate Transactions Grows Even Bigger & Better –

– REO Transactions Added, Opening Valuable Window Into Distressed Asset Sales –

SAN FRANCISCO, CA (September 19, 2011) – LoopNet, Inc. (Nasdaq: LOOP), operator of the most heavily trafficked commercial real estate marketplace, today announced the release of its newly enhanced commercial sales comps database, Property Comps 5.0. With this new release, LoopNet's industry-leading comps database is reporting dramatic gains in the number of commercial sale transactions reported, the amount of data available with each sales transaction, and the ease of finding that information.

The numerous enhancements to the product's data and functionality are intended to help real estate brokers, owners, investors, lenders and appraisers analyze property and market data more completely, and make better informed commercial property pricing decisions.

25% More Sales Comps

The Property Comps database has grown by over 25% in the past year and now contains over 1.5 million arm's length transactions. As part of this expansion, Property Comps also includes over 23,000 REO/Bank Sold property sales, providing an important window into distressed transactions that may influence the pricing in the overall marketplace.  The fact that REOs accounted for 16% of all new comps that LoopNet has thus far recorded in 2011 indicates their growing influence.

More Data, More Photos

Significant new data has been added to individual comp records, providing users with a more complete picture of the property transaction and the property details at the time of sale.  Data enhancements include: 

  • 35 New Data Fields — More owner and mortgage info, property tax & assessed values
  • 60% More Comps with Photos
  • 25% More Tax IDs, APNs and Deed Document Numbers
  • 25% More Comps that include the original listing's marketing flyer

Better Search, Better Reporting

A more intuitive search design simplifies the process of finding comparable sales.  Property Comps 5.0 includes:

  • Property Subtype Search Filters – Allows users to save time by targeting very specific search results
  • Polygon Search – Allows users to custom-define a geographic area down to the street level, and save the results
  • Six New Reports tailored to customer needs – Including comparison reports and listing broker call sheets

In addition to these enhancements, LoopNet continues to stress accuracy and timeliness of information, with over 50% of new comps added within two weeks of the sale date — usually even before transactions become public record.

"Our customers asked for these improvements and we listened.  Property Comps 5.0 is the biggest step forward we've made to make it easy for commercial real estate brokers, appraisers, and investors to easily find the detailed sales comps they need," said Hilary Jensen, General Manager of LoopNet's Property Comps business.  "We remain committed to innovating in this area, and to providing increasingly valuable products to our customers."

Search the new Property Comps database at www.loopnet.com/comps.

About LoopNet

LoopNet, available at http://www.LoopNet.com, operates the most heavily trafficked commercial real estate marketplace online with more than five million registered members and 2.6 million unique monthly visitors as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 25 million commercial property records. 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily apartment buildings, hotel, land, specialty properties, investment properties and businesses for sale.  As of June 30, 2011, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, The Shopping Center Group and Sperry Van Ness.

Forward-Looking Statements

This release contains forward-looking statements regarding the anticipated benefits of and improvements to the LoopNet Property Comps product.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the impact of our pending merger with CoStar Group, Inc., including the possibility that the merger does not close and the risk of business disruption relating to the merger, the functionality of Property Comps 5.0, economic events or trends in the commercial real estate market or in general, our ability to continue to attract unique visitors to our website, our ability to continue to attract new registered members, convert them into Premium Members and retain such Premium Members, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, our ability to receive timely and accurate sales data from our partners, seasonality, our ability to manage our growth and our ability to introduce new or upgraded products or services and customer acceptance of such services.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

August 4, 2011
LoopNet Loves Android Users, Too: Commercial Real Estate Marketing and Technology Leader LoopNet Launches Property Search Application for Android Mobile Devices
– New App Allows Users To Search with Location Specific Relevance Anytime, Anywhere –
– 800,000 For Sale And Lease Listings Accessible On The Go –
 
SAN FRANCISCO, CA (Date to come) – LoopNet, Inc. (Nasdaq: LOOP), operator of the most heavily trafficked commercial real estate marketplace, today announced the availability of a new commercial real estate search application for Android mobile device users.
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– New App Allows Users To Search with Location Specific Relevance Anytime, Anywhere –

– 800,000 For Sale And Lease Listings Accessible On The Go –

 

SAN FRANCISCO, CA (Date to come) – LoopNet, Inc. (Nasdaq: LOOP), operator of the most heavily trafficked commercial real estate marketplace, today announced the availability of a new commercial real estate search application for Android mobile device users.  Now available as a free download from Android Market or Amazon's Appstore for Android, the LoopNet Android App allows Android based smart phone users to search, locate and access all 800,000 available listings nationwide anywhere at any time. 

 

Over 40% of mobile devices sold in the U.S. utilize the Android operating system, according to IDC.

 

LoopNet is a longtime leader in providing innovative commercial real estate marketing and technology tools, including applications for mobile devices.  LoopNet launched the industry's first commercial real estate marketplace search application for the iPhone, and the industry's first iPad App enabling on-the-road access to active commercial real estate listings and to LoopNet's larger Property Facts database of 25 Million owners, tenants, lenders and tax records.  LoopNet also maintains a mobile website.  Visit www.LoopNet.com/Mobile for more information and free download options.

 

"When are you releasing an Android APP? That was the #1 question we received when we launched our hugely popular iPhone and iPad apps," said Mike Manning, Vice President of Marketing for LoopNet.  "Android users are numerous and they are vocal.  And now we have an App just for them.  With almost 10% of property views coming from mobile devices, this new app is good news for our property marketers, who will receive even more exposure for their properties from people on-the-go, and good news for searchers, who will now be able to locate nearby properties with just a few screen touches from their Android devices."

 

Features on LoopNet's Android application include:

  • Location Finder: Explore properties in your immediate area using your device's built-in GPS capabilities, then walk or drive around and explore properties in your vicinity… without having to go back to the office to access a computer or run a listings report.
  • Custom Search: Filter results by price, building size and property type (office, industrial, retail, land, multifamily, etc.).
  • Driving Directions: Use Google Maps to plot properties or email directions to a client or friend.

The LoopNet Android App is FREE to download at the Android marketplace.

 

About LoopNet

 

LoopNet, available at http://www.LoopNet.com, operates the most heavily trafficked commercial real estate marketplace online with more than five million registered members and 2.6 million unique monthly visitors as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 25 million commercial property records. 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily apartment buildings, hotel, land, specialty properties, investment properties and businesses for sale.  As of June 30, 2011, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.

 

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, The Shopping Center Group and Sperry Van Ness.

 

Forward-Looking Statements

 

This release contains forward-looking statements regarding the anticipated benefits of the LoopNet Android App, LoopNet's online commercial marketplace, our customers, the continuing adoption of the Internet and our mobile device applications to market and search for commercial real estate and the value we provide to our members.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the functionality of the LoopNet Android App,  the impact of our pending merger with  CoStar Group, Inc., including the possibility that the merger does not close and the risk of business disruption relating the merger, economic events or trends in the commercial real estate market or in general, our ability to continue to attract unique visitors to our website, our ability to continue to attract new registered members, convert them into Premium Members and retain such Premium Members, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, our ability to receive timely and accurate sales data from our partners, seasonality, our ability to manage our growth and our ability to introduce new or upgraded products or services and customer acceptance of such services.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

June 29, 2011
LoopNet Surpasses Five Million Registered Members
– New Mobile Solutions, Marketing Tools, Information Services and Product Innovations Keep Membership Base Expanding Rapidly – 
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– New Mobile Solutions, Marketing Tools, Information Services and Product Innovations Keep Membership Base Expanding Rapidly –

– Largest Online Community for Commercial Real Estate Continues to Add Thousands of New Members Every Week –

SAN FRANCISCO, CA (June 29, 2011) — LoopNet, Inc. (NASDAQ: LOOP), a leading provider of commercial real estate marketing and technology solutions, and operator of the most heavily trafficked commercial real estate marketplace, announced today that it surpassed five million registered members.  We believe this represents the largest membership community of brokers, investors, tenants, appraisers and other commercial real estate participants. 

Fifteen years after its founding, LoopNet continues to add thousands of new members per week, with new offerings in mobile solutions, email campaign management tools and information services providing ever more ways for commercial real estate professionals to access and benefit from its marketing and information services product lines. 

"We are thrilled that more than 5 Million people have chosen to create LoopNet memberships," said Thomas Byrne, LoopNet's President and COO.  "It affirms the value that we are adding to the commercial real estate community, and motivates us to continue to find new ways to serve our members' needs and the industry's needs."

Highlighted below are some of the key metrics and usage statistics of LoopNet.com:

#1 in Members among Commercial Real Estate Listing Services

  • Registered Members – More than five million registered members

#1 in Website Traffic among Commercial Real Estate Listing Services

  • Unique Monthly Visitors – 2.5 Million (12 months ending May 2011, Google Analytics)
  • Traffic Multiple – 7.4X the visitor traffic of the next closest web site (12 months ending May 2011, comScore Media Metrix)

#1 Online Marketing Partner to Commercial Real Estate Firms

  • LoopNet's LoopLink powers more listings for more commercial real estate firm websites than any other service.  The company's cutting-edge solutions include private-label web, iPhone and iPad applications.  LoopNet's Enterprise clients include CB Richard Ellis, Cassidy Turley, Colliers International, Cushman & Wakefield, Jones Lang LaSalle, Grubb & Ellis, NAI Global, ONCOR International, Sperry Van Ness, and The Shopping Center Group.

About LoopNet

LoopNet, available at http://www.LoopNet.com, operates the most heavily trafficked commercial real estate marketplace online with more than five million registered members and 2.6 million unique monthly visitors as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 25 million commercial property records. 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily apartment buildings, hotel, land, specialty properties, investment properties and businesses for sale.  As of June 30, 2011, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, The Shopping Center Group and Sperry Van Ness.

Forward-Looking Statements

This release contains forward-looking statements regarding LoopNet's online commercial marketplace, our customers, the continuing adoption of the Internet to market and search for commercial real estate and the value we provide to our members.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, economic events or trends in the commercial real estate market or in general, our ability to continue to attract unique visitors to our website, our ability to continue to attract new registered members, convert them into Premium Members and retain such Premium Members, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, our ability to receive timely and accurate sales data from our partners, seasonality, our ability to manage our growth and our ability to introduce new or upgraded products or services and customer acceptance of such services.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

June 16, 2011
LoopNet’s iPad/iPhone App for Enterprise Solution Customer - The Shopping Center Group - Wins 2011 “Digie” Award at Realcomm
SAN FRANCISCO, CA (June 16, 2011) — LoopNet, Inc. (Nasdaq: LOOP), a leading provider of commercial real estate marketing, technology and information services and operator of the most heavily trafficked commercial real estate marketplace, today announced that LoopNet enterprise client The Shopping Center Group (TSCG), one of the country's leading retail real estate advisory companies, has been honored with a 2011 "Digie" award for its private label iPad and iPhone mobile applications.
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SAN FRANCISCO, CA (June 16, 2011) — LoopNet, Inc. (Nasdaq: LOOP), a leading provider of commercial real estate marketing, technology and information services and operator of the most heavily trafficked commercial real estate marketplace, today announced that LoopNet enterprise client The Shopping Center Group (TSCG), one of the country's leading retail real estate advisory companies, has been honored with a 2011 "Digie" award for its private label iPad and iPhone mobile applications.  LoopNet developed the native iPad and iPhone Apps for TSCG, which is headquartered in Atlanta, GA.

 

The Digie awards, which recognize those companies, projects, and solutions that have demonstrated the most innovative use of technology and automation in commercial and corporate real estate, are presented annually at Realcomm.  The Shopping Center Group and LoopNet won a 2011 Digie award for "Best Use of Technology" by a commercial real estate brokerage firm.  The awards were announced on June 14 in Orlando at the Realcomm 2011 conference.

 

The Apps, which were custom branded with the brokerage firm's logo and corporate colors, provide The Shopping Center Group brokers and clients with full access to their firm's entire inventory of exclusive availabilities, property photos and listing flyers while in the field with clients.  Having comprehensive mobile access to listing information through the iPad and iPhone applications allows brokers to address changing client requests immediately and accelerate transactions.  Additionally, the Apps save on printing costs, since brokers no longer need to print or carry marketing materials for every potential property a client might want to see.  These applications are offered as a feature of LoopNet's Enterprise Marketing Package.

 

"We are honored that The Shopping Center Group won the prestigious Digie award for their custom implementation of LoopNet's iPad and iPhone applications, and very appreciative of the recognition of our newest mobile technologies," said Mike Manning, LoopNet's Vice President of Marketing.  "Our applications can be customized for clients so they have a far more efficient way to communicate with and serve their clients."

 

LoopNet released the commercial real estate industry's first iPhone App in early 2010, and has continued to innovate rapidly to bring new, cutting edge marketing and information sharing technologies to its corporate and individual clients.  LoopNet's iPhone App was voted the #1 commercial real estate App by Inman News in 2010.  To learn more about private label iPad options, contact LoopNet's Enterprise Solutions team at enterprisesolutions@LoopNet.com.

 

About LoopNet

 

LoopNet operates the most heavily trafficked commercial real estate marketplace online with more than four million registered members and more than two million unique monthly visitors as reported by Google Analytics.

 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of March 31, 2011, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.

 

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, The Shopping Center Group and Sperry Van Ness.

 

Forward-Looking Statements

 

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's iPad and iPhone applications, our efforts to differentiate our online commercial marketplace, deliver increasing information and value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of our customized iPhone and iPad applications, continuing popularity and additional adoption of smart phones and iPads, ongoing volatility in the commercial real estate market, whether additional services will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our website, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

April 27, 2011
CoStar Group to Acquire LoopNet
- Combination of the Most Comprehensive Commercial Real Estate Information Service With the Leading Online Commercial Real Estate Marketplace is Expected to Deliver More Value From the Internet for the $11 Trillion Commercial Real Estate Industry - 
WASHINGTON and SAN FRANCISCO, April 27, 2011 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the leading commercial real estate information company announced today the signing of a definitive agreement to acquire LoopNet, Inc.
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- Combination of the Most Comprehensive Commercial Real Estate Information Service With the Leading Online Commercial Real Estate Marketplace is Expected to Deliver More Value From the Internet for the $11 Trillion Commercial Real Estate Industry -

WASHINGTON and SAN FRANCISCO, April 27, 2011 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the leading commercial real estate information company announced today the signing of a definitive agreement to acquire LoopNet, Inc. (Nasdaq:LOOP), the leading online commercial real estate marketplace. Pursuant to the merger agreement, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock for each share of LoopNet common stock, representing a total equity value of approximately $860 million and an enterprise value of $762 million. The boards of directors of both companies have unanimously approved the transaction which is expected to close by the end of 2011.

"CoStar revolutionized how the industry researches commercial real estate and LoopNet revolutionized the way the industry markets commercial real estate," said Andrew C. Florance, President and Chief Executive Officer of CoStar. "We expect the combination of our companies to give the $11 trillion commercial real estate market the full benefit of the internet."

"CoStar and LoopNet have been at the cutting edge of innovation in their respective businesses and we believe the two companies will be even stronger together," said Richard Boyle, Chairman and Chief Executive Officer of LoopNet. "This transaction combines the capabilities and best practices of two successful and very complementary companies. We are excited about the possibilities that can be created together."

The commercial real estate market is one of the largest asset classes in the United States with over $11 trillion in value and the potential size of the industry providing marketing and information services to commercial real estate professionals is approximately $30 billion, according to CoStar. Based upon the first quarter of 2011, the combined companies have annualized revenue of approximately $321 million.

The transaction will double the size of CoStar's paid subscriber base to at least 160,000 which represents approximately 15% of the estimated one million participants in the commercial real estate market. CoStar's market studies have indicated that customers view the services of the two companies as serving two very different but complementary needs and that the overlap between CoStar and LoopNet subscribers is estimated to be relatively low. As a result, CoStar expects significant cross-selling opportunities between the two customer bases.

The combined company will be the premier resource for researching, analyzing, and marketing commercial real estate properties online and will be positioned to provide more widespread market coverage for customers ranging from large, national brokerage and institutional market players to small, local brokers and owners. With the addition of LoopNet's complementary listings, CoStar will have a database with approximately two million active listings, giving customers a more comprehensive and efficient view of the market. "CoStar and LoopNet truly bring together Wall Street and Main Street," added Florance. "We expect the scale, complementary service capabilities and diversified client and geographic footprint created by the combination of CoStar and LoopNet will drive significant revenue opportunities and cost saving synergies."

CoStar has successfully integrated over a dozen acquisitions.

LoopNet.com is the industry's largest and most heavily trafficked online marketplace with 4.8 million registered members and more than 6 million unique visitors quarterly, according to Google Analytics. LoopNet is also the leading website for marketing commercial property listings. As commercial real estate brokers and owners continue to move property listings to online channels, we fully anticipate LoopNet's marketplace will become increasingly important to those marketing or searching for properties.

CoStar operates the largest and most robust commercial real estate information database with over 77 billion square feet of office, retail, and industrial inventory, 1.5 million listings, and 10.6 million images.

Highlights of the Combination

  • Combines industry-leading large scale, game-changing technology platforms
  • Maximizes customer value with highly complementary operations that create a larger more robust marketplace with hundreds of thousands of participants and billions of potential connections
  • Combines two profitable companies with strong cash flows while creating potentially significant opportunities to cross-sell services and reduce costs
  • Represents a substantial investment in a company whose performance is correlated with general commercial real estate markets as they emerge from historic lows and move towards recovery
  • Both companies announced very strong first quarter 2011 financials further signaling an emerging strong sector recovery

A chart accompanying this release is available at http://media.globenewswire.com/cache/9473/file/10409.pdf

Transaction Details

The transaction represents a premium of 31% to LoopNet's closing price on Tuesday, April 26, 2011. Following the transaction, LoopNet equity holders will own approximately 8.5% of CoStar shares outstanding on a fully diluted basis. Holders of 32% of the LoopNet shares outstanding on an as-converted basis have signed a voting agreement in support of the deal.

CoStar has received a commitment letter from J.P. Morgan for a fully committed term loan of $415 million and a $50 million revolving credit facility, of which $37.5 million are committed, which will be available, subject to customary conditions, to fund the acquisition and the ongoing working capital needs of CoStar and its subsidiaries following the transaction.

The transaction is subject to customary closing conditions, including approval by the shareholders of LoopNet and antitrust clearance. The transaction is not subject to a financing condition.

Financial Impact

  • CoStar sees the potential for significant revenue synergies through the cross-selling of each company's complementary services to the other's client bases
  • CoStar expects annual cost synergies of approximately $20 million achieved over the first 24 months following the close of the transaction
  • CoStar expects the transaction to be accretive to non-GAAP net income per diluted share (as defined below in "Non-GAAP Metrics") in 2012.
  • Expected to increase the combined companies' long-term target margins
Combined Results, Revenue and Reconciliation of Net Income to EBITDA and Adjusted EBITDA
(in millions)
For the Three Months
Ended March 31, 2011
(Unaudited)

CoStar

LoopNet

Combined
Combined
Annualized
Revenue $ 59.6 $ 20.7 $ 80.3 $ 321.2
Net Income 4.5 1.8 6.3 25.2
Depreciation and amortization 3.4 1.1 4.5 18.0
Interest (income) / expense, net (0.2) 0.3 0.1 0.4
Income tax expense, net 2.8 1.0 3.8 15.2
EBITDA $ 10.5 $ 4.2 $ 14.7 $ 58.8
Stock-based compensation expense 2.1 2.5 4.6 18.4
Acquisition related costs 0.3 0.3 0.6 2.4
Restructuring and related costs -- -- -- --
Headquarters acquisition and transition related costs -- -- -- --
Settlements and Impairments (0.3) -- (0.3) (1.2)
Adjusted EBITDA $ 12.6 $ 7.0 $ 19.6 $ 78.4
Estimated Synergies $ 20.0
Adjusted EBITDA with Synergies $ 98.4
Adjusted EBITDA with Synergies Margin 31%

Advisors

J.P. Morgan acted as CoStar's financial advisor, and Simpson Thacher & Bartlett LLP acted as legal counsel to CoStar. Evercore Partners, L.L.C. acted as LoopNet's financial advisor, and Davis Polk & Wardwell LLP acted as legal counsel to LoopNet.

Conference Call

In light of today's announcement, the previously scheduled earnings calls for LoopNet on Wednesday, April 27, 2011 at 4:30 p.m. EDT and CoStar on Thursday, April 28, 2011 at 11:00 a.m. EDT are cancelled.

In their place, the management teams of CoStar and LoopNet will hold a joint conference call beginning at 5:00 p.m. EDT Wednesday, April 27, 2011 to discuss the transaction and both companies' first quarter earnings results.

Interested parties may call the following numbers:

United States and Canada: (877) 209-9920

All Other Countries: (612) 332-0530

Access Code: 202437

A digitized replay is scheduled to begin on Wednesday, April 27, 2011 at 9:00 p.m. EDT and will be available until May 28, 2011 at 11:59 p.m. EDT.

Interested parties may call the following numbers:

United States and Canada: (800) 475-6701

All other Countries: (320) 365-3844

Access Code: 202437

Non-GAAP Metrics

The following describes the non-GAAP financial measures presented in this release. These financial measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP.

EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group, Inc. before (i) interest income (expense), (ii) provision for income taxes, and (iii) depreciation and amortization.

Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before (i) stock-based compensation expense, (ii) acquisition-related costs, (iii) restructuring charges and related costs, (iv) costs related to the acquisition and transition of the Company's corporate headquarters, and (v) settlements and impairments incurred outside the Company's normal business operations.

Adjusted EBITDA with Synergies is defined as Adjusted EBITDA plus the estimated synergies resulting from the combination.

Each "combined" financial metric represents the combined, respective financial metric for CoStar and LoopNet. Each "combined annualized" financial metric represents the combined, respective financial metrics for CoStar and LoopNet annualized. Combined financial metrics have been prepared based on historical financials and are not necessarily representative of future results.

Non-GAAP net income per diluted share is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period used in the calculation of GAAP net income per diluted share. Non-GAAP net income is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group, Inc. before (i) purchase amortization and other related costs, (ii) stock-based compensation expense, (iii) acquisition-related costs, (iv) purchase accounting adjustments, (v) restructuring charges and related costs, (vi) costs related to the acquisition and transition of the Company's corporate headquarters, and (vii) settlements and impairments. From this figure, we then subtract an assumed provision for income taxes to arrive at Non-GAAP net income. We assume a 40% tax rate in order to approximate our long-term effective corporate tax rate.

Non-GAAP net income per diluted share is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period used in the calculation of GAAP net income per diluted share.

About CoStar Group, Inc.

CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information and analytic services. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 1,500 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.

About LoopNet

LoopNet operates the most heavily trafficked commercial real estate marketplace online with more than 4 million registered members and more than 6 million unique visitors quarterly, as reported by Google Analytics.

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the benefits of the proposed transaction between COSTAR and LOOPNET, future financial and operating results, the companies' plans, objectives, expectations and intentions and other statements including words such as "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. In addition to these statements, there can be no assurance that the combination of CoStar and LoopNet will deliver more value from the Internet, and the full benefit of the Internet, for the $11 trillion commercial real estate industry; that the two companies will be stronger together; that the potential size of the industry providing marketing and information services to commercial real estate professionals will be approximately $30 billion; that there will be significant opportunities to cross-sell services and reduce costs; that the combined company will be the premier resource for researching, analyzing, and marketing commercial real estate properties online and will be positioned to provide more widespread market coverage for customers; that the scale, complementary service capabilities and diversified client and geographic footprint created by the combination of CoStar and LoopNet will drive significant revenue opportunities and cost saving synergies; that LoopNet's marketplace will become increasingly important to those marketing or searching for properties; that there will be a strong sector recovery; that CoStar will achieve the revenue and cost synergies described in this release; that the transaction will be accretive to non-GAAP net income per diluted share; that the transaction will create a more efficient capital structure; and that the combination will increase the companies' combined long-term target margins.

Such statements are based upon the current beliefs and expectations of management of COSTAR and LOOPNET and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the risk that expected cost savings or other synergies from the merger may not be fully realized or may take longer to realize than expected; the risk that the businesses of COSTAR and LOOPNET may not be combined successfully or in a timely and cost-efficient manner; the possibility that the transaction does not close, including, but not limited to, due to the failure to obtain approval of LOOPNET'S stockholders, or the failure to obtain governmental approval; the risk that business disruption relating to the merger may be greater than expected; and failure to obtain any required financing on favorable terms. Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in COSTAR'S Annual Report on Form 10-K for the year ended December 31, 2010 and LOOPNET's Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission (SEC), including in the "Risk Factors" section of each of these filings, and each company's other filings with the SEC available at the SEC's website (http://www.sec.gov). Neither COSTAR nor LOOPNET undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In connection with the proposed merger, COSTAR will file with the Securities and Exchange Commission (SEC) a registration statement on Form S-4 that will include a proxy statement/prospectus for the stockholders of LOOPNET. LOOPNET will mail the final proxy statement/prospectus to its stockholders. Investors and security holders are urged to read the proxy statement/prospectus regarding the proposed transaction and any other relevant documents carefully in their entirety when they become available because they will contain important information about the proposed transaction. Copies of the proxy statement/prospectus (when available) and other related documents filed by CoStar and LoopNet with the SEC may be obtained, free of charge, at the SEC's website at www.sec.gov . Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, when available, free of charge, from COSTAR's website, www.costar.com, under the heading "Investors" in the "About Us" tab. These documents may also be obtained, without charge, from LoopNet's website, www.LoopNet.com, under the tab "Investor Relations".

CoStar, LoopNet and their respective directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies from the stockholders of LOOPNET in respect of the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of LoopNet in connection with the proposed transaction will be set forth in the proxy statement/prospectus when it is filed with the SEC. Information about COSTAR's executive officers and directors is available in COSTAR's definitive proxy statement filed with the SEC on April 27, 2011. Information about LOOPNET's executive officers and directors is available in LOOPNET's definitive proxy statement filed with the SEC on April 4, 2011. Free copies of these documents are available from the COSTAR and LOOPNET websites using the contact information above.

CONTACT: Investors





 CoStar:

 Brian Radecki, Chief Financial Officer

 202-336-6920

 brian@costar.com



 

 Frank Carchedi, Senior Vice President,Mergers & Acquisitions

 fcarchedi@costar.com

 202-336-6937





 Media 



 CoStar: 

 Mark Klionsky, Senior Vice President

 202-623-5252

 mklionsky@costar.com



 

 Richard Simonelli, Communications

 202-346-6394

 rsimonelli@costar.com
Source: CoStar Group, Inc.

News Provided by Acquire Media

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April 6, 2011
LoopNet Adds Email Blast Capabilities to Enterprise Deal Tools Suite Providing True End-to-End Commercial Property Marketing
– Seamless Listing Import, Email Creation, Sending and Tracking Solution Saves Time and Streamlines Marketing Process –
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– Seamless Listing Import, Email Creation, Sending and Tracking Solution Saves Time and Streamlines Marketing Process –


– Integrated Reporting Measures Response Rates and Flags Engaged Prospects –

 

SAN FRANCISCO, CA (April 6, 2011) — LoopNet, Inc. (NASDAQ: LOOP), a leading provider of commercial real estate marketing, technology and information services and operator of the most heavily trafficked commercial real estate marketplace, today announced the release of Deal Blast, a module offering tools for brokers to seamlessly create, manage lists, send, track and analyze email campaigns within LoopNet's Enterprise Deal Tools solutions suite.  This new functionality dramatically cuts the time to set up marketing campaigns, improves the quality and effectiveness of email marketing, and enables brokers to quickly identify their highest priority prospects.

 

Initially released in December 2010, Enterprise Deal Tools provides brokers with tools that eliminate much of the back-end work associated with property marketing campaigns and transaction management, allowing them to spend time on what they do best –closing deals.  The integrated components of the Enterprise Deal Tools package—Deal Site and Deal Blast—allow brokers to automatically leverage their LoopNet listing details into high-impact, branded web sites, due diligence rooms and email marketing campaigns.  With this newest release, the Deal Tools suite offers the following benefits:

 

Deal Blast

  • Branded Emails: Custom-designed HTML templates deliver consistent, professional branding for all email campaigns with just a click.
  • Contact List Imports: Easy-to-use import feature allows brokers to build and manage lists of potential buyers and tenants within Deal Tools.
  • Bulk Sending: Built-in email sending capability eliminates need for third party email service provider while adhering to deliverability best practices.
  • Actionable Reporting: Individual recipient tracking flags prospects who view and click on emails.  Overall response rate tracking reveals campaign and creative effectiveness.
  • CAN-SPAM Compliance: Opt-out management, system generated unsubscribe links and bad email suppression features protect your online reputation.

 

Deal Site

  • Branded Websites: Custom-designed websites provide each deal with a professional, branded online presence.
  • Due Diligence War Rooms: Secure storage, online confidentiality agreements, and controlled access to key documents streamline the transaction process.
  • Simplified Administration: Intuitive interface allows non-technical admins to easily keep listing information, web pages and key documents up to date as details change.
  • Actionable Reporting: Ability to identify prospects by the specific documents accessed enables brokers to quickly identify the most engaged buyers or tenants.

 

"Brokers want to spend their time in front of qualified prospects, not in front of a computer setting up email campaigns and web sites" said Thomas Byrne, LoopNet's President and Chief Operating Officer.  "Brokerage firms want to present a consistent, high quality image to the marketplace.  With Deal Tools, we are increasing a broker's productivity via point-and-click tools for managing customer acquisition and communication, and enhancing the brokerage firm's brand with high-impact, custom-designed, consistent marketing materials.  Our customers have been very excited about this new capability to consolidate their end-to-end marketing onto LoopNet, and to save time and money while doing it.  A major hassle for brokers has been management of listing information across multiple platforms.  Now with Deal Tools, we have consolidated for our clients the ability to seamlessly manage listings, property websites and their end-to-end marketing programs."

For more information on Deal Tools or other Enterprise Solutions, call (866) 907-6415 or email EnterpriseSolutions@LoopNet.com

 

About LoopNet

 

LoopNet, available at http://www.LoopNet.com, operates the most heavily trafficked commercial real estate marketplace online with more than 4 million registered members and more than 6 million unique visitors quarterly as reported by Google Analytics.  LoopNet also now offers one of the largest property research solutions, Property Facts, containing more than 10 million commercial property records. 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment buildings for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of December 31, 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.

 

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

 

Forward-Looking Statements  

 

This release contains forward-looking statements regarding the benefits of our Deal Tools suite, including its new Deal Blast feature, our share of commercial real estate traffic, our efforts to differentiate our online commercial marketplace, deliver increasing information and value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to,the performance of our Deal Tools suite, whether additional services will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our website, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

March 22, 2011
LoopNet Launches Expanded Line of Information Products with More Than 10 Million Commercial Real Estate Property Records
– Dramatically Increases Information Affordability and Accessbility for Brokers, Investors, Appraisers, Owners and Tenants –
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– Dramatically Increases Information Affordability and Accessbility for Brokers, Investors, Appraisers, Owners and Tenants –

– Integrates Public Records, Researched Property Information and Sales Transaction Comps in Comprehensive, Cost-Effective One-Stop Service –

SAN FRANCISCO, CA (March 22, 2011) – LoopNet, Inc. (Nasdaq: LOOP), which operates the most heavily visited online commercial real estate information web site, today announced the launch of its expanded line of property research products, Property Facts and Property Comps. These new information services will provide commercial real estate brokers, investors, appraisers, tenants and others with a flexible, cost-effective source of nationwide commercial property data for all major property types. LoopNet Property Facts offers detailed information on more than 10 million commercial properties, providing owner, lender, tenant, market stats and tax information for both on-market and off-market properties. LoopNet Property Comps provides sale price, buyer, seller, sale date and other transaction details for over 1.3 million closed sale transactions.

Commercial real estate professionals now have the choice of subscribing to the LoopNet marketplace to market or search for active sale and lease listings, or subscribing to the Property products —Property Facts or Property Comps — to research the market as a whole at www.loopnet.com.

"With the launch of these expanded products and services, LoopNet is heralding a significant change in commercial real estate research, which has long been characterized by expensive, restrictive data services that do not adequately meet the needs of a large sector of the market," said Thomas Byrne, LoopNet's President and Chief Operating Officer. "In particular, many brokers and brokerage firms, individual investors, landlords, appraisers and financial services professionals have been priced out of the market for these information services. We are very excited to now provide them with a comprehensive, affordable, nationwide property research solution alternative that covers all property types and all U.S. geographies in one simple subscription that does not require an annual contract."

"As an organization, we are incredibly proud of today's launch," said Rich Boyle, Chairman and CEO. "A key component of our longer-term strategy is expanding the array of products and services that we deliver to an increasing number of industry participants, while extending and deepening our relationship with existing customers. We are confident that Property Facts and Property Comps will prove significant contributors on all of those fronts."

While the LoopNet marketplace features nearly 800,000 listings that are actively marketed for sale and lease, the LoopNet Property Facts and Property Comps databases contain more than 12 times that many records, providing a holistic view of the commercial property inventory in a market, regardless of current availability and regardless of whether it has ever been marketed on LoopNet.

Together, the Property line of products contain a wealth of property details and offer unparalleled ease of use and affordability for nationwide search of office, industrial, retail, multifamily, hotel, land and other specialty properties. Specific data fields include:

PROPERTY FACTS

PROPERTY COMPS

•   Tenant Rosters and Employee Counts

•   Sale Date

•   Tax Records and Assessed Values

•   Sale Price

•   Property Details and Photos

•   Address / Property Type

•   Owner Details and History

•   Buyer

•   Mortgage and Lender History

•   Seller

•   Historical Sale and Lease Listings

•   Property Details and Photo

•   Asking Price and Asking Rent Trends

 

View sample database records and subscribe to the LoopNet Property products at www.loopnet.com/PropertyTour

Background on the LoopNet Property Facts Database
Property Facts has been in development and operating in beta mode on LoopNet.com for more than a year under the name Property Research Database. With today's official launch of the stand-alone product, LoopNet introduces significant new features and functionality, including:

  • Better Search: Filter properties based on over 25 criteria, including property type, location, building size, owner name, mortgage due date, and individual tenant names.
  • Better Analytics: Calculate average asking sale and lease prices and closed transaction prices among neighboring properties within a geographic area defined by the user.
  • Better Reporting: Generate over a dozen different reports, all customizable with the user's name, company logo and client names, with most fields fully editable by the user.
  • Better Tools: Print address labels of owners or tenants for mail campaigns or generate prospecting "call sheets" for telemarketing campaigns.

"LoopNet members who have been using the beta version of the Property Research Database will immediately notice the powerful new features and expanded data sets," said Mike Manning LoopNet Vice President of Marketing. "These include advanced search parameters, robust report creation and editing capabilities, additional breadth and depth of the data sets, including land, prospecting capabilities such as lists and mailing labels, and more. This is the most powerful suite of LoopNet research tools ever for commercial real estate brokers, enabling them to find more deals, advise their clients to make smarter, more informed investment and leasing decisions, and work more efficiently."

About LoopNet
LoopNet, available at www.loopnet.com, operates the most heavily trafficked commercial real estate marketplace online with more than 4 million registered members and more than 6 million unique visitors quarterly as reported by Google Analytics. LoopNet also now offers one of the largest commercial property databases with more than 10 million commercial property records.

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment buildings for sale), hotel, land, specialty properties, investment properties and businesses for sale. As of December 31, 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

Forward-Looking Statements
This release contains forward-looking statements regarding the anticipated benefits and impact of LoopNet's Property line of products, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of Property Facts and Property Comps, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

March 8, 2011
LoopNet Visitor Traffic Hits All-Time High in First Two Months of 2011
– With 2.7 Million Monthly Unique Visitors in 2011, Traffic Increases 40% Over Prior Year –
– Traffic Now Almost 10 Times Any Other Commercial Real Estate Website –
SAN FRANCISCO, CA (March 8, 2011) — LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace, hit another all-time high in unique visitor traffic to its website over the first two months of 2011, signaling a rebound in commercial real estate searching activity.
More

– With 2.7 Million Monthly Unique Visitors in 2011, Traffic Increases 40% Over Prior Year –

– Traffic Now Almost 10 Times Any Other Commercial Real Estate Website –

SAN FRANCISCO, CA (March 8, 2011) — LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace, hit another all-time high in unique visitor traffic to its website over the first two months of 2011, signaling a rebound in commercial real estate searching activity.  With record-breaking numbers of visitors, LoopNet is maintaining its commanding online visitor traffic lead among commercial property marketing and information services websites. 

 

LoopNet.com averaged more than 2.7 million unique visitors per month during January and February 2011, representing a 40% increase over the same period in 2010 as well as a new all-time high for the company according to Google Analytics. 

 

With this surge in activity, LoopNet has averaged nearly 10 times more traffic than the next closest commercial real estate listing website during the past 12 months (ending January) according to comScore, a leading independent website tracking service.  This continues a long-term trend of LoopNet increasing its share of commercial real estate search traffic versus competitors. 

 

"It's all converging," said Mike Manning, LoopNet Vice President of Marketing.  "A number of recent LoopNet product improvements and innovations are helping our members expand their knowledge of the market, access property information across multiple platforms and devices, and drive increased distribution of listings.  These improvements, coupled with an increase in the general market perception that commercial real estate may be an attractive long-term investment opportunity, are driving search activity."

 

"The fact that LoopNet generates nearly 10 times the traffic of its nearest competitor translates into unparalleled exposure and advertising value for our members who are seeking to market their properties for sale and for lease."

 

About LoopNet

 

LoopNet, available at http://www.loopnet.com/, operates the most heavily trafficked commercial real estate marketplace online with more than 4 million registered members and more than 6 million unique visitors quarterly as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records. 

 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment buildings for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of December 31, 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.

 

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

 

Forward-Looking Statements  

 

This release contains forward-looking statements regarding our share of commercial real estate traffic, drivers of search activity, our efforts to differentiate our online commercial marketplace, deliver increasing information and value to customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, whether additional services will lead to new registered members and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our website, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

December 16, 2010
LoopNet Announces Release of Enterprise Pro Tools, A Suite of Deal Management Products That Streamline, Accelerate and Enhance the Commercial Real Estate Transaction Process
• Company-wide Access to Secure Deal Rooms, Corporate HTML Email Templates, Email Blast Capabilities and Custom Web Designs
• Cassidy Turley, Newmark Knight Frank, The Shopping Center Group, Jones Lang LaSalle, RE/MAX Commercial, and Studley Join Growing List of Enterprise Clients 
SAN FRANCISCO, CA (December 16, 2010) — LoopNet, Inc.
More

• Company-wide Access to Secure Deal Rooms, Corporate HTML Email Templates, Email Blast Capabilities and Custom Web Designs

• Cassidy Turley, Newmark Knight Frank, The Shopping Center Group, Jones Lang LaSalle, RE/MAX Commercial, and Studley Join Growing List of Enterprise Clients

SAN FRANCISCO, CA (December 16, 2010) — LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace, today announced a major expansion of the LoopNet Enterprise Solutions Suite that enables corporate customers to eliminate much of the back-end work associated with property marketing campaigns and transaction management, allowing brokers to spend time on what they do best: closing deals.   Enterprise Pro Tools will allow corporate customers to easily generate high quality, company-branded HTML email campaigns, quickly qualify and focus on their highest value leads, automate the process of executing confidentiality agreements, and easily share documents in a secure environment.

The Enterprise Pro Tools Package complements and significantly enhances LoopNet's existing market-leading corporate services, whose customers already include 9 of the top 10 commercial real estate brokerage companies in the U.S. and more than 1,000 commercial real estate organizations.  The Enterprise Pro Tools package has already generated strong initial interest and positive response from customers, who believe it has significant potential to improve their existing process efficiency and reduce costs. 

______________________________________________________________________________
Enterprise Pro Tools Package (NEW)
• Deal-specific due diligence war rooms enabling secure storage, investor registration, and controlled access to key documents
• Email blast creation tools incorporating custom-designed HTML templates
• Email campaign management tools ensure deliverability and monitor response rates (coming soon)
• Custom web site designs reflecting brokerage branding and messaging
______________________________________________________________________________

In addition, LoopNet announced today that it is seeing significant growth in the adoption of its additional Enterprise services, with Cassidy Turley, Newmark Knight Frank, The Shopping Center Group, Jones Lang LaSalle, RE/MAX Commercial, and Studley among the top-tier firms that have recently joined a growing list of corporate clients.  Outlined below is a summary of the Enterprise Marketing and Enterprise Search Packages available from LoopNet. 
_________________________________________________________________________________
Enterprise Marketing Package
• LoopLink technology to power property search, display and mapping on brokerage web site
• Premium Listing Exposure for all company listings on LoopNet.com, the industry's #1 visited web site
• Branded Logos that link to brokerage web site from LoopNet.com

Enterprise Search Package
• Marketplace - Access to 780,000 active sale and lease listings
• RecentSales - Access to 1.2 Million nationwide sales comps
• Property Research Database - Access to 7.5 Million property records containing tenant, owner, lender and historical listing activity
_________________________________________________________________________________


"We are very excited about the new Enterprise Solutions and the exceptional power they provide our corporate customers to generate leads, streamline the transaction process, and save money.  LoopNet can now offer our commercial real estate customers a true one-stop shop for their marketing, deal management and research needs," said Thomas Byrne, LoopNet's President and Chief Operating Officer.  "In additional to offering customers unparalleled exposure via LoopNet.com, the new Enterprise offerings will allow brokerages to leverage best-of-breed deal management tools to market listings, establish deal rooms, efficiently share information with prospects, and create professional quality HTML email campaigns.  Early feedback regarding the Enterprise Pro Tools has been overwhelmingly positive.  Numerous existing customers have activated the Enterprise Pro Tool service within their Enterprise Solutions Suite, and we look forward to sharing these new tools and capabilities with all of our existing corporate clients and other prospects."

For more information on Enterprise Solutions, contact corporatesolutions@LoopNet.com or call (866) 907-6415.

About LoopNet

LoopNet, available at http://www.loopnet.com, operates the most heavily trafficked commercial real estate marketplace online with more than 4.5 million registered members and more than 6 million unique visitors quarterly as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records. 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of September 30, 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.8 billion square feet of space for lease.


LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Cassidy Turley, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

Forward-Looking Statements

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's Enterprise products, including their ability to reduce costs, improve efficiency and generate leads for our corporate customers, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the value and functionality of our new products, such as our enterprise solutions and commercial property database, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.loopnet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

November 9, 2010
LoopNet Named 20th on the Forbes 2010 List of “America’s 100 Best Small Companies”
– Forbes Magazine Recognizes Companies with Superior Innovation and Results Over Past 5 Years –
More

– Forbes Magazine Recognizes Companies with Superior Innovation and Results Over Past 5 Years –

SAN FRANCISCO, CA (November 9, 2010) — LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace, has been named to Forbes Magazine's 2010 list of "America's 100 Best Small Companies." LoopNet is ranked #20 overall on the 2010 Forbes list, along with other exceptional public companies such as Akamai, Under Armour, Dolby Laboratories, Tempur Pedic, and Rackspace Hosting that were featured in the November 8, 2010 edition of the magazine. LoopNet was founded in 1995 and has been publicly traded since 2006.

"We are honored to be named to such a prominent position on the Forbes 2010 list of America's Best Small Companies. Forbes describes the companies on the list as those that 'hire, innovate, churn out profits and defy the downturn' and we are very grateful of the recognition of our organizational accomplishments and the dedicated efforts of the entire LoopNet team," said Richard Boyle, LoopNet's Chief Executive Officer.

"We believe LoopNet's 'Put Clients First' philosophy and our commitment to continually innovate our products and services is a significant competitive advantage for our organization within the commercial real estate, land for sale and business for sale sectors. We intend to continue to provide our customers with products that are unparalleled in their effectiveness, affordability and ease of use," said Thomas Byrne, LoopNet's President and COO. "During 2010, we were particularly pleased with our success in launching the LoopNet Property Research Database with over 7.5 million property records, the top-ranked iPhone and iPad mobile apps, the enhanced market trends reports and new Enterprise Marketing and Search solutions to better meet the needs of corporate clients."

According to Forbes' analysis of LoopNet as documented in the ranking, LoopNet's sales increased 37% (five-year annualized growth rate), the company's EPS (Earnings per Share) increased 31% (five-year annualized growth rate) and its ROE (Return on Equity/Investment) increased 34% (five-year annualized growth rate). Additional information about the Forbes list is available at http://www.forbes.com/lists/2010/23/best-small-companies-10_rank.html.

About LoopNet

LoopNet, available at www.LoopNet.com, operates the most heavily trafficked commercial real estate marketplace online with more than four million registered members and more than six million unique visitors quarterly as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records. 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. As of September 30, 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.8 billion square feet of space for lease.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Cassidy Turley, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

Forward-Looking Statements

This release contains forward-looking statements regarding our products and services, share of commercial real estate traffic, our efforts to differentiate our online commercial marketplace, deliver increasing information and value to customers, and the exposure for available properties listed on our marketplace. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, whether additional services will lead to new registered members, our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our website, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

October 27, 2010
LoopNet, the Most Heavily Trafficked Commercial Real Estate Website, Breaks All-Time Traffic Record In Third Quarter 2010
– Google Analytics Reports LoopNet Attracted More Than 6.2 Million Unique Visitors During Q3 –
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– Google Analytics Reports LoopNet Attracted More Than 6.2 Million Unique Visitors During Q3 –

– LoopNet Widens Traffic Lead Over Competition –

SAN FRANCISCO, CA (October 27, 2010) — LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace, hit an all-time high in unique visitor traffic in the third quarter ended September 30, 2010, and widened its online visitor traffic lead among commercial property marketing and information services websites, according to Google Analytics and comScore, which are leading independent Internet traffic measurement services. 

Google Analytics reports that LoopNet.com had more than 6.2 million unique visitors during the third quarter, a new high for unique visitor traffic.  Google also reports that the average number of unique visitors was 2.3 million monthly during the quarter.

According to comScore Media Metrics, which provides comparative site traffic numbers, LoopNet also reached a new high in terms of traffic relative to other commercial real estate websites.  comScore reports that LoopNet.com generated 9.4 times the traffic of its nearest competitor for the first nine months of 2010 (January through September).  This continues a long-term trend of LoopNet increasing its share of commercial real estate search traffic: during 2007, LoopNet generated 4.6 times the traffic of the next competitor; in 2008, the multiple grew to 6.1 times; in 2009, it grew again to 7.1 times the next closest site; and now it stands at 9.4 times.

According to Mike Manning, Vice President of Marketing, "The fact that LoopNet is hitting all-time highs in both absolute unique visitor traffic and in our traffic multiple versus the competition is a clear testament to the energy and effort that we have invested in delivering increased value to our customers over the past year.  We have launched a number of innovations to help our members improve their knowledge of the market, access properties and drive increased distribution of listings and other information.  These include a new Property Research Database of over 7.5 million records; iPhone and iPad mobile apps; data on asking price trends; and free personalized marketing websites for our members." 

"The fact that LoopNet generates 9.4 times the traffic of its nearest competitor," he continued, "translates into unparalleled exposure for our members who are seeking to market their properties for sale and for lease."

About LoopNet

LoopNet, available at http://www.loopnet.com, operates the most heavily trafficked commercial real estate marketplace online with more than four million registered members and more than six million unique visitors quarterly as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records. 

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of June 30, 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.8 billion square feet of space for lease.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Cassidy Turley, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

Forward-Looking Statements 

This release contains forward-looking statements regarding our share of commercial real estate traffic, our efforts to differentiate our online commercial marketplace, deliver increasing information and value to customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, whether additional services will lead to new registered members, our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our website, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

September 14, 2010
LoopNet Acquires LandsofAmerica, The Largest and Most Heavily Trafficked Online Land for Sale Marketplace
– Acquisition Enhances LoopNet's Industry-Leading Position In the Land For Sale Sector –
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– Acquisition Enhances LoopNet's Industry-Leading Position In the Land For Sale Sector –

– LoopNet's Exclusive Online Distribution Partnership Network Expands By More Than 200 To Include Field & Stream, Outdoor Life, The Land Report and Equine –


SAN FRANCISCO, CA (September 14, 2010) – LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace and one of the largest commercial property research databases, today announced the acquisition of LandsofAmerica, the operator of the largest and most heavily trafficked online marketplace specializing in land for sale at LandsofAmerica.com.

LandsofAmerica, available at http://www.LandsofAmerica.com, is based in Austin, Texas. The entire management team, including its founders Allen Shannon and Jake Massengale, will remain with LoopNet to manage and grow the business.

LandsofAmerica.com generated almost 600,000 unique visitors to its websites in August 2010, according to Google Analytics, and will contribute a significant lift to LoopNet's overall website traffic of approximately two million unique visitors, also measured by Google Analytics. In addition, LandsofAmerica.com substantially expands LoopNet's overall share of active land for sale listings. Combined, LoopNet-owned websites now feature more than 200,000 active land listings for sale across LoopNet.com, LandsofAmerica.com and LandAndFarm.com.

"We are very excited about the opportunity to incorporate the LandsofAmerica team and service offerings into the LoopNet suite of marketplace solutions. With this acquisition, LoopNet is significantly expanding its leadership position within the land sector, which includes commercial land, agricultural and farm land, ranch land, hunting land and rural land," said Thomas Byrne, LoopNet President and Chief Operating Officer. "Combined with our existing land presence on LoopNet.com and LandandFarm.com, LoopNet is the unparalleled online marketplace leader in terms of traffic within the overall land for sale sector."

"We consider it both a pleasure and a privilege to join the LoopNet team and look forward to working together to grow our marketplace leadership position within the land sector," said Jake Massengale, Founder and CEO of LandsofAmerica. "LoopNet and LandsofAmerica share many similarities, including our exclusive partnership network and search engine expertise. We look forward to identifying opportunities to share and leverage our respective strengths."

"It is exciting to have the opportunity to work hand in hand with LoopNet to expand our presence and offerings within the land sector," said Allen Shannon, Founder and President of LandsofAmerica. "LoopNet has proven to be an exceptional client-focused organization that aligns well with our philosophy. LoopNet is clearly the preeminent marketing solution for the commercial real estate and business for sale sectors, and we believe together we can create the same presence within the land sector."

Terms of the transaction were not disclosed. LoopNet does not currently expect the acquisition to have a material impact on its 2010 financial results.

About LoopNet

LoopNet operates the most heavily trafficked commercial real estate marketplace online with more than four million registered members and approximately five million unique visitors quarterly as reported by Google Analytics. LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records.

The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. As of June 30, 2010, the LoopNet marketplace featured more than $455 billion of property available for sale and 6.7 billion square feet of space for lease.
LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Cassidy Turley, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.

About LandsofAmerica

LandsofAmerica.com is the largest rural real estate listing network in the country. The company owns and operates websites that are targeted at buyers and sellers of land, farms, ranches, lake houses, mountain properties, timberland and rural residential homes. Their primary websites include LandsofAmerica.com, LakeHousesofAmerica.com and CountryHomesofAmerica.com.

Additionally, LandsofAmerica also powers an online network of partner websites that target visitors interested in rural real estate including Field & Stream, Outdoor Life, Mother Earth News, Equine Network, Timber Home Living, MyOutdoorTV.com, American Quarter Horse Association, Mahindra Tractors, and many others. LandsofAmerica's clients consist of the leading rural real estate companies and many sole practitioners throughout the United States.

Forward-Looking Statements

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's acquisition of LandsofAmerica, our efforts to differentiate our online commercial marketplace, deliver increasing information and value to both companies' customers, and the exposure for available properties listed on our marketplace. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to our ability to effectively integrate LandsofAmerica, whether additional services will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our website, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.
August 3, 2010
LoopNet Goes Mobile With Two Additional Solutions That Make it Easier to Conduct Business Anywhere and Anytime!
 - The LoopNet Mobile Web Site Makes The #1 Commercial Real Estate Marketplace Accessible by Blackberry, Android and Other Mobile Devices -
- Industry's First iPad App Enables On-the-Road Access to LoopNet's Marketplace and Recently Launched Commercial Property Database of 7.5 Million Properties -
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 - The LoopNet Mobile Web Site Makes The #1 Commercial Real Estate Marketplace Accessible by Blackberry, Android and Other Mobile Devices -

- Industry's First iPad App Enables On-the-Road Access to LoopNet's Marketplace and Recently Launched Commercial Property Database of 7.5 Million Properties -

SAN FRANCISCO, Aug. 3 /PRNewswire-FirstCall/ -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, announced today the launch of two mobile product solutions designed to deliver critical information to meet clients' increasing need to access commercial property information when in the field and away from their offices: a mobile version of the #1 ranked LoopNet.com marketplace, and the industry's first mobile iPad App.

With the launch of the LoopNet mobile web site, at http://m.loopnet.com, LoopNet builds upon the success of its iPhone App by extending easy-to-use mobile search and display capabilities to Blackberry, Android and other popular smart phones.  Optimized for viewing on all major mobile browsers, the LoopNet mobile web site allows clients to view for sale and for lease availabilities, listing details, property photos and contact the listing broker. 

"Commercial real estate professionals spend a significant percentage of their time in the field meeting with clients and touring properties," says Mike Manning, Vice President of Marketing for LoopNet.  "They also demand real-time access to property information and the ability to collaborate with clients regardless of location.  LoopNet is committed to providing them the most efficient and useful mobile solutions to maximize their time outside of the office and ultimately help accelerate the deal-making process."

Brokers are already seeing concrete benefits from increased mobile access to LoopNet information.  Rene' Nelson, CCIM of Eugene, Oregon, said, "I was showing space to a potential tenant and pulled up LoopNet on my iPhone while we stood in the parking lot.  I was able to show her both that the owner was offering an incredible deal, and that the other available properties were out of her price range, saving us both hours of time.  We met with the owner on the spot and negotiated a three-year lease based on my client having peace of mind that she had secured the best deal around!"

Also announced today, LoopNet launched the commercial real estate industry's first iPad App.  With its larger screen size, the iPad promises excellent utility as an in-the-field tour book and information resource, complete with access to interactive maps, high resolution photos, market trend graphs and property details.  Additionally, the iPad App provides subscribers with access to LoopNet's newly launched Property Research Database of 7.5 million properties to view details on owners, tenants, historical listing information, mortgage liens, assessed values, tax records and more.

Visit LoopNet.com/Mobile for screen shots and download options.

About LoopNet

LoopNet operates the most heavily trafficked commercial real estate marketplace online with more than four million registered members and approximately five million unique visitors quarterly as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records. 

The LoopNet marketplace, available at http://www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of June 30, 2010, the LoopNet marketplace featured more than $455 billion of property available for sale and 6.7 billion square feet of space for lease.  

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX and Sperry Van Ness.

Forward-Looking Statements

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's Mobile Web Site, iPad Application and Property Research Database, our efforts to differentiate our online commercial marketplace, deliver increasing information and value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of our new Property Research Database, continuing popularity and additional adoption of smart phones and iPads, ongoing volatility in the commercial real estate market, whether additional services will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

July 28, 2010
LoopNet Announces Long-Term Enterprise Agreement with CB Richard Ellis
– All CBRE Professionals Gain Access to LoopNet's Full Array of Commercial Real Estate Information Products –
– LoopNet Extends Beyond Property Marketing to Emerge as a Leading Provider of Property Information Services –
 
SAN FRANCISCO, CA (July 29,  2010) — LoopNet, Inc.
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– All CBRE Professionals Gain Access to LoopNet's Full Array of Commercial Real Estate Information Products –

– LoopNet Extends Beyond Property Marketing to Emerge as a Leading Provider of Property Information Services –
 
SAN FRANCISCO, CA (July 29,  2010) — LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace, today announced that CB Richard Ellis, the world's largest commercial real estate services firm , has signed a long-term Enterprise Search agreement to gain access to LoopNet's complete suite of information services products.  The agreement provides all CB Richard Ellis employees with access to:

• All 750,000 listings being actively marketed for sale or lease on LoopNet
• All 7.5 million property records in LoopNet's new commercial property database
• All 1.1 million-plus RecentSales transaction comparables

The bundling of our information services products marks a significant evolution for LoopNet from a leading marketplace company, connecting brokers with other brokers/agents, buyers and tenants of commercial real estate, into a leading information services provider connecting all commercial real estate participants.  LoopNet's objective is to help our customers make better decisions, save money, and work more efficiently by providing them with the most affordable and comprehensive database of commercial properties in the industry.

"We are extremely pleased to have CB Richard Ellis, the largest commercial real estate services firm, choose us as a key property information resource," said Thomas Byrne, LoopNet's President and COO.  "By choosing to make all of LoopNet's information services products available to all of their brokerage, appraisal and research professionals, CBRE is recognizing the importance and the expanded value that LoopNet's information solution platform delivers."

This agreement will provide CBRE professionals with a single source to identify available listings and research building ownership, tenant, lender, tax and assessed values, and other data on over 7.5 million properties, and search for recently completed transactions. 


About LoopNet

LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 4 million registered members and approximately 5 million unique visitors quarterly as reported by Google Analytics. LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records. 

The LoopNet marketplace, available at http://www.loopnet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of Q1 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.  

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, Sperry Van Ness, The Shopping Center Group and JJ Studley Retail.

Forward-Looking Statements

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's commercial property database and other information services offerings, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of our new commercial property database, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release

July 28, 2010
LoopNet, Inc. Announces Second Quarter 2010 Financial Results
SAN FRANCISCO, CALIF. – July 28, 2010 – LoopNet, Inc. (NASDAQ: LOOP), today announced financial results for the second quarter of 2010.  
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SAN FRANCISCO, CALIF. – July 28, 2010 – LoopNet, Inc. (NASDAQ: LOOP), today announced financial results for the second quarter of 2010. 

Revenue for the second quarter of 2010 was $19.4 million, compared to $18.8 million in the first quarter of 2010 and $19.2 million in the second quarter of 2009. Net income applicable to common stockholders for the second quarter of 2010 was $3.2 million or $0.07 per diluted share, compared to $1.8 million or $0.04 per diluted share in the second quarter of 2009. Net income applicable to common stockholders for the second quarter of 2010 included an insurance recovery related to past litigation costs of $0.02 per diluted share and the second quarter of 2009 included litigation costs of $0.03 per diluted share. Non-GAAP net income (net income excluding stock-based compensation, amortization of acquired intangible assets and litigation related costs and recoveries) for the second quarter of 2010 was $4.2 million or $0.10 per diluted share, compared to $4.6 million or $0.11 per diluted share in the second quarter of 2009.

LoopNet's Adjusted EBITDA (earnings before interest income (expense), income taxes, depreciation, amortization, stock-based compensation and litigation related costs and recoveries) for the second quarter of 2010 was $7.2 million compared to $8.2 million in the second quarter of 2009. The Company has reported Adjusted EBITDA because management uses it to monitor and assess the Company's performance and believes it is helpful to investors in understanding the Company's business.

"We delivered strong results in Q2 and are very happy with the progress we continued to make developing products and initiatives that should deliver meaningful value over time," said LoopNet Chairman and CEO, Rich Boyle. "We are increasingly confident that Q1: 2010 was an 'inflection point' for our business, and are excited to be in growth mode, once again!"

The number of LoopNet registered members, which includes both basic and premium members, grew to 4,287,730 during the second quarter of 2010, a 19% increase over the number at the end of the second quarter of 2009. The number of LoopNet premium members as of the end of the second quarter of 2010 was 69,368, a 0.8% increase from the end of the first quarter of 2010 and a 2.8% decline from the end of the second quarter of 2009. The average monthly price of premium membership during the second quarter was $66.65, a 1.2% increase compared to the second quarter of 2009. There were 766,356 total commercial real estate listings active on the LoopNet marketplace as of the end of the second quarter of 2010, a 7% increase over the second quarter of 2009. In addition, there were 51.5 million profile views of listings on the LoopNet marketplace during the second quarter of 2010, a 47% increase over the second quarter of 2009. Average monthly unique visitors as reported by comScore Media Metrix during the second quarter of 2010 to LoopNet owned websites, including LoopNet.com, CityFeet.com, LandandFarm.com, BizQuest.com and BizBuySell.com was approximately 2.1 million. Average monthly unique visitors as reported by comScore Media Metrix during the second quarter of 2010 to LoopNet.com alone was approximately 1.5 million.

Stock Repurchase Program

LoopNet repurchased 1,989,206 shares of its common stock during the quarter ended June 30, 2010 for $23.2 million. The Company also repurchased an additional 408,969 shares of its common stock for $4.9 million, from July 1, 2010 through July 28, 2010. Since February 2010, the Company has now repurchased 2,700,000 shares of its common stock, or 6.8% of total shares outstanding, for $31.1 million. As a result, $43.9 million remains on our previously announced authorization for repurchase of up to $75 million of common stock.

Balance Sheet and Liquidity

As of June 30, 2010, LoopNet had $100.5 million of cash, cash equivalents and short-term investments and no debt.

Business Outlook

Based on current visibility, the Company expects revenue for the quarter ending September 30, 2010 to be in the range of $19.2 to $19.4 million, Adjusted EBITDA to be in the range of $6.6 to $6.8 million and net income applicable to common stockholders to be in the range of $0.04 to $0.05 per diluted share, assuming stock-based compensation of approximately $0.03 per diluted share (net of tax benefit) and an effective tax rate of approximately 38%.

Conference Call Information

LoopNet, Inc. will discuss these financial results in a conference call at 1:30 p.m. PDT, 4:30 p.m. EDT, today. To participate in the conference call, please dial 888-481-7939 if you are calling from within the United States or 617-847-8707 if you are calling from outside the United States, and enter pass code number 79617284. Investors may also listen to a live web cast of the conference call on the investor relations section of our website at investor.loopnet.com/events.cfm. For investors unable to participate in the live conference call, an audio replay will be available until Friday, July 30, 2010 at 8:59 p.m. PDT. To access the audio replay, dial 888-286-8010 within the United States or 617-801-6888 internationally and enter pass code number 65285011. A web cast replay of the call will be available on the investor relations section of our website at http://investor.loopnet.com/events.cfm approximately two hours after the conclusion of the call and will remain available for 30 calendar days.

Non-GAAP Financial Measures

This press release includes discussions of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before net interest, income taxes, depreciation, amortization, stock-based compensation and litigation related costs and recoveries. The term "non-GAAP net income" refers to a financial measure that we define as net income before stock-based compensation, amortization of acquired intangible assets and litigation related costs and recoveries. Non-GAAP net income is also provided on a per share basis, using shares outstanding at the relevant period of measurement. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share are not substitutes for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share as reported by other companies. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate the operating performance of our business. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance, and we also use Adjusted EBITDA for planning purposes and in presentations to our board of directors. We believe non-GAAP net income and non-GAAP net income per share to be relevant and useful information to our investors as they provide meaningful insight into the Company's performance while excluding infrequent and non-recurring items that may not be considered directly related to our on-going business operations. We believe that non-GAAP net income and non-GAAP net income per share are also used by companies and investors to evaluate performance in the online marketplace and platform industry. We also believe that Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share allow for a more accurate comparison of our operating results over historical periods. A limitation of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share is that they do not include all items that impact our net income for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of net income, which includes the items that are excluded from Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share. Management believes that these non-GAAP measures should be considered as a complement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables.

About LoopNet, Inc.

LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively. LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, and Sperry Van Ness.

Forward Looking Statements

This release contains forward-looking statements regarding LoopNet's expectations regarding its future financial results as well as trends in the commercial real estate industry. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to economic events or trends in the commercial real estate market or in general, the effects of recent economic and consumer confidence trends on global and domestic financial markets, including credit available to real estate purchasers, our ability to continue to attract and retain new registered members, convert registered members into premium members and retain such premium members, seasonality, our ability to manage our growth, our ability to successfully integrate the technologies, operations and personnel of acquired businesses in a timely manner, our ability to obtain the expected strategic and financial benefits from acquisitions, our ability to introduce new or upgraded products or services and customer acceptance of such services, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners and competition from current or future companies. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward looking statement are contained in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and other SEC filings made by us. Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release which are based on information available to us as of the date of this release.

LOOPNET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, June 30,
2009 2010
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 125,571 $ 97,011
Short-term investments 3,440 3,478
Accounts receivable, net of allowance of $213 and $190, respectively 1,308 1,730
Prepaid expenses and other current assets 1,638 3,926
Total current assets 131,957 106,145
Property and equipment, net 2,216 2,341
Goodwill 23,368 31,132
Intangibles, net 4,487 6,582
Deferred income taxes, net, non-current 8,059 8,842
Deposits and other noncurrent assets 4,162 6,705
Total assets $ 174,249 $ 161,747
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 546 $ 504
Accrued liabilities and other current liabilities 2,181 4,618
Accrued compensation and benefits 2,995 2,822
Deferred revenue 9,025 8,998
Total current liabilities 14,747 16,942
Other long-term liabilities - 855
Commitments and contingencies
Series A convertible preferred stock 48,207 48,376
Stockholders' equity:
Common stock, $.001 par value, 125,000,000 shares authorized; 39,493,526 and 39,711,639
shares issued, respectively; and 34,567,565 and 32,494,647 shares outstanding, respectively 39 40
Additional paid in capital 122,388 127,267
Other comprehensive loss (418 ) (400 )
Treasury stock, at cost, 4,925,961 and 7,216,992 shares, respectively (54,556 ) (80,711 )
Retained earnings 43,842 49,378
Total stockholders' equity 111,295 95,574
Total liabilities and stockholders' equity $ 174,249 $ 161,747
LOOPNET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(unaudited)
Three months ended June 30, Six months ended June 30,
2009 2010 2009 2010
Revenues $ 19,248 $ 19,364 $ 39,350 $ 38,186
Cost of revenue (1) 2,777 3,001 5,669 5,848
Gross margin 16,471 16,363 33,681 32,338
Operating expenses:
Sales and marketing (1) 4,237 4,191 8,744 8,481
Technology and product development (1) 2,654 2,948 5,214 5,896
General and administrative (1) 6,135 3,244 11,270 7,615
Amortization of acquired intangible assets 299 481 601 926
Total operating expenses 13,325 10,864 25,829 22,918
Income from operations 3,146 5,499 7,852 9,420
Interest and other (expense) income, net 95 (264 ) 107 (368 )
Income before tax 3,241 5,235 7,959 9,052
Income tax expense 1,386 1,929 3,316 3,346
Net income 1,855 3,306 4,643 5,706
Convertible preferred stock accretion of discount (71 ) (85 ) (71 ) (170 )
Net income applicable to common stockholders $ 1,784 $ 3,221 $ 4,572 $ 5,536
Net income per share applicable to common stockholders
Basic $ 0.04 $ 0.08 $ 0.11 $ 0.13
Diluted $ 0.04 $ 0.07 $ 0.11 $ 0.13
Weighted average shares
Basic 41,842 41,340 41,777 41,652
Diluted 42,949 43,159 42,747 43,192
(1) Stock-based compensation is allocated as follows:
Cost of revenue $ 189 $ 154 $ 357 $ 282
Sales and marketing 637 444 1,236 929
Technology and product development 560 684 1,046 1,367
General and administrative 711 810 1,301 1,637
Total $ 2,097 $ 2,092 $ 3,940 $ 4,215
LOOPNET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Six months ended June 30,
2009 2010
Cash flows from operating activities:
Net income $ 4,643 $ 5,706
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 1,241 1,649
Stock-based compensation 3,940 4,215
Tax benefits from exercise of stock options (127 ) (377 )
Deferred income tax (385 ) (783 )
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable (148 ) (422 )
Prepaid expenses and other current assets (1,414 ) (1,644 )
Accounts payable (51 ) (42 )
Accrued expenses and other current liabilities 1,830 110
Accrued compensation and benefits (422 ) (172 )
Deferred revenue (502 ) (27 )
Net cash provided by operating activities 8,605 8,213
Cash flows from investing activities:
Purchase of property and equipment (793 ) (848 )
Purchase of investments (500 ) (2,985 )
Acquisitions, net of acquired cash (188 ) (9,930 )
Net cash used in investing activities (1,481 ) (13,763 )
Cash flows from financing activities:
Net proceeds from exercise of stock options 121 456
Net proceeds from sale of convertible preferred stock 47,966 -

Tax withholdings related to net share settlements of restricted stock units

(19 ) (168 )
Repurchase of common stock - (23,675 )
Tax benefits from exercise of stock options 127 377
Net cash (used in) provided by financing activities 48,195 (23,010 )
Net (decrease) increase in cash and cash equivalents 55,319 (28,560 )
Cash and cash equivalents at beginning of period 61,325 125,571
Cash and cash equivalents at end of period $ 116,644 $ 97,011
LOOPNET, INC.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(In thousands, except per share data)
Three months ended June 30, Six months ended June 30,
2009 2010 2009 2010
GAAP net income $ 1,855 $ 3,306 $ 4,643 $ 5,706
Add back (deduct):
Income tax expense 1,386 1,929 3,316 3,346
Depreciation and amortization 624 832 1,241 1,649
Interest and other expense (income), net (95 ) 264 (107 ) 368
Stock-based compensation 2,097 2,092 3,940 4,215
Litigation related (recoveries) costs 2,341 (1,186 ) 3,524 (1,186 )
Adjusted EBITDA $ 8,208 $ 7,237 $ 16,557 $ 14,098
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(In thousands, except per share data)
Three months ended June 30, Six months ended June 30,
2009 2010 2009 2010
GAAP net income $ 1,855 $ 3,306 $ 4,643 $ 5,706
Add back (deduct):
Stock-based compensation 2,097 2,092 3,940 4,215
Litigation related (recoveries) costs 2,341 (1,186 ) 3,524 (1,186 )
Amortization of acquired intangible assets 299 481 601 926
Income taxes associated with non-GAAP adjustments (2,026 ) (511 ) (3,360 ) (1,462 )
Non-GAAP net income $ 4,566 $ 4,182 $ 9,348 $ 8,199
Diluted non-GAAP net income per share $ 0.11 $ 0.10 $ 0.22 $ 0.19
Shares used in non-GAAP diluted net income per share calculation 42,949 43,159 42,747 43,192

Contact Information

Brent Stumme
LoopNet, Inc.
Chief Financial Officer
415-284-4310
Derek Brown
LoopNet, Inc.
VP, Investor Relations & Corporate Planning
415-284-4310

July 1, 2010
LoopNet’s Property Database Expands By More Than 50% In Less Than Two Months
– Industry's Most Affordable Property Database Now Covers More Than 7.5 Million Properties, Dramatically Exceeding Other Popular Databases –
– LoopNet Advances Mission To Lower The Cost Of Property Information For Commercial Real Estate Professionals –
– Free Access For All LoopNet Premium Members Who Enroll During Beta Launch Period –
SAN FRANCISCO, CA (July 1, 2010) – LoopNet, Inc.
More

– Industry's Most Affordable Property Database Now Covers More Than 7.5 Million Properties, Dramatically Exceeding Other Popular Databases –

– LoopNet Advances Mission To Lower The Cost Of Property Information For Commercial Real Estate Professionals –

– Free Access For All LoopNet Premium Members Who Enroll During Beta Launch Period –

SAN FRANCISCO, CA (July 1, 2010) – LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, announced today that its recently launched national Property Database has expanded substantially since being introduced in May 2010.  Now with more than 7.5 million property records, the LoopNet Property Database has grown over 50% since launch and more properties are being added daily.

As stated at launch, the LoopNet Property Database marks a significant extension of the services that LoopNet delivers to all commercial real estate participants.  Historically, LoopNet members have been able to search for available for-sale and for-lease properties in our marketplace, which as of April 1, 2010 comprised approximately 750,000 listings.  The recently introduced Property Database contains approximately 10 times the number of properties and represents a more holistic view of commercial inventory in a market — regardless of current availability.  A wealth of property details has been assembled, including:

• Owner Details and History
• Tenant Rosters and Details
• Mortgage and Lender History
• Tax Records and Assessed Values
• Historical Sale and Lease Listings
• Property Details and Photos
• Asking Price and Asking Rent Trends

"Our objective is to help our customers make better decisions, save money, and work more efficiently by providing them with the most affordable and comprehensive database of commercial properties in the industry," said Thomas Byrne, LoopNet's President and COO.  "To enhance that objective, we have chosen to make the Property Database available for free to all Premium Members, including those that activate during the Property Database beta period." 

"Feedback has been overwhelmingly positive.  Customers have told us that the new Property Database will streamline and simplify several of the tasks they perform regularly today.  We are also encouraged by the opportunities we see to expand and customize the tools we offer our customers, increasing the ways in which they will be able to access and interact with the wealth of information that we are providing.  Additionally, we remain focused on continuing to expand the overall property and information coverage beyond 7.5 million property records."

LoopNet's recently launched commercial property database includes nationwide coverage of office, industrial, retail, multifamily, hotel and other specialty properties.  See sample records at www.loopet.com/PropertyTour.

About LoopNet

LoopNet operates the largest and most heavily trafficked commercial real estate marketplace online with more than 4 million registered members and approximately 5 million unique visitors quarterly as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records. 

The LoopNet marketplace, available at http://www.loopnet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of April 1, 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.  

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, and Sperry Van Ness.

Forward-Looking Statements

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's commercial property database, including cost savings to our Premium Members, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of our new commercial property database, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

May 24, 2010
LoopNet Introduces National Commercial Real Estate Database with More Than Five Million U.S. Properties
 
- The Largest Online Commercial Real Estate Marketplace Dramatically Lowers The Cost of Commercial Property Information -
 
- Free Access For All Premium Members Who Enroll During Beta Launch Period -
 
SAN FRANCISCO, CA (May 24, 2010) – LoopNet, Inc.
More

 

- The Largest Online Commercial Real Estate Marketplace Dramatically Lowers The Cost of Commercial Property Information -

 

- Free Access For All Premium Members Who Enroll During Beta Launch Period -

 

SAN FRANCISCO, CA (May 24, 2010) – LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, announced today that it has released the LoopNet Property database, which comprises data on five million commercial properties across all major property types including retail, office, industrial and multifamily, and constitutes one of the largest databases of commercial properties in the real estate industry.

 

LoopNet is making the LoopNet Property database available at no additional cost to all existing LoopNet Premium Members and all new Premium Members who enroll during the beta launch period.

 

Additionally, LoopNet is launching the LoopNet iPad App that integrates the LoopNet Property database with the LoopNet Marketplace.  The iPad App is being showcased at the ICSC conference in Las Vegas today and tomorrow.  Visit the LoopNet Booth at S312 N Street - SOUTH HALL - 2ND FLOOR.

 

With more than 9.1 times the unique visitors of the next closest marketplace during Q1 2010 according to comScore MediaMetrix, LoopNet is the leading destination for searching and marketing commercial properties for sale or lease.  With the launch of its five million record commercial property database, LoopNet is significantly expanding its information service offerings, making a wealth of data available at a very low cost to investors, brokers, sellers, owners, tenants and other real estate professionals researching their markets.

 

"We are very excited to deliver the LoopNet Property database of more than five million commercial properties to our clients.  Delivering a 'high-quality, alternative source for commercial property information at an affordable price' is the number one request that we have heard from LoopNet clients for many years," said Thomas Byrne, LoopNet's President and Chief Operating Officer.  "We listened.  The LoopNet Property database announced today will cover every major commercial property type and all 50 states in the U.S.  There are no geographic search restrictions for subscribing clients, and the database is integrated seamlessly into LoopNet's commercial real estate marketplace at LoopNet.com.  We look forward to the opportunity to build upon our existing marketplace relationships with our clients and offer an entirely new set of solutions to them."

 

LoopNet's new commercial property database has launched in beta and includes nationwide coverage of retail, office, industrial and multifamily properties, with land to be added soon.  Information provided includes:

·   Owner Details & History

·   Tenant Rosters & Details

·   Mortgage & Lender History

·   Tax Records & Assessed Values

·   Historical For Sale and Lease Info

·   Property Details and Photos

·   Asking Price & Asking Rent Trends

 

"The value of this information to commercial real estate professionals is enormous," Byrne added.  "The LoopNet Property database will allow customers to use LoopNet to do far more than just market or search for available properties.  It will enable them to prospect for new business, research and assess property values, spot trends, enhance client presentations, better position listings and assess asking rents.  We are very excited to be able to deliver so much additional value to our customers."

 

About LoopNet

 

LoopNet operates the largest and most heavily trafficked commercial real estate marketplace online with more than four million registered members and approximately five million unique visitors quarterly as reported by Google Analytics.  LoopNet also now offers one of the largest commercial property databases with more than five million commercial property records.  

 

The LoopNet marketplace, available at http://www.loopnet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment buildings for sale), hotel, land, specialty properties, investment properties and businesses for sale.  As of Q1 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.  

 

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX and Sperry Van Ness.

 

Forward-Looking Statements

 

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's commercial property database, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of our new commercial property database, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.  

May 10, 2010
LoopNet, Inc. Announces First Quarter 2010 Financial Results
SAN FRANCISCO, Apr 28, 2010 (BUSINESS WIRE) -- LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the first quarter 2010. 
Revenue for the first quarter of 2010 was $18.8 million, compared to $18.3 million in the fourth quarter of 2009 and $20.1 million in the first quarter of 2009. Net income applicable to common stockholders for the first quarter of 2010 was $2.3 million or $0.05 per diluted share, compared to $2.8 million or $0.
More

SAN FRANCISCO, Apr 28, 2010 (BUSINESS WIRE) -- LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the first quarter 2010.

Revenue for the first quarter of 2010 was $18.8 million, compared to $18.3 million in the fourth quarter of 2009 and $20.1 million in the first quarter of 2009. Net income applicable to common stockholders for the first quarter of 2010 was $2.3 million or $0.05 per diluted share, compared to $2.8 million or $0.08 per diluted share in the first quarter of 2009. Non-GAAP net income (net income excluding stock-based compensation, amortization of acquired intangible assets and litigation related costs) for the first quarter of 2010 was $4.0 million or $0.09 per diluted share, compared to $4.8 million or $0.13 per diluted share in the first quarter of 2009.

LoopNet's Adjusted EBITDA (earnings before interest, tax, depreciation, amortization, stock-based compensation and litigation related costs) for the first quarter of 2010 was $6.9 million compared to $8.4 million in the first quarter of 2009. The Company has reported Adjusted EBITDA because management uses it to monitor and assess the Company's performance and believes it is helpful to investors in understanding the Company's business.

"Q1 2010 was an inflection point for our company," said LoopNet Chairman and CEO Richard Boyle. "Revenue increased sequentially for the first time since Q3 2008, as a result of continued improvement in our business and some of our recent expansion efforts; our base of Premium Members increased sequentially for the first time since Q3 2007; several key measures of our business continued to show signs of improvement; we closed two small acquisitions and an investment that will extend our product footprint; and, we made meaningful progress on new initiatives aimed at maximizing our opportunity and creating meaningful longer-term shareholder value."

The number of LoopNet registered members, which includes both basic and premium members, grew to 4,121,906 during the first quarter of 2010, a 20% increase over the first quarter of 2009. The number of LoopNet premium members as of the end of the first quarter of 2010 was 68,809, a 0.6% increase from the fourth quarter of 2009 and a 7.4% decline from the first quarter of 2009. The average monthly price of premium membership was $66.16, essentially flat compared to both the first and fourth quarters of 2009. There were 754,116 total commercial real estate listings active on the LoopNet marketplace as of the end of the first quarter of 2010, a 10% increase over the first quarter of 2009. In addition, there were 44.9 million profile views of listings on the LoopNet marketplace during the first quarter of 2010, a 36% increase over the first quarter of 2009. Average monthly unique visitors during the first quarter of 2010, as reported by comScore Media Metrix, were approximately 977,000, a 1% decline from the first quarter of 2009.

Stock Repurchase Program

As previously announced the Company's Board of Directors has authorized the repurchase of up to $75 million of common stock. The repurchases are expected to be made from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the quarter ended March 31, 2010 LoopNet repurchased 301,825 shares of its common stock for $2.9 million.

Balance Sheet and Liquidity

As of March 31, 2010, LoopNet had $118.5 million of cash, cash equivalents and short-term investments and no debt.

Business Outlook

Based on current visibility, the Company expects revenue for the quarter ending June 30, 2010 to be in the range of $18.6 to $18.8 million, Adjusted EBITDA to be in the range of $6.4 to $6.6 million and net income applicable to common stockholders to be in the range of $0.04 to $0.05 per diluted share, assuming stock-based compensation of approximately $0.03 per diluted share (net of tax benefit) and an effective tax rate of approximately 38%.

Recent Acquisitions and Investment

The Company announced on January 26, 2010 that it acquired the assets of privately-held BizQuest, LLC, an online marketplace for business for sale listings. The Company also announced on March 31, 2010 that it acquired the assets of privately-held Reaction Web, a leading online solutions company focused in the commercial real estate industry. Reaction Web brings state-of-the art custom web sites, deal rooms and private property marketing tools to the robust suite of LoopNet solutions. In addition, the Company also announced on March 17, 2010 that it made a strategic investment in AuctionPoint, the first broker-friendly online commercial real estate auction solution. The foregoing acquisitions and investment are not currently expected to have a material impact on our 2010 financial results.

Conference Call Information

LoopNet, Inc. will discuss these financial results in a conference call at 1:30 p.m. PDT, 4:30 p.m. EDT, today. To participate in the conference call, please dial 866-800-8648 if you are calling from within the United States or 617-614-2702 if you are calling from outside the United States, and enter pass code number 38359311. Investors may also listen to a live web cast of the conference call on the investor relations section of our website at investor.LoopNet.com/events.cfm. For investors unable to participate in the live conference call, an audio replay will be available until Friday, April 30, 2010 at 8:59 p.m. PDT. To access the audio replay, dial 888-286-8010 within the United States or 617-801-6888 internationally and enter pass code number 27417289. A web cast replay of the call will be available on the investor relations section of our website at http://investor.LoopNet.com/events.cfm approximately two hours after the conclusion of the call and will remain available for 30 calendar days.

Non-GAAP Financial Measures

This press release includes discussions of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before net interest, income taxes, depreciation, amortization, stock-based compensation and litigation related costs. The term "non-GAAP net income" refers to a financial measure that we define as net income before stock-based compensation, amortization of acquired intangible assets and litigation related costs. Non-GAAP net income is also provided on a per share basis, using shares outstanding at the relevant period of measurement. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share are not substitutes for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share as reported by other companies. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate the operating performance of our business. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance, and we also use Adjusted EBITDA for planning purposes and in presentations to our board of directors. We believe non-GAAP net income and non-GAAP net income per share to be relevant and useful information to our investors as they provide meaningful insight into the Company's performance while excluding infrequent and non-recurring items that may not be considered directly related to our on-going business operations. We believe that non-GAAP net income and non-GAAP net income per share are also used by companies and investors to evaluate performance in the online marketplace and platform industry. We also believe that Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share allow for a more accurate comparison of our operating results over historical periods. A limitation of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share is that they do not include all items that impact our net income for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of net income, which includes the items that are excluded from Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share. Management believes that these non-GAAP measures should be considered as a complement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables.

About LoopNet, Inc.

LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively. LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, and Sperry Van Ness.

Forward Looking Statements

This release contains forward-looking statements regarding LoopNet's expectations regarding its future financial results as well as trends in the commercial real estate industry. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to economic events or trends in the commercial real estate market or in general, the effects of recent economic and consumer confidence trends on global and domestic financial markets, our ability to continue to attract new registered members, convert them into premium members and retain such premium members, seasonality, our ability to manage our growth, our ability to successfully integrate the technologies, operations and personnel of acquired businesses in a timely manner, our ability to obtain the expected strategic and financial benefits from acquisitions, our ability to introduce new or upgraded products or services and customer acceptance of such services, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners and competition from current or future companies. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward looking statement are contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings made by us. Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release which are based on information available to us as of the date of this release.

LOOPNET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, March 31,
2009 2010
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 125,571 $ 115,064
Short-term investments 3,440 3,463
Accounts receivable, net of allowance of $213 and $188, respectively 1,308 1,693
Prepaid expenses and other current assets 1,638 2,591
Total current assets 131,957 122,811
Property and equipment, net 2,216 1,997
Goodwill 23,368 31,243
Intangibles, net 4,487 7,134
Deferred income taxes, net, non-current 8,059 7,502
Deposits and other noncurrent assets 4,162 6,056
Total assets $ 174,249 $ 176,743
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 546 $ 555
Accrued liabilities and other current liabilities 2,181 2,622
Accrued compensation and benefits 2,995 2,140
Deferred revenue 9,025 9,227
Total current liabilities 14,747 14,544
Other long-term liabilities - 1,037
Commitments and contingencies
Series A convertible preferred stock 48,207 48,291
Stockholders' equity:
Common stock, $.001 par value, 125,000,000 shares authorized; 39,493,526 and 39,616,929
shares issued, respectively; and 34,567,565 and 34,389,143 shares outstanding, respectively 39 40
Additional paid in capital 122,388 124,559
Other comprehensive loss (418 ) (405 )
Treasury stock, at cost, 4,925,961 and 5,227,786 shares, respectively (54,556 ) (57,480 )
Retained earnings 43,842 46,157
Total stockholders' equity 111,295 112,871
Total liabilities and stockholders' equity $ 174,249 $ 176,743
LOOPNET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(unaudited)
Three months ended March 31,
2009 2010
Revenues $ 20,102 $ 18,822
Cost of revenue (1) 2,892 2,846
Gross margin 17,210 15,976
Operating expenses:
Sales and marketing (1) 4,507 4,290
Technology and product development (1) 2,559 2,949
General and administrative (1) 5,135 4,371
Amortization of acquired intangible assets 302 445
Total operating expenses 12,503 12,055
Income from operations 4,707 3,921
Interest and other (expense) income, net 12 (104 )
Income before tax 4,719 3,817
Income tax expense 1,930 1,417
Net income 2,789 2,400
Convertible preferred stock accretion of discount - (85 )
Net income applicable to common stockholders $ 2,789 $ 2,315
Net income per share applicable to common stockholders
Basic $ 0.08 $ 0.06
Diluted $ 0.08 $ 0.05
Weighted average shares
Basic 34,302 41,938
Diluted 35,219 43,281
(1) Stock-based compensation is allocated as follows:
Cost of revenue $ 167 $ 128
Sales and marketing 600 485
Technology and product development 486 682
General and administrative 590 827

Total

$ 1,843 $ 2,122
LOOPNET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Three months ended March 31,
2009 2010
Cash flows from operating activities:
Net income $ 2,789 $ 2,400
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 617 817
Stock-based compensation 1,843 2,122
Tax benefits from exercise of stock options (59 ) (141 )
Deferred income tax 469 557
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable 66 (385 )
Prepaid expenses and other current assets (749 ) (820 )
Accounts payable 306 9
Accrued expenses and other current liabilities 83 95
Accrued compensation and benefits (725 ) (855 )
Deferred revenue (29 ) 202
Net cash provided by operating activities 4,611 4,001
Cash flows from investing activities:
Purchase of property and equipment (203 ) (153 )
Purchase of investments (250 ) (2,050 )
Acquisitions, net of acquired cash (188 ) (9,430 )
Net cash used in investing activities (641 ) (11,633 )
Cash flows from financing activities:
Net proceeds from exercise of stock options 74 76

Tax withholdings related to net share settlements of restricted stock units

(19 ) (168 )
Repurchase of common stock - (2,924 )
Tax benefits from exercise of stock options 59 141
Net cash (used in) provided by financing activities 114 (2,875 )
Net (decrease) increase in cash and cash equivalents 4,084 (10,507 )
Cash and cash equivalents at beginning of period 61,325 125,571
Cash and cash equivalents at end of period $ 65,409 $ 115,064
LOOPNET, INC.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(In thousands, except per share data)
Three months ended March 31,
2009 2010
GAAP net income $ 2,789 $ 2,400
Add back (deduct):
Income tax expense 1,930 1,417
Depreciation and amortization 617 817
Interest and other (expense) income, net (12 ) 104
Stock-based compensation 1,843 2,122
Litigation related costs 1,183 -
Adjusted EBITDA $ 8,350 $ 6,860
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(In thousands, except per share data)
Three months ended March 31,
2009 2010
GAAP net income $ 2,789 $ 2,400
Add back (deduct):
Stock-based compensation 1,843 2,122
Litigation related costs 1,183 -
Amortization of acquired intangible assets 302 445
Income taxes associated with non-GAAP adjustments (1,364 ) (950 )
Non-GAAP net income $ 4,753 $ 4,017
Diluted non-GAAP net income per share $ 0.13 $ 0.09
Shares used in non-GAAP diluted net income per share calculation 35,219 43,281


Contact Information

Brent Stumme
LoopNet, Inc.
Chief Financial Officer
415-284-4310
Derek Brown
LoopNet, Inc.
VP, Investor Relations & Corporate Planning
415-284-4310

March 31, 2010
LoopNet Acquires Reaction Web, a Leader in Custom Web Site and Marketing Solutions for the Commercial Real Estate Industry
SAN FRANCISCO, CA, March 31, 2010  -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, today announced the acquisition of Reaction Web, a leading online solutions company focused in the commercial real estate industry. Reaction Web brings state-of-the-art custom web sites, deal rooms and private property marketing tools to the robust suite of LoopNet solutions.
More

SAN FRANCISCO, CA, March 31, 2010  -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, today announced the acquisition of Reaction Web, a leading online solutions company focused in the commercial real estate industry. Reaction Web brings state-of-the-art custom web sites, deal rooms and private property marketing tools to the robust suite of LoopNet solutions.

Reaction Web develops client focused, custom web sites that allow brokerage firms and brokerage teams to market listings to potential investors and enhance the sales process. The web sites are customized and tailored to each client's individual brand. Advanced transaction management tools enable brokers to automate core steps such as registration, investor approval, execution of confidentiality agreements, response tracking, and the creation of due diligence war rooms. Automated lead tracking services allow brokers to monitor each investor's level of interest based on total visits to a property listing, specific page views, and information downloads.

The company has provided online services for some of the nation's best known commercial brokerages and practice groups including the CB Richard Ellis Private Client Group, Apartment Realty Advisors, Grubb & Ellis Private and Institutional Capital Markets groups, Colliers International, Cushman Wakefield and Madison Partners of Los Angeles.

"We are very excited to welcome the Reaction Web team and solutions to LoopNet. Reaction Web has developed an exceptional reputation for delivering state-of-the-art, custom solutions to their clients and they embrace a 'Put Clients First' approach that is a core philosophy of LoopNet," said Thomas Byrne, President and COO of LoopNet. "Adding the Reaction Web product suite to our solutions enables us to further support our clients throughout the entire commercial property marketing lifecycle. We look forward to integrating the Reaction Web services into the LoopNet solutions suite and deliver even greater value to our clients."

"This acquisition will allow us to provide our clients with the best solutions and services in the industry for their commercial real estate marketing programs," explained Mike Mockus, General Manager of Reaction Web. "As a division of LoopNet, we can now leverage their advanced technical resources and extensive marketing expertise to develop more robust next-generation solutions, enabling our clients to enhance their marketing initiatives and reach an even broader audience."

Reaction Web will continue to be managed by its founders Mike Mockus and Paul Dynan, with the entire Reaction Web team remaining intact.

Terms of the transaction were not disclosed. LoopNet does not currently expect the acquisition of Reaction Web to have a material impact on its 2010 financial results.

About LoopNet

LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 4 million registered members and approximately 5 million unique visitors quarterly as reported by Google Analytics.

The LoopNet marketplace, available at www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. At year end 2009, the LoopNet marketplace featured more than $460 billion of property available for sale and 6.5 billion square feet of space for lease.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, and Sperry Van Ness.

About Reaction Web

Reaction Web is a leading online marketing firm specializing in the commercial real estate industry. The company offers custom web design, email marketing, online property deal rooms and advanced investor tracking solutions for commercial brokers, developers, owners and real estate investment firms with the prospective buyer/investor in mind. For detailed information on Reaction Web's services, visit www.reactionweb.com or call Mike Mockus at 303.841.2335.

Forward-Looking Statements

This release contains forward-looking statements regarding the benefits of Reaction Web's products and services to our customers, LoopNet's online commercial marketplace, our customers, the continuing adoption of the Internet to market and search for commercial real estate and the value we provide to our members. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, our ability to successfully integrate our acquired businesses, economic events or trends in the commercial real estate market or in general, our ability to continue to attract unique visitors to our web site, our ability to continue to attract new registered members, convert them into Premium Members and retain such Premium Members, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, our ability to receive timely and accurate sales data from our partners, seasonality, our ability to manage our growth and our ability to introduce new or upgraded products or services and customer acceptance of such services. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

March 17, 2010
LoopNet Announces Strategic Investment in AuctionPoint, The First Broker-Friendly Online Commercial Real Estate Auction Solution
AuctionPoint's Unique Solution Allows Brokers to Retain Full Commission, While Providing Their Clients with Rapid Disposition of Commercial Properties 
More

AuctionPoint's Unique Solution Allows Brokers to Retain Full Commission, While Providing Their Clients with Rapid Disposition of Commercial Properties


SAN FRANCISCO, CA March 17, 2010 -- LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace, today announced that it has completed a strategic investment in AuctionPoint, Inc., a leading provider of broker-friendly online commercial property auction solutions. Terms of the deal were not disclosed.

Founded by experienced technology entrepreneur Joe Tang and commercial real estate developer Keith Yang, AuctionPoint's state-of-the-art auction engine keeps the broker at the center of the auction process. Unlike traditional commercial property auctions, AuctionPoint's easy-to-use solution allows the broker to remain in control of the auction process, while providing a deadline-oriented approach and market-driven transaction pricing.

As part of the strategic investment and partnership, LoopNet is endorsing AuctionPoint as its preferred online auction solution for commercial properties. In addition, LoopNet intends to provide LoopNet customers with discounts on AuctionPoint services.

"We are excited to have LoopNet as a strategic investor and marketing partner," said Joe Tang, co-founder and CEO of AuctionPoint. "Our companies share the common goal of providing best-in-class solutions to the commercial brokerage industry; so the partnership was a natural fit. LoopNet is the premier commercial real estate marketplace and their endorsement of our platform demonstrates the potential that AuctionPoint has within the commercial real estate industry."

"LoopNet is committed to bringing our clients the best possible technology solutions in commercial real estate, and AuctionPoint is one of those services. With its unique broker-friendly approach, brokers can offer their clients an accelerated disposition process, while maintaining their full commission," said Jason Greenman, LoopNet's Senior Vice President of Corporate Development. "We've been impressed by the AuctionPoint team, and believe the AuctionPoint solution is what the industry needs to accelerate transaction volume. We are backing it with a strategic investment in the company."

Brokers from leading national firms including CB Richard Ellis, Cushman & Wakefield, Grubb & Ellis and Coldwell Banker Commercial have auctioned property using the platform. According to Rick Ellison, Executive Director, Cushman & Wakefield, "Auctions are an important tool in today's market, and the AuctionPoint platform gives all brokers an auction capability. The LoopNet investment signals the dramatic impact that AuctionPoint is having on our industry."

About LoopNet

LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 4 million registered members and approximately 5 million quarterly unique visitors as reported by Google Analytics.

The LoopNet marketplace, available at http://www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. At the end of December 2009, the LoopNet marketplace featured more than $460 billion of property available for sale and 6.5 billion square feet of space for lease.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, and Sperry Van Ness.

About AuctionPoint

AuctionPoint, an innovative online auction platform, is changing the way the commercial real estate industry does business. At a time when the market is at a standstill, auctions create liquidity – motivating buyers to act and closing the gap between buyer and seller pricing expectations. Created by technology entrepreneur Joe Tang and real estate developer Keith Yang, AuctionPoint enables commercial real estate brokers to auction properties online under their name and brand, while keeping their full commission. LoopNet, the largest and most heavily trafficked commercial real estate listing service online, became a strategic investor in 2010 and now markets AuctionPoint as its exclusive online auction offering. AuctionPoint's broker-centric platform, coupled with the national reach and database of LoopNet, form a unique set of tools that empower commercial real estate brokers to accelerate the disposition process. For more information, visit www.AuctionPoint.com.

Forward-Looking Statements

This release contains forward-looking statements regarding the anticipated benefits of LoopNet's strategic investment in Auction Point and AuctionPoint's auction engine, discounts on AuctionPoint's services to LoopNet's customers, LoopNet's efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, how readily brokers and their clients adopt online commercial property auction solutions, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

Contact Information

Nancy Goldstein 
nancy.goldstein@bm.com
Phone:212-614-4827


February 17, 2010
LoopNet Releases Next Generation of LoopLink, Which Powers Commercial Property Listings on More Than 1,000 Real Estate Web Sites
- New LoopLink Significantly Enhances Customers' Search Engine Results, Speed and Lead Generating Performance -
More

- New LoopLink Significantly Enhances Customers' Search Engine Results, Speed and Lead Generating Performance -

- The #1 Product in Its Category Gets Even Better -


SAN FRANCISCO, CA, February 17, 2010 -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, today announced the release of LoopLink 8.0, the new and improved, faster, search-engine-optimized property listing and display engine.  

Powering over 1,000 commercial real estate web sites -- including CBRE, Cushman & Wakefield, Colliers International, Grubb & Ellis, Jones Lang LaSalle, NAI Global, and ProLogis -- LoopNet's LoopLink technology is the #1 technology for searching and displaying commercial properties online.  This new generation of LoopLink technology improves the performance of corporate web sites by helping them more effectively attract visitors, match them to properties, and convert them into viable leads.

The primary enhancements to the LoopLink platform are:

  • Search Engine Optimization (SEO): LoopLink 8.0 is the first commercial property search solution expressly designed to best enhance customer web site performance on Google, Yahoo! and Bing, helping to capture more visitors from organic search.
  • Lightning Fast Search Results: LoopLink 8.0 returns property search results up to 5x faster, connecting prospects with relevant properties more efficiently than ever.  Research shows improving web site response time increases customer engagement and search activity.

In addition, LoopLink 8.0 retains the cutting-edge mapping tools, aerial and birds-eye property images, reporting capabilities and search features that have made LoopLink the preeminent platform in the commercial real estate industry.

"LoopNet is committed to helping our clients get the best possible results from their online marketing activities, whether on the LoopNet marketplace, on the major search engines including Google, or on their own company web sites," said Mike Manning, LoopNet's Vice President of Marketing.  "LoopLink 8.0 delivers a significant boost to our corporate customers' web site performance and their property marketing effectiveness.  LoopLink 8.0 also reinforces LoopNet's position as the leading innovator in online marketing of commercial real estate."

About LoopNet

LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 4 million registered members and approximately 5 million quarterly unique visitors.

The LoopNet marketplace, available at www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. At the end of September 2009, the LoopNet marketplace featured more than $460 billion of property available for sale and 6.5 billion square feet of space for lease.  

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, and Sperry Van Ness.

Forward-Looking Statements

This release contains forward-looking statements regarding the effectiveness, efficiencies and benefits of the enhancements to LoopLink, LoopNet's efforts to deliver increasing value to commercial real estate firms who use our LoopLink technology, and the improved web site performance and property marketing effectiveness enjoyed by corporate web sites using LoopLink 8.0.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, whether our corporate customers continue to use LoopLink 8.0, the ongoing volatility in the commercial real estate market, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, and competition from other commercial real estate search engines and current or future companies.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

February 10, 2010
LoopNet, Inc. Announces Fourth Quarter and Fiscal 2009 Financial Results
SAN FRANCISCO, CA February 10, 2010 -- LoopNet, Inc. (NASDAQ: LOOP), today announced financial results for the fourth quarter and year ended December 31, 2009. 
Revenue for the fourth quarter of 2009 was $18.3 million, compared to $21.1 million in the fourth quarter of 2008. Net income applicable to common stockholders for the fourth quarter of 2009 was $3.2 million or $0.07 per diluted share, compared to $4.1 million or $0.12 per diluted share in the fourth quarter of 2008.
More

SAN FRANCISCO, CA February 10, 2010 -- LoopNet, Inc. (NASDAQ: LOOP), today announced financial results for the fourth quarter and year ended December 31, 2009.

Revenue for the fourth quarter of 2009 was $18.3 million, compared to $21.1 million in the fourth quarter of 2008. Net income applicable to common stockholders for the fourth quarter of 2009 was $3.2 million or $0.07 per diluted share, compared to $4.1 million or $0.12 per diluted share in the fourth quarter of 2008. Non-GAAP net income (net income excluding stock-based compensation and litigation related costs) for the fourth quarter of 2009 was $4.7 million or $0.11 per diluted share, compared to $5.3 milblion or $0.15 per diluted share in the fourth quarter of 2008.

LoopNet's Adjusted EBITDA (earnings before interest, tax, depreciation, amortization, stock-based compensation and litigation related costs) for the fourth quarter of 2009 was $7.6 million compared to $9.5 million in the fourth quarter of 2008. The Company has reported Adjusted EBITDA because management uses it to monitor and assess the Company's performance and believes it is helpful to investors in understanding the Company's business.

Revenue for the full year of 2009 was $76.5 million, compared to $86.1 million in 2008. Net income applicable to common stockholders for the full year of 2009 was $11.5 million or $0.27 per diluted share, compared to $18.3 million or $0.49 per diluted share in 2008. Non-GAAP net income (net income excluding stock-based compensation and litigation related costs) for the full year of 2009 was $19.3 million or $0.45 per diluted share, compared to $23.7 million or $0.64 per diluted share in 2008. Adjusted EBITDA for the full year of 2009 was $32.0 million, compared to $39.9 million in 2008.

"Our company and business performed solidly ahead of our expectations in Q4 2009, despite ongoing gridlock in the commercial real estate industry," said LoopNet Chairman and CEO Richard Boyle. "We comfortably exceeded our financial targets for the quarter and, once again, saw substantial improvement in several of the key measures of our business. As we look to 2010 and beyond, we intend to invest more aggressively in our business, committing several million dollars of incremental spend to a range of internal and external investments that we expect will extend our leadership position, maximize our opportunity, and create meaningful longer-term shareholder value."

The number of LoopNet registered members, which includes both basic and premium members, grew to 3,925,534 during the fourth quarter of 2009, a 21% increase over the fourth quarter of 2008. The number of LoopNet premium members as of the end of the fourth quarter of 2009 was 68,378, a 12% decline from the fourth quarter of 2008. The average monthly price of premium membership increased to $66.01, up 1% over the fourth quarter of 2008. There were 732,503 total commercial real estate listings active on the LoopNet marketplace as of the end of the fourth quarter of 2009, a 12% increase over the fourth quarter of 2008. In addition, there were 46.6 million profile views of listings on the LoopNet marketplace during the fourth quarter of 2009, a 26% increase over the fourth quarter of 2008. Average monthly unique visitors during the fourth quarter of 2009, as reported by comScore Media Metrix, were approximately 992,000, a 17% increase over the fourth quarter of 2008.

Balance Sheet and Liquidity

As of December 31, 2009, LoopNet had $129.0 million of cash, cash equivalents and short-term investments and no debt.

Business Outlook

Based on current visibility, the Company expects revenue for the quarter ending March 31, 2010 to be in the range of $18.1 to $18.3 million, Adjusted EBITDA to be in the range of $6.3 to $6.5 million and net income applicable to common stockholders to be in the range of $0.04 to $0.05 per diluted share, assuming stock-based compensation of approximately $0.03 (net of tax benefit) and an effective tax rate of approximately 40%.

Recent Acquisition

The Company announced on January 26, 2010 that it acquired the assets of privately-held BizQuest, LLC, an online marketplace for business for sale listings. The acquisition is not currently expected to have a material impact on our 2010 financial results.

Stock Repurchase Program

The Company also announced that its Board of Directors has approved the repurchase of up to an additional $29.6 million in shares of its common stock, bringing to $75 million the currently authorized common stock repurchases. The repurchases are expected to be made from time to time in the open market at prevailing market prices or in privately negotiated transactions.

Conference Call Information

LoopNet, Inc. will discuss these financial results in a conference call at 1:30 p.m. PDT, 4:30 p.m. EDT, today. To participate in the conference call, please dial 888-419-5570 if you are calling from within the United States or 617-896-9871 if you are calling from outside the United States, and enter pass code number 69403226. Investors may also listen to a live web cast of the conference call on the investor relations section of our website at investor.LoopNet.com/events.cfm. For investors unable to participate in the live conference call, an audio replay will be available until Friday, February 12, 2010 at 8:59 p.m. PDT. To access the audio replay, dial 888-286-8010 within the United States or 617-801-6888 internationally and enter pass code number 25909630. A web cast replay of the call will be available on the investor relations section of our website at http://investor.LoopNet.com/events.cfm approximately two hours after the conclusion of the call and will remain available for 30 calendar days.

Non-GAAP Financial Measures

This press release includes discussions of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before net interest, income taxes, depreciation, amortization, stock-based compensation and litigation related costs. The term "non-GAAP net income" refers to a financial measure that we define as net income before stock-based compensation and litigation related costs. Non-GAAP net income is also provided on a per share basis, using shares outstanding at the relevant period of measurement. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share are not substitutes for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share as reported by other companies. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate the operating performance of our business. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance, and we also use Adjusted EBITDA for planning purposes and in presentations to our board of directors. We believe non-GAAP net income and non-GAAP net income per share to be relevant and useful information to our investors as they provide meaningful insight into the Company's performance while excluding infrequent and non-recurring items that may not be considered directly related to our on-going business operations. We believe that non-GAAP net income and non-GAAP net income per share are also used by companies and investors to evaluate performance in the online marketplace and platform industry. We also believe that Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share allow for a more accurate comparison of our operating results over historical periods. A limitation of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share is that they do not include all items that impact our net income for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of net income, which includes the items that are excluded from Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share. Management believes that these non-GAAP measures should be considered as a complement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables.

About LoopNet, Inc.

LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively. LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, CCIM, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, CORFAC International, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Retail Brokers Network, SIOR, Sperry Van Ness and TCN Worldwide.

Forward Looking Statements

This release contains forward-looking statements regarding LoopNet's expectations regarding its future financial results as well as trends in the commercial real estate industry. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to economic events or trends in the commercial real estate market or in general, the effects of recent economic and consumer confidence trends on global and domestic financial markets, our ability to continue to attract new registered members, convert them into premium members and retain such premium members, seasonality, our ability to manage our growth, our ability to successfully integrate the technologies, operations and personnel of acquired businesses in a timely manner, our ability to obtain the expected strategic and financial benefits from acquisitions, our ability to introduce new or upgraded products or services and customer acceptance of such services, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners and competition from current or future companies. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward looking statement are contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings made by us. Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release which are based on information available to us as of the date of this release.


LOOPNET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, December 31,
2008 2009
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 61,325 $ 125,571
Short-term investments 3,262 3,440
Accounts receivable, net of allowance of $121 and $213, respectively 1,564 1,308
Prepaid expenses and other current assets 1,530 1,080
Deferred income taxes, net 607 558
Total current assets 68,288 131,957
Property and equipment, net 2,208 2,216
Goodwill 23,056 23,368
Intangibles, net 5,678 4,487
Deferred income taxes, net, non-current 5,829 8,059
Deposits and other noncurrent assets 3,151 4,162
Total assets $ 108,210 $ 174,249
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 622 $ 546
Accrued liabilities 2,020 2,027
Accrued compensation and benefits 2,759 2,995
Income tax payable, net - 154
Deferred revenue 10,358 9,025
Total current liabilities 15,759 14,747
Commitments and contingencies
Series A convertible preferred stock - 48,207
Stockholders' equity:
Common stock, $.001 par value, 125,000,000 shares authorized; 39,218,665 and 39,493,526 shares issued, respectively; and 34,292,704 and 34,567,565 shares outstanding, respectively
39 39
Additional paid in capital 114,915 122,388
Other comprehensive loss (276 ) (418 )
Treasury stock, at cost, 4,925,961 shares (54,556 ) (54,556 )
Retained earnings 32,329 43,842
Total stockholders' equity 92,451 111,295
Total liabilities and stockholders' equity $ 108,210 $ 174,249
LOOPNET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(unaudited)
Three months ended December 31, Twelve months ended December 31,
2008 2009 2008 2009
Revenues $ 21,054 $ 18,341 $ 86,074 $ 76,487
Cost of revenue (1) 2,864 2,721 10,858 11,060
Gross margin 18,190 15,620 75,216 65,427
Operating expenses (1):
Sales and marketing 4,450 3,670 18,825 15,064
Technology and product development 2,427 2,660 9,075 10,707
General and administrative 4,507 4,449 18,739 21,868
Total operating expenses 11,384 10,779 46,639 47,639
Income from operations 6,806 4,841 28,577 17,788
Interest and other income, net 85 51 1,998 211
Income before tax 6,891 4,892 30,575 17,999
Income tax expense 2,821 1,587 12,297 6,246
Net income 4,070 3,305 18,278 11,753
Convertible preferred stock accretion of discount - (85 ) - (240 )
Net income applicable to common stockholders $ 4,070 $ 3,220 $ 18,278 $ 11,513
Net income per share applicable to common stockholders
Basic $ 0.12 $ 0.08 $ 0.51 $ 0.28
Diluted $ 0.12 $ 0.07 $ 0.49 $ 0.27
Weighted average shares
Basic 34,334 41,985 35,772 41,860
Diluted 35,384 43,147 37,110 42,844
(1) Stock-based compensation is allocated as follows:
Cost of revenue $ 163 $ 134 $ 570 $ 495
Sales and marketing 565 412 2,198 894
Technology and product development 392 554 1,311 2,298
General and administrative 437 665 1,855 3,140
Total $ 1,557 $ 1,765 $ 5,934 $ 6,827
LOOPNET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Twelve months ended December 31,
2008 2009
Cash flows from operating activities:
Net income $ 18,278 $ 11,753
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 2,199 2,601
Stock-based compensation 5,934 6,827
Tax benefits from exercise of stock options (759 ) (388 )
Deferred income tax (1,683 ) (2,180 )
Changes in operating assets and liabilities:
Accounts receivable 23 256
Prepaid expenses and other assets (678 ) 388
Income taxes payable 61 542
Accounts payable (211 ) (76 )
Accrued expenses and other current liabilities 1,304 7
Accrued compensation and benefits 198 236
Deferred revenue 439 (1,334 )
Net cash provided by operating activities 25,105 18,632
Cash flows from investing activities:
Purchase of property and equipment (1,319 ) (1,437 )
Purchase of investments (1,000 ) (1,250 )
Acquisitions, net of acquired cash (12,584 ) (312 )
Net cash used in investing activities (14,903 ) (2,999 )
Cash flows from financing activities:
Net proceeds from exercise of stock options 356 258
Net proceeds from sale of convertible preferred stock - 47,967
Repurchase of common stock (54,556 ) -
Tax benefits from exercise of stock options 759 388
Net cash provided by (used in) financing activities (53,441 ) 48,613
Net increase (decrease) in cash and cash equivalents (43,239 ) 64,246
Cash and cash equivalents at beginning of year 104,564 61,325
Cash and cash equivalents at end of year $ 61,325 $ 125,571
LOOPNET, INC.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(In thousands, except per share data)
Three months ended December 31, Twelve months ended December 31,
2008 2009 2008 2009
GAAP net income $ 4,070 $ 3,305 $ 18,278 $ 11,753
Add back (deduct):
Income tax expense 2,821 1,587 12,297 6,246
Depreciation and amortization 615 678 2,199 2,601
Interest and other income, net (85 ) (51 ) (1,998 ) (211 )
Stock-based compensation 1,557 1,765 5,934 6,827
Litigation related costs 490 341 3,183 4,794
Adjusted EBITDA $ 9,468 $ 7,625 $ 39,893 $ 32,010
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(In thousands, except per share data)
Three months ended December 31, Twelve months ended December 31,
2008 2009 2008 2009
GAAP net income $ 4,070 $ 3,305 $ 18,278 $ 11,753
Add back (deduct):
Stock-based compensation 1,557 1,765 5,934 6,827
Litigation related costs 490 341 3,183 4,794
Income taxes associated with non-GAAP adjustments (837 ) (682 ) (3,665 ) (4,032 )
Non-GAAP net income $ 5,280 $ 4,729 $ 23,730 $ 19,342
Diluted non-GAAP net income per share $ 0.15 $ 0.11 $ 0.64 $ 0.45
Shares used in non-GAAP diluted net income per share calculation 35,384 43,147 37,110 42,844




Contact Information

Brent Stumme
LoopNet, Inc.
Chief Financial Officer
415-284-4310
Derek Brown
LoopNet, Inc.
VP, Investor Relations & Corporate Planning
415-284-4310

February 3, 2010
LoopNet Surpasses 4 Million Registered Members
- The Most Heavily Trafficked Commercial Real Estate Web Site Exceeds 4 Million Members While Extending Its Unparalleled Lead in Monthly Unique Visitors -
- LoopNet.com Delivers More Than 8 Times the Traffic of Any Other Commercial Real Estate Web Site in Most Recent Quarter -
More

- The Most Heavily Trafficked Commercial Real Estate Web Site Exceeds 4 Million Members While Extending Its Unparalleled Lead in Monthly Unique Visitors -

- LoopNet.com Delivers More Than 8 Times the Traffic of Any Other Commercial Real Estate Web Site in Most Recent Quarter -

SAN FRANCISCO, CA February 3, 2010 -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, announced today that it surpassed 4 million registered members.  In addition to the registered member milestone, comScore Media Metrix reported that LoopNet generated 8.2 times the unique visitor traffic of the next closest commercial property marketplace for Q4 2009, and 6.7 times the traffic during the full year 2009.

"We are very excited that we continue to attract new members at such a rapid rate, reaching the 4 million member milestone only 18 months after surpassing 3 million members," said Thomas Byrne, LoopNet's President and Chief Operating Officer.  "We are equally proud that LoopNet continues to grow its lead inh visitor traffic relative to other commercial property marketplaces.  With the most registered members, the largest number of unique visitors, and one of the industry's largest property databases of actively marketed for sale and for lease listings, we offer unparalleled value to commercial real estate professionals in marketing and searching for commercial properties."

Highlighted below are some of the key metrics and usage statistics of LoopNet.com:

# 1 in Members among Commercial Real Estate Listing Services

Registered Members – more than 4 million registered members


#1 in Web Site Traffic among Commercial Real Estate Listing Services

Traffic Multiple – 6.7X the visitor traffic of the next closest web site (average for full year 2009, according to comScore Media Metrix)
Unique Monthly Visitors – 1.9 Million per Month (average Monthly Visitors during 2009, according to Google Analytics)


#1 Online Marketing Partner to Commercial Real Estate Firms

LoopLink powers more listings for more commercial real estate firm web sites than any other service.  LoopLink clients include CBRE, Cassidy Turley, Cushman & Wakefield, Colliers International, Jones Lang LaSalle, Grubb & Ellis, NAI Global, ONCOR International, ProLogis and SIOR.
Properties Available For Sale – $480 Billion For Sale in aggregate
Properties Available For Lease – 6.3 Billion Square Feet For Lease in aggregate


The LoopNet marketplace, available at www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  At the end of September 2009, the LoopNet marketplace featured more than $480 billion of property available for sale and 6.3 billion square feet of space for lease.

About LoopNet

LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States.  Our online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant.  Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria.  By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete more transactions more cost-effectively than through other means.  LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, and Sperry Van Ness.

LoopNet owns and operates Cityfeet.com, the largest online newspaper network serving the commercial real estate industry.  LoopNet also owns and operates BizBuySell.com and BizQuest.com, the largest and most heavily trafficked online exchanges for businesses for sale in North America, with more business listings, users and search activity than any other web site.  BizBuySell also has the largest database of sale comparables for recently sold businesses. 

Forward-Looking Statements

This release contains forward-looking statements regarding LoopNet's online commercial marketplace, our customers, the continuing adoption of the Internet to market and search for commercial real estate and the value we provide to our members.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, economic events or trends in the commercial real estate market or in general, our ability to continue to attract unique visitors to our web site,  our ability to continue to attract new registered members, convert them into Premium Members and retain such Premium Members, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, our ability to receive timely and accurate sales data from our partners, seasonality, our ability to manage our growth and our ability to introduce new or upgraded products or services and customer acceptance of such services.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

January 27, 2010
LoopNet Launches The First Mobile Commercial Real Estate Search Application For iPhone and iPod touch
- New App Allows Users To Search For Available Commercial Property Anytime, Anywhere And With Location Specific Relevance -
- 745,000 For Sale And For Lease Listings Accessible On The Go -
SAN FRANCISCO, CA January 27, 2010 -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, released the first commercial real estate search application for iPhone and iPod touch users.
More

- New App Allows Users To Search For Available Commercial Property Anytime, Anywhere And With Location Specific Relevance -

- 745,000 For Sale And For Lease Listings Accessible On The Go -

SAN FRANCISCO, CA January 27, 2010 -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, released the first commercial real estate search application for iPhone and iPod touch users.  Now available as a free download from iTunes, the LoopNet Commercial Real Estate Search Application allows users to search, locate and access all 745,000 available properties nationwide from their mobile devices. 

With this application, LoopNet remains at the forefront of technology and information services offerings for the commercial real estate industry, increasing the speed and ease with which investors, brokers, sellers, tenants and other professionals can find information on property that is for sale or lease.

"The new LoopNet iPhone application for commercial real estate search provides industry professionals with amazingly easy access to listings from anywhere at any time, and uses the iPhone's GPS capabilities to return results based on the searcher's physical location," says Mike Manning, Vice President of Marketing for LoopNet.  "This benefits both property searchers and real estate professionals marketing property.  With listings at your fingertips on the go, business gets done in real time from wherever the broker, prospective investor, or tenant happen to be."

Features on LoopNet's iPhone application include:

  • Location Finder: Explore properties in your immediate area using the iPhone's built-in GPS capabilities, then walk or drive around and explore properties in your vicinity ... without having to go back to the office to access a computer or run a listings report.

  • Custom Search: Filter results by price, building size and property type (office, industrial, retail, land, multifamily, etc.).

  • Driving Directions: Use Google Maps to plot properties or email directions to a client or friend.

    The LoopNet iPhone App is FREE to download, and available for both the iPhone and iPod touch, in Apple's App Store.  Search for "LoopNet" in the App store.

    About LoopNet

    LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 3.9 million registered members and approximately 5 million quarterly unique visitors.

    The LoopNet marketplace, available at www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  At the end of September 2009, the LoopNet marketplace featured more than $480 billion of property available for sale and 6.3 billion square feet of space for lease.

    LoopNet customers include virtually all of the top commercial real estate firms and organizations in the U.S., including CB Richard Ellis,  Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, CORFAC International, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Retail Brokers Network, SIOR, Sperry Van Ness, and TCN Worldwide.

    Forward-Looking Statements

    This release contains forward-looking statements regarding the anticipated benefits of LoopNet's iPhone and iPod touch application, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace.  These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of our new mobile application, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth.  Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC).  Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm.  LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

  • January 26, 2010
    LoopNet Acquires BizQuest, LLC, a Leading Online Business For Sale Marketplace
    Together with BizBuySell, the acquisition of BizQuest complements and solidifies LoopNet's leadership in the online business-for-sale marketplace sector. 
    More

    Together with BizBuySell, the acquisition of BizQuest complements and solidifies LoopNet's leadership in the online business-for-sale marketplace sector.


    SAN FRANCISCO, CA January 26, 2010 -- LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace and the largest business for sale marketplace, BizBuySell, announced today that it has acquired the assets of privately-held BizQuest, LLC to complement its leading position in the online business-for-sale marketplace sector.

    Founded in 1994 and headquartered in Pasadena, California, BizQuest.com is a leader in aggregating sellers, buyers and brokers in the small business-for-sale market.  BizQuest currently offers over 35,000 businesses for sale, an industry-leading franchise directory, as well as other tools and services for aspiring small business buyers and sellers.

    "Together, BizBuySell and BizQuest will offer our customers unparalleled exposure to help facilitate faster transactions and more competitive bids on their businesses for sale," said Mike Handelsman, LoopNet's Group General Manager for the small business market.  "We will also begin to address one of the most significant pain points for our broker customers, entering listings on multiple websites. Soon broker customers of both sites will be able to enter and manage a business listing on BizBuySell and have it automatically and seamlessly display on BizQuest as well." 

    BizQuest, which will operate as a division of LoopNet, likewise anticipates the acquisition will serve to benefit its existing clientele.

    "LoopNet's acquisition of BizQuest and the ability to coordinate with and leverage the coverage of BizBuySell will allow us to offer even greater exposure and value to our customers," said Dylan Garland, CEO of BizQuest, LLC. "We expect this will be a major milestone for the business-for-sale industry as the seamless integration and time-saving capabilities resulting from the acquisition will benefit sellers and business brokers alike."

    LoopNet does not currently expect the acquisition of BizQuest to have a material impact on its 2010 financial results.
     
    BizQuest, available at www.BizQuest.com, covers all business-for-sale categories, including restaurant, retail, service, manufacturing and other small business sectors.  BizQuest has more than 35,000 businesses for sale and, with over 300 franchise and business opportunities at www.FindAFranchise.com, one of the largest franchise directories available online.

    BizBuySell, available at www.BizBuySell.com, also covers all business-for-sale categories, including restaurant, retail, service, manufacturing and other small business sectors. It has more than 45,000 businesses for sale, and more than 325 franchise and business opportunities in its franchise directory.

    About LoopNet

    LoopNet, Inc., a leading information services provider to the commercial real estate industry, delivers a comprehensive suite of products and services to meet the national and local needs of commercial real estate firms, organizations and professionals. LoopNet members can list, search, market and research commercial real estate properties over the Internet - reducing their marketing costs, expanding their reach, accelerating the pace of transactions and enhancing their insights on the market.

    LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 3.9 million registered members and 945,000 average monthly unique visitors.  The LoopNet online marketplace contains more than $480 billion of property available for sale and 6.3 billion square feet of property available for lease. LoopNet's market-leading LoopLink product powers the web sites of more than 1,000 commercial real estate organizations and seamlessly integrates their web sites with LoopNet's listing service at www.LoopNet.com.

    LoopNet customers include virtually all of the top commercial real estate firms and organizations in the U.S., including CB Richard Ellis, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, CORFAC International, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Retail Brokers Network, SIOR, Sperry Van Ness, and TCN Worldwide.

    LoopNet also owns and operates BizBuySell, the largest and most heavily trafficked online exchange for businesses for sale in North America, with more business listings, users and search activity than any other web site. BizBuySell features over 45,000 businesses for sale listings, more than 650,000 average monthly visits, and has the largest database of sale comparables for recently sold businesses.

    Forward-Looking Statements

    This release contains forward-looking statements regarding LoopNet's anticipated synergies from our acquisition of BizQuest, LLC's assets, including our ability to provide greater value and exposure to aspiring small business buyers and sellers, our efforts to differentiate our online commercial marketplace, the impact of the acquisition on our 2010 financial results, our customers, the integration of the acquired business, our listing partners, the continuing adoption of the Internet to market and search for commercial real estate, and the advantages of our online marketplace and the value we provide to our members. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, our ability to successfully integrate the technologies, operations and personnel of the acquired business in a timely manner; our ability to obtain the expected strategic and financial benefits from the acquisition; on-going volatility in the commercial real estate market and business for sale market; our ability to introduce new or upgraded products or services and customer acceptance of such services; economic events or trends in the credit market or in general; our ability to continue to attract new registered members, convert them into Premium Members and retain such Premium Members; our ability to receive timely and accurate sales data from our partners; our ability to manage our growth; our ability to obtain or retain listings from commercial real estate brokers, agents and property owners; and competition from current or future companies. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

    Contact Information

    Lauren Eichmann
    Walker Sands Communications
    lauren.eichmann@walkersands.com
    Phone:312-265-3089

    December 22, 2009
    LoopNet, the #1 Commercial Real Estate Marketplace, Sees Significant Traffic Lead Growth in November
    - Independent Service comScore Reports LoopNet Generated More Than 9 Times The Unique Visitor Traffic of Its Nearest Competitor -
    - Google Analytics Reports LoopNet Attracted Over 1.8 Million Unique Visitors During November -
    More

    - Independent Service comScore Reports LoopNet Generated More Than 9 Times The Unique Visitor Traffic of Its Nearest Competitor -

    - Google Analytics Reports LoopNet Attracted Over 1.8 Million Unique Visitors During November -

    SAN FRANCISCO, CA December 22, 2009 -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, remains the clear leader in online visitor traffic among commercial property marketing and information services web sites, according to comScore, a leading Internet traffic measurement service.

    LoopNet.com generated 9.1 times the traffic of its nearest competitor in November 2009, according to the most recent data released by comScore. This is a significant gain from the year to date average of 6.4 times that comScore reported through October 2009.

    In addition, Google Analytics reports that LoopNet.com had more than 1.8 million unique visitors during November and more than 1.9 million unique monthly visitors on average for 2009.

    These numbers follow the increase in profile views that LoopNet recently reported. There were 44.1 million profile views of listings on the LoopNet marketplace during the third quarter of 2009, up 26% from the second quarter of 2009.

    "We are pleased with the new traffic metrics. They are evidence that our efforts to differentiate our marketplace are working and that LoopNet is continuing to deliver increasing value to our members," said Thomas Byrne, LoopNet's President and Chief Operating Officer. "The fact that LoopNet is the #1 online commercial real estate marketplace in terms of unique visitors by a factor of over 9x translates into unparalleled exposure for our members who are seeking to market properties for sale and for lease."

    The LoopNet marketplace, available at www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. At the end of September 2009, the LoopNet marketplace featured more than $480 billion of property available for sale and 6.3 billion square feet of space for lease.

    About LoopNet

    LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively. LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

    LoopNet customers include virtually all of the top commercial real estate firms and organizations in the U.S., including CB Richard Ellis, CCIM, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, CORFAC International, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Retail Brokers Network, SIOR, Sperry Van Ness, and TCN Worldwide.

    Forward-Looking Statements

    This release contains forward-looking statements regarding LoopNet's efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.

    December 15, 2009
    Crain's Chicago Business Selects LoopNet's Industry-Leading Platform to Power Online Commercial Real Estate Search
    - Partnership Extends LoopNet's Leadership Position As The #1 Online Newspaper    
      Distribution Network -
    More

    - Partnership Extends LoopNet's Leadership Position As The #1 Online Newspaper   
      Distribution Network -

    - LoopNet Network Includes Over 225 of America's Leading Newspaper Brands -


    SAN FRANCISCO, CA December 15, 2009 -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest commercial real estate marketplace online, announced today that the company has signed a partnership agreement with Crain's Chicago Business to exclusively power commercial real estate listings search and display on the Crain's web site.

    With highly respected business news and reporting, Crain's Chicago Business is recognized as the leading business publication serving the Illinois and the Greater Chicago market.  Its daily online commercial real estate news service, www.ChicagoRealEstateDaily.com, provides unprecedented coverage of the Chicago commercial real estate market to over 40,000 daily subscribers.  With this partnership, visitors to the site will now be able to use LoopNet's industry-leading search and mapping technology to locate properties for sale and for lease in Chicago and throughout the United States. 

    LoopNet has more than 225 media distribution partners across the United States, making it the clear leader in serving the online commercial property search and display needs of the nation's top newspapers.  In addition to Crain's Chicago, LoopNet's online partners include The New York Times, Los Angeles Times, Washington Post, Atlanta Journal Constitution, Boston Globe, Wall Street Journal Online, and many more.

    "We are very pleased that Crain's Chicago Business selected LoopNet to power their online commercial real estate listings for ChicagoRealEstateDaily.com," said Thomas Byrne, LoopNet President and COO.  "Crain's Chicago Business is a preeminent business news source that delivers exceptional value to the commercial real estate and business community.  Together with LoopNet's leading LoopLink technology, we provide a powerful marketing solution for people looking to sell or lease properties in the Chicago area, and easy-to-use search capabilities for people looking to find properties."

    About Crain's Chicago Business

    Crain's Chicago Business is the nation's preeminent local business newspaper with a weekly print readership of nearly 300,000.  Its two primary web sites, ChicagoBusiness.com and ChicagoRealEstateDaily.com, reach more than 300,000 unique visitors per month.  Crain's Chicago Business is owned by Crain Communications Inc., which is one of the largest privately-owned business publishers in the U.S. with 32 business, trade and consumer publications and related web sites in North America, Europe and Asia.

    About LoopNet

    LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States.  Available at http://www.loopnet.com, the marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.  At the end of September 2009, the LoopNet marketplace featured more than $495 billion of property available for sale and 6.1 billion square feet of space for lease.

    LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Sperry Van Ness and TCN Worldwide.

    December 2, 2009
    LoopNet and CoStar Group Reach Settlement on All Outstanding Lawsuits
    San Francisco, CA December 2, 2009 -- LoopNet, Inc. (NASDAQ: LOOP) and CoStar Group, Inc. today announced that they have settled all current litigation between the companies.  The settlement resolves false advertising litigation in New York, breach of contract and unfair competition litigation in California, and copyright litigation in Maryland.  No monetary consideration was involved.
    More

    San Francisco, CA December 2, 2009 -- LoopNet, Inc. (NASDAQ: LOOP) and CoStar Group, Inc. today announced that they have settled all current litigation between the companies.  The settlement resolves false advertising litigation in New York, breach of contract and unfair competition litigation in California, and copyright litigation in Maryland.  No monetary consideration was involved.

    In a joint statement, LoopNet Chairman & CEO Richard Boyle and CoStar CEO Andrew Florance said "We both welcome this settlement and feel that it is in the best interest of our customers, shareholders and employees.  We are pleased to put this litigation behind us, and focus on the needs of our customers and building value for our shareholders."

    About LoopNet

    LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States.  The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant.  Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria.  By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively.  LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

    LoopNet customers include virtually all of the top commercial real estate firms and organizations in the U.S., including CB Richard Ellis, CCIM, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, CORFAC International, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Retail Brokers Network, SIOR, Sperry Van Ness, and TCN Worldwide.

    Contact Information

    Dan Katcher
    Andrea Priest
    Joele Frank, Wilkinson Brimmer Katcher
    212-355-4449

    October 28, 2009
    LoopNet, Inc. Announces Third Quarter 2009 Financial Results
    SAN FRANCISCO, CA October 28, 2009 -- LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the third quarter ended September 30, 2009. 
    Revenue for the third quarter of 2009 was $18.8 million, compared to $22.4 million in the third quarter of 2008. Net income applicable to common stockholders for the third quarter of 2009 was $3.7 million or $0.09 per diluted share, compared to $4.8 million or $0.13 per diluted share in the third quarter of 2008.
    More

    SAN FRANCISCO, CA October 28, 2009 -- LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the third quarter ended September 30, 2009.

    Revenue for the third quarter of 2009 was $18.8 million, compared to $22.4 million in the third quarter of 2008. Net income applicable to common stockholders for the third quarter of 2009 was $3.7 million or $0.09 per diluted share, compared to $4.8 million or $0.13 per diluted share in the third quarter of 2008. Non-GAAP net income (net income excluding stock-based compensation and litigation related costs) for the third quarter of 2009 was $5.3 million or $0.12 per diluted share, compared to $6.4 million or $0.17 per diluted share in the third quarter of 2008.

    LoopNet's Adjusted EBITDA (earnings before interest, tax, depreciation, amortization, stock-based compensation and litigation related costs) for the third quarter of 2009 was $7.8 million, compared to $10.4 million in the third quarter of 2008. The Company has reported Adjusted EBITDA because management uses it to monitor and assess the Company's performance and believes it is helpful to investors in understanding the Company's business.

    "We are very pleased with how the company and business performed during Q3 2009," said LoopNet Chairman and CEO Richard Boyle. "Despite extremely challenging industry conditions, we comfortably exceeded the financial targets that we set three months ago, and several key measures of our business improved substantially in the quarter. Equally important, we are as confident as ever that our team, approach, and positioning will enable us to emerge from the current down cycle as a much stronger company."

    The number of LoopNet registered members, which includes both basic and premium members, grew to 3,760,249 during the third quarter of 2009, a 21% increase over the third quarter of 2008. The number of LoopNet premium members as of the end of the third quarter of 2009 was 69,809, a 17% decline from the third quarter of 2008. The average monthly price of premium membership increased to $66.09, up 2% over the third quarter of 2008. There were 729,467 total commercial real estate listings active on the LoopNet marketplace as of the end of the third quarter of 2009, a 14% increase over the third quarter of 2008. In addition, there were 44.1 million profile views of listings on the LoopNet marketplace during the third quarter of 2009, a 1% decline from the third quarter of 2008. Average monthly unique visitors during the third quarter of 2009, as reported by comScore Media Metrix, were approximately 1,005,000, a 11% increase over the third quarter of 2008.

    Balance Sheet and Liquidity

    As of September 30, 2009, LoopNet had $125.5 million of cash, cash equivalents and short-term investments and no debt.

    Business Outlook

    Based on current visibility, the Company expects revenue for the quarter ending December 31, 2009 to be in the range of $17.7 to $17.9 million,Adjusted EBITDA to be in the range of $6.7 to $6.9 million and non-GAAP net income to be in the range of $0.08 to $0.09 per diluted share, assuming an effective tax rate of approximately 40%. The Company expects stock-based compensation to be approximately $0.03 per share (net of tax benefit) in the quarter ending December 31, 2009. The Adjusted EBITDA and non-GAAP net income guidance for the quarter ending December 31, 2009 exclude stock-based compensation and litigation related costs.

    Conference Call Information

    LoopNet, Inc. will discuss these financial results in a conference call at 1:30 p.m. PDT, 4:30 p.m. EDT, today. To participate in the conference call, please dial 888-419-5570 if you are calling from within the United States or 617-896-9871 if you are calling from outside the United States, and enter pass code number 36051578. Investors may also listen to a live web cast of the conference call on the investor relations section of our website at investor.LoopNet.com/events.cfm. For investors unable to participate in the live conference call, an audio replay will be available until Friday, October 30, 2009 at 8:59 p.m. PDT. To access the audio replay, dial 888-286-8010 within the United States or 617-801-6888 internationally and enter pass code number 39573798. A web cast replay of the call will be available on the investor relations section of our website at http://investor.loopnet.com/events.cfm approximately two hours after the conclusion of the call and will remain available for 30 calendar days.

    Non-GAAP Financial Measures

    This press release includes discussions of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before net interest, income taxes, depreciation, amortization, stock-based compensation and litigation related costs. The term "non-GAAP net income" refers to a financial measure that we define as net income before stock-based compensation and litigation related costs. Non-GAAP net income is also provided on a per share basis, using shares outstanding at the relevant period of measurement. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share are not substitutes for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share as reported by other companies. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate the operating performance of our business. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance, and we also use Adjusted EBITDA for planning purposes and in presentations to our board of directors. We believe non-GAAP net income and non-GAAP net income per share to be relevant and useful information to our investors as they provide meaningful insight into the Company's performance while excluding infrequent and non-recurring items that may not be considered directly related to our on-going business operations. We believe that non-GAAP net income and non-GAAP net income per share are also used by companies and investors to evaluate performance in the online marketplace and platform industry. We also believe that Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share allow for a more accurate comparison of our operating results over historical periods. A limitation of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share is that they do not include all items that impact our net income for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of net income, which includes the items that are excluded from Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share. Management believes that these non-GAAP measures should be considered as a complement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables. Reconciliations of Company expectations for Adjusted EBITDA and non-GAAP net income per share for the quarter ending December 31, 2009 to Company expectations for GAAP net income for the quarter ending December 31, 2009 are not provided, as GAAP net income expectations for this period is not accessible. GAAP net income expectations are not accessible for this period due to the uncertain nature of the timing and amount of potential litigation related costs.

    About LoopNet, Inc.

    LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively. LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

    LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, CCIM, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, CORFAC International, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Retail Brokers Network, SIOR, Sperry Van Ness and TCN Worldwide.

    Forward Looking Statements

    This release contains forward-looking statements regarding LoopNet's expectations regarding its future financial results as well as trends in the commercial real estate industry. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to economic events or trends in the commercial real estate market or in general, the effects of recent economic and consumer confidence trends on global and domestic financial markets, our ability to continue to attract new registered members, convert them into premium members and retain such premium members, seasonality, our ability to manage our growth, our ability to successfully integrate the technologies, operations and personnel of acquired businesses in a timely manner, our ability to obtain the expected strategic and financial benefits from acquisitions, our ability to introduce new or upgraded products or services and customer acceptance of such services, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners and competition from current or future companies. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward looking statement are contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings made by us. Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release which are based on information available to us as of the date of this release.

    LOOPNET, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    December 31, September 30,
    2008 2009
    (unaudited)
    Assets
    Current assets:
    Cash and cash equivalents $ 61,325 $ 122,040
    Short-term investments 3,262 3,416
    Accounts receivable, net of allowance of $121 and $181, respectively 1,564 1,758
    Prepaid expenses and other current assets 1,530 1,285
    Deferred income taxes, net 607 607
    Total current assets 68,288 129,106
    Property and equipment, net 2,208 2,515
    Goodwill 23,056 23,368
    Intangibles, net 5,678 4,781
    Deferred income taxes, net, non-current 5,829 7,031
    Deposits and other noncurrent assets 3,151 3,876
    Total assets $ 108,210 $ 170,677
    Liabilities and stockholders' equity
    Current liabilities:
    Accounts payable $ 622 $ 1,234
    Accrued liabilities 2,020 2,603
    Accrued compensation and benefits 2,759 2,793
    Deferred revenue 10,358 9,793
    Total current liabilities 15,759 16,423
    Commitments and contingencies
    Series A convertible preferred stock - 48,122
    Stockholders' equity:
    Common stock, $.001 par value, 125,000,000 shares authorized; 39,218,665 and 39,443,402
    shares issued, respectively; and 34,292,704 and 34,517,441 shares outstanding, respectively 39 39
    Additional paid in capital 114,915 120,456
    Other comprehensive loss (276 ) (428 )
    Treasury stock, at cost, 4,925,961 shares (54,556 ) (54,556 )
    Retained earnings 32,329 40,621
    Total stockholders' equity 92,451 106,132
    Total liabilities and stockholders' equity $ 108,210 $ 170,677
    LOOPNET, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (unaudited)
    Three months ended September 30, Nine months ended September 30,
    2008 2009 2008 2009
    Revenues $ 22,403 $ 18,795 $ 65,019 $ 58,145
    Cost of revenue (1) 2,876 2,670 7,994 8,339
    Gross margin 19,527 16,125 57,025 49,806
    Operating expenses (1):
    Sales and marketing 4,711 2,650 14,375 11,394
    Technology and product development 2,301 2,833 6,648 8,047
    General and administrative 5,227 5,547 14,232 17,418
    Total operating expenses 12,239 11,030 35,255 36,859
    Income from operations 7,288 5,095 21,770 12,947
    Interest and other income, net 459 52 1,914 159
    Income before tax 7,747 5,147 23,684 13,106
    Income tax expense 2,927 1,342 9,476 4,659
    Net income 4,820 3,805 14,208 8,447
    Convertible preferred stock accretion of discount - (85 ) - (155 )
    Net income applicable to common stockholders $ 4,820 $ 3,720 $ 14,208 $ 8,292
    Net income per share applicable to common stockholders
    Basic $ 0.14 $ 0.09 $ 0.39 $ 0.20
    Diluted $ 0.13 $ 0.09 $ 0.38 $ 0.19
    Weighted average shares
    Basic 35,503 41,915 36,243 41,833
    Diluted 36,787 42,919 37,693 42,765
    (1) Stock-based compensation is allocated as follows:
    Cost of revenue $ 153 $ 4 $ 408 $ 361
    Sales and marketing 554 (755 ) 1,632 481
    Technology and product development 347 699 919 1,745
    General and administrative 465 1,174 1,418 2,475
    Total $ 1,519 $ 1,122 $ 4,377 $ 5,062
    LOOPNET, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (unaudited)
    Nine months ended September 30,
    2008 2009
    Cash flows from operating activities:
    Net income $ 14,208 $ 8,447
    Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization expense 1,584 1,922
    Stock-based compensation 4,377 5,062
    Tax benefits from exercise of stock options (689 ) (288 )
    Deferred income tax (938 ) (1,202 )
    Changes in operating assets and liabilities:
    Accounts receivable (652 ) (193 )
    Prepaid expenses and other assets (1,892 ) (16 )
    Income taxes payable (9 ) 288
    Accounts payable 78 612
    Accrued expenses and other current liabilities 2,084 583
    Accrued compensation and benefits 29 35
    Deferred revenue 1,314 (566 )

    Net cash provided by operating activities

    19,494 14,684
    Cash flows from investing activities:
    Purchase of property and equipment (1,041 ) (1,352 )
    Purchase of investments (750 ) (750 )
    Acquisition, net of acquired cash (12,584 ) (312 )

    Net cash used in investing activities

    (14,375 ) (2,414 )
    Cash flows from financing activities:
    Net proceeds from exercise of stock options 327 190
    Net proceeds from sale of convertible preferred stock - 47,967
    Repurchase of common stock (44,595 ) -
    Tax benefits from exercise of stock options 689 288

    Net cash provided by (used in) financing activities

    (43,579 ) 48,445
    Net increase (decrease) in cash and cash equivalents (38,460 ) 60,715
    Cash and cash equivalents at beginning of period 104,564 61,325
    Cash and cash equivalents at end of period $ 66,104 $ 122,040
    LOOPNET, INC.
    Reconciliation of GAAP Net Income to Adjusted EBITDA
    (In thousands, except per share data)
    Three months ended September 30, Nine months ended September 30,
    2008 2009 2008 2009
    GAAP net income $ 4,820 $ 3,805 $ 14,208 $ 8,447
    Add back (deduct):
    Income tax expense 2,927 1,342 9,476 4,659
    Depreciation and amortization 587 681 1,584 1,922
    Interest and other income, net (459 ) (52 ) (1,914 ) (159 )
    Stock-based compensation 1,519 1,122 4,377 5,062
    Litigation related costs 1,028 928 2,693 4,452
    Adjusted EBITDA $ 10,422 $ 7,826 $ 30,424 $ 24,383
    Reconciliation of GAAP Net Income to Non-GAAP Net Income
    (In thousands, except per share data)
    Three months ended September 30, Nine months ended September 30,
    2008 2009 2008 2009
    GAAP net income $ 4,820 $ 3,805 $ 14,208 $ 8,447
    Add back (deduct):
    Stock-based compensation 1,519 1,122 4,377 5,062
    Litigation related costs 1,028 928 2,693 4,452
    Income taxes associated with non-GAAP adjustments (963 ) (535 ) (2,828 ) (3,381 )
    Non-GAAP net income $ 6,404 $ 5,320 $ 18,450 $ 14,580
    Diluted non-GAAP net income per share $ 0.17 $ 0.12 $ 0.49 $ 0.34
    Shares used in non-GAAP diluted net income per share calculation 36,787 42,919 37,693 42,765


    Contact Information
    Brent Stumme
    LoopNet, Inc.
    Chief Financial Officer
    415-284-4310
    Derek Brown
    LoopNet, Inc.
    VP, Investor Relations & Corporate Planning
    415-284-4310
    September 29, 2009
    LoopNet Reaffirmed by Five Leading Online Traffic Monitoring Services as the #1 Commercial Real Estate Marketplace
    Five Independent Services Report LoopNet Generated 6 To 11 Times The Unique Visitor Traffic of Its Nearest Competitor in August - - Google Analytics Reports LoopNet Received More Than 5.1 Million Unique Visitors In The Last 3 Months 
    More
    Five Independent Services Report LoopNet Generated 6 To 11 Times The Unique Visitor Traffic of Its Nearest Competitor in August - - Google Analytics Reports LoopNet Received More Than 5.1 Million Unique Visitors In The Last 3 Months

    SAN FRANCISCO, CA September 29, 2009 -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, remains the clear leader in online visitor traffic among commercial property marketing and information services web sites, according to reports from five leading Internet traffic measurement services.

    In addition, Google Analytics reports that LoopNet.com had more than 5.1 million unique visitors between June 2009 and August 2009, representing growth of more than 11% compared to the same period in 2008. In the month of August alone, Google Analytics reported, LoopNet.com had more than 2.04 million unique visitors, an increase of more than 13% versus the same month last year.

    For the month ending August, the five leading traffic monitoring services all reported LoopNet with a substantial traffic lead relative to competing web sites:

    • comScore: LoopNet #1 with 6.1 times the traffic of nearest competitor
    • Compete: LoopNet #1 with 6.9 times the traffic of nearest competitor
    • Alexa: LoopNet #1 with 6.9 times the traffic of nearest competitor
    • Hitwise: LoopNet #1 with 10.1 times the traffic of nearest competitor
    • Quantcast: LoopNet #1 with 11.6 times the traffic of nearest competitor

    "The facts are clear," said Thomas Byrne, LoopNet's President and Chief Operating Officer. "LoopNet is far and away the #1 online commercial real estate marketplace. For our members, who seek to market commercial real estate for sale and for lease, LoopNet delivers unparalleled exposure for their available properties."

    LoopNet invites commercial real estate market participants to visit publicly available sites like Quantcast.com or Compete.com and run the traffic comparison for themselves.

    The LoopNet marketplace, available at http://www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. At the end of June 2009, the LoopNet marketplace featured more than $495 billion of property available for sale and 6.1 billion square feet of space for lease.

    About LoopNet

    LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively. LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

    LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Sperry Van Ness, Staubach Retail and TCN Worldwide.

    Forward-Looking Statements

    This release contains forward-looking statements regarding LoopNet's online commercial marketplace, visitor traffic, our customers, our strategic alliances, the continuing adoption of the Internet to market and search for commercial real estate and the value we provide to our members. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, economic events or trends in the commercial real estate market or in general, our ability to introduce new or upgraded products or services and customer acceptance of such services, our ability to integrate service partners into our systems and platforms, our service partners' ability to expand and manage growth, our ability to continue to attract unique visitors to our web site, our ability to continue to attract new registered members, convert them into Premium Members and retain such Premium Members, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, our ability to receive timely and accurate sales data from our partners, seasonality and our ability to manage our growth. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.


    September 17, 2009
    Cityfeet Signs Partnership Agreement with Gannett to Add Gannett’s Community Newspapers to Cityfeet’s Unparalleled Newspaper Distribution Network
    The Arizona Republic, Detroit Free Press, The Indianapolis Star and The Honolulu Advertiser expand Cityfeet's Newspaper Network To More than 225 Partners
    Cityfeet's 350,000+ commercial property listings will be searchable through Gannett's community newspaper web sites, receiving unprecedented exposure on many of the nation's leading newspaper brands.
    More

    The Arizona Republic, Detroit Free Press, The Indianapolis Star and The Honolulu Advertiser expand Cityfeet's Newspaper Network To More than 225 Partners

    Cityfeet's 350,000+ commercial property listings will be searchable through Gannett's community newspaper web sites, receiving unprecedented exposure on many of the nation's leading newspaper brands.

    New York, NY – September 17, 2009 – Cityfeet, the leading online commercial real estate network, announced today that it has partnered with Gannett Co., Inc. to bring its database of 350,000+ commercial property for sale and for lease listings to the online editions of the company's 83 daily newspapers.

    Beginning today, Cityfeet will power the commercial real estate search functionality on the web sites of The Arizona Republic, the Detroit Free Press, The Indianapolis Star and The Honolulu Advertiser, to name a few of Gannett's larger properties.  Relevant listings will be made accessible to visitors through the "real estate" sections of the web sites.

    "Adding Gannett to our list of national distribution partners will allow us to provide an even greater level of exposure to our customers' commercial listings," says Cityfeet General Manager Terence Mylonas.  "With the current market conditions, our customers are looking to explore every opportunity to put their listings where people are searching. Our partnership with Gannett will address their need to increase their marketing reach and help get deals underway."

    With the addition of Gannett's 83 community newspapers, Cityfeet now has over 225 distribution partners across the United States, including the web sites of The New York Times, The Los Angeles Times, Chicago Tribune and many others.

    By working with Cityfeet, we will be able to deliver a targeted, local commercial property search on our web sites," says Dan Donaghy, Senior Vice President of Sales for Gannett Digital Ventures.  "As more investors begin looking to commercial real estate to leverage opportunities where buyers have the advantage, we're excited to be able to provide our audience with comprehensive access to available listings."

    About Gannett

    Gannett Co., Inc. is an international news and information company operating on multiple platforms including the Internet, mobile, newspapers, magazines and TV stations.  Gannett is an Internet leader with hundreds of newspaper and TV web sites; CareerBuilder.com, the nation's top employment site; USATODAY.com; and more than 80 local MomsLikeMe.com sites.  Gannett publishes 84 daily U.S. newspapers, including USA TODAY, the nation's largest-selling daily newspaper, and more than 700 magazines and other non-dailies including USA WEEKEND.  Gannett also operates 23 television stations in 19 U.S. markets.  Gannett subsidiary Newsquest is the United Kingdom's second largest regional newspaper company with 17 daily paid-for titles, more than 200 weekly newspapers, magazines and trade publications, and a network of web sites.

    About Cityfeet

    Cityfeet is the leading online commercial real estate network, connecting commercial real estate property owners and brokers to tenants, brokers and investors. Cityfeet offers commercial real estate products and services catering to the national and local needs of the commercial real estate industry. Cityfeet specializes in all commercial real estate property categories including office space, executive suites, commercial land, industrial property, retail space and businesses for sale. Cityfeet is the #1 source of free commercial real estate information for commercial real estate professionals and powers the commercial real estate area of many of the country's most popular web sites including The New York Times, The Washington Post, Chicago Tribune, Los Angeles Times, and The Miami Herald.

    Cityfeet was founded in 1999 and acquired by LoopNet, Inc. in 2007. LoopNet (NASDAQ: LOOP) operates the largest commercial real estate listing service online, with more than $495 billion of property listed for sale and 6.1 billion square feet of space for lease. With over 3 million members, LoopNet attracts the Internet's largest community of commercial real estate professionals.

    July 29, 2009
    LoopNet, Inc. Announces Second Quarter 2009 Financial Results
    SAN FRANCISCO, CA July 29, 2009  -- LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the second quarter ended June 30, 2009. 
    Revenue for the second quarter of 2009 was $19.2 million, compared to $22.0 million in the second quarter of 2008. Net income applicable to common stockholders for the second quarter of 2009 was $1.8 million or $0.04 per diluted share, compared to $4.5 million or $0.12 per diluted share in the second quarter of 2008.
    More

    SAN FRANCISCO, CA July 29, 2009  -- LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the second quarter ended June 30, 2009.

    Revenue for the second quarter of 2009 was $19.2 million, compared to $22.0 million in the second quarter of 2008. Net income applicable to common stockholders for the second quarter of 2009 was $1.8 million or $0.04 per diluted share, compared to $4.5 million or $0.12 per diluted share in the second quarter of 2008. Non-GAAP net income (net income excluding stock-based compensation and litigation related costs) for the second quarter of 2009 was $4.4 million or $0.10 per diluted share, compared to $6.1 million or $0.16 per diluted share in the second quarter of 2008.

    LoopNet's Adjusted EBITDA (earnings before interest, tax, depreciation, amortization, stock-based compensation and litigation related costs) for the second quarter of 2009 was $8.2 million, compared to $10.4 million in the second quarter of 2008. The Company has reported Adjusted EBITDA because management uses it to monitor and assess the Company's performance and believes it is helpful to investors in understanding the Company's business.

    "We are very pleased with the performance of our business in Q2 2009, given the extremely challenging environment for commercial real estate," said LoopNet Chairman and CEO Richard Boyle. "At the same time, we remain confident in our ability to capitalize on current industry disruptions, by leveraging our leading market position, compelling profit profile, and cash-rich balance sheet to expand our business and put the pieces in place for future growth."

    The number of LoopNet registered members, which includes both basic and premium members, grew to 3,588,271 during the second quarter of 2009, a 21% increase over the second quarter of 2008. The number of LoopNet premium members as of the end of the second quarter of 2009 was 71,375, an 18% decline from the second quarter of 2008. The average monthly price of premium membership increased to $65.83, up 6% over the second quarter of 2008. There were 713,610 total commercial real estate listings active on the LoopNet marketplace as of the end of the second quarter of 2009, a 14% increase over the second quarter of 2008. In addition, there were 35.0 million profile views of listings on the LoopNet marketplace during the second quarter of 2009, a 19% decline over the second quarter of 2008. Average monthly unique visitors during the second quarter of 2009, as reported by comScore Media Metrix, were approximately 950,000, a 9% increase over the second quarter of 2008.

    Balance Sheet and Liquidity

    As of June 30, 2009, LoopNet had $120.0 million of cash, cash equivalents and short-term investments and no debt.

    Business Outlook

    Based on current visibility, the Company expects revenue for the quarter ending September 30, 2009 to be in the range of $18.0 to $18.3 million,Adjusted EBITDA to be in the range of $6.7 to $7.0 million and non-GAAP net income to be in the range of $0.08 to $0.09 per diluted share, assuming an effective tax rate of approximately 42%. The Company expects stock-based compensation to be approximately $0.03 per share (net of tax benefit) in the quarter ending September 30, 2009. The Adjusted EBITDA and non-GAAP net income guidance for the quarter ending September 30, 2009 exclude stock-based compensation and litigation related costs.

    Conference Call Information

    LoopNet, Inc. will discuss these financial results in a conference call at 1:30 p.m. PDT, 4:30 p.m. EDT, today. To participate in the conference call, please dial 800-688-0796 if you are calling from within the United States or 617-614-4070 if you are calling from outside the United States, and enter pass code number 84975744. Investors may also listen to a live web cast of the conference call on the investor relations section of our website at http://investor.LoopNet.com/events.cfm. For investors unable to participate in the live conference call, an audio replay will be available until Friday, July 31, 2009 at 8:59 p.m. PDT. To access the audio replay, dial 888-286-8010 within the United States or 617-801-6888 internationally and enter pass code number 79516472. A web cast replay of the call will be available on the investor relations section of our website at http://investor.LoopNet.com/events.cfm approximately two hours after the conclusion of the call and will remain available for 30 calendar days.

    Non-GAAP Financial Measures

    This press release includes discussions of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before net interest, income taxes, depreciation, amortization, stock-based compensation and litigation related costs. The term "non-GAAP net income" refers to a financial measure that we define as net income before stock-based compensation and litigation related costs. Non-GAAP net income is also provided on a per share basis, using shares outstanding at the relevant period of measurement. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share are not substitutes for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share as reported by other companies. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate the operating performance of our business. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance, and we also use Adjusted EBITDA for planning purposes and in presentations to our board of directors. We believe non-GAAP net income and non-GAAP net income per share to be relevant and useful information to our investors as they provide meaningful insight into the Company's performance while excluding infrequent and non-recurring items that may not be considered directly related to our on-going business operations. We believe that non-GAAP net income and non-GAAP net income per share are also used by companies and investors to evaluate performance in the online marketplace and platform industry. We also believe that Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share allow for a more accurate comparison of our operating results over historical periods. A limitation of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share is that they do not include all items that impact our net income for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of net income, which includes the items that are excluded from Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share. Management believes that these non-GAAP measures should be considered as a complement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables. Reconciliations of Company expectations for Adjusted EBITDA and non-GAAP net income per share for the quarter ending September 30, 2009 to Company expectations for GAAP net income for the quarter ending September 30, 2009 are not provided, as GAAP net income expectations for this period is not accessible. GAAP net income expectations are not accessible for this period due to the uncertain nature of the timing and amount of potential litigation related costs.

    About LoopNet, Inc.

    LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively. LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

    LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Sperry Van Ness, Staubach Retail and TCN Worldwide.

    Forward Looking Statements

    This release contains forward-looking statements regarding LoopNet's expectations regarding its future financial results as well as trends in the commercial real estate industry. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to economic events or trends in the commercial real estate market or in general, the effects of recent economic and consumer confidence trends on global and domestic financial markets, our ability to continue to attract new registered members, convert them into premium members and retain such premium members, seasonality, our ability to manage our growth, our ability to successfully integrate the technologies, operations and personnel of acquired businesses in a timely manner, our ability to obtain the expected strategic and financial benefits from acquisitions, our ability to introduce new or upgraded products or services and customer acceptance of such services, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners and competition from current or future companies. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward looking statement are contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings made by us. Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release which are based on information available to us as of the date of this release.

    LOOPNET, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    December 31,

    June 30,

    2008

    2009

    (unaudited)

    Assets

    Current assets:
    Cash and cash equivalents $ 61,325 $ 116,644
    Short-term investments 3,262 3,355
    Accounts receivable, net of allowance of $121 and $156, respectively 1,564 1,712
    Prepaid expenses and other current assets 1,530 2,769
    Deferred income taxes, net 607 607
    Total current assets 68,288 125,087
    Property and equipment, net 2,208 2,342
    Goodwill 23,056 23,243
    Intangibles, net 5,678 5,077
    Deferred income taxes, net, non-current 5,829 6,215
    Deposits and other noncurrent assets 3,151 3,683
    Total assets $ 108,210 $ 165,647
    Liabilities and stockholders' equity
    Current liabilities:
    Accounts payable $ 622 $ 572
    Accrued liabilities 2,020 3,849
    Accrued compensation and benefits 2,759 2,336
    Deferred revenue 10,358 9,857
    Total current liabilities 15,759 16,614
    Commitments and contingencies
    Series A convertible preferred stock - 48,037
    Stockholders' equity:

    Common stock, $.001 par value, 125,000,000 shares authorized; 39,218,665 and 39,362,871 shares issued, respectively; and 34,292,704 and 34,436,910 shares outstanding, respectively

    39 39
    Additional paid in capital 114,915 119,085
    Other comprehensive loss (276 ) (473 )
    Treasury stock, at cost, 4,925,961 shares (54,556 ) (54,556 )
    Retained earnings 32,329 36,901
    Total stockholders' equity 92,451 100,996
    Total liabilities and stockholders' equity $ 108,210 $ 165,647
    LOOPNET, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (unaudited)
    Three months ended June 30, Six months ended June 30,
    2008 2009 2008 2009
    Revenues $ 22,027 $ 19,248 $ 42,617 $ 39,350
    Cost of revenue (1) 2,704 2,777 5,118 5,669
    Gross margin 19,323 16,471 37,499 33,681
    Operating expenses (1):
    Sales and marketing 4,822 4,237 9,664 8,744
    Technology and product development 2,355 2,654 4,347 5,214
    General and administrative 4,949 6,434 9,005 11,871
    Total operating expenses 12,126 13,325 23,016 25,829
    Income from operations 7,197 3,146 14,483 7,852
    Interest and other income, net 478 95 1,454 107
    Income before tax 7,675 3,241 15,937 7,959
    Income tax expense 3,141 1,386 6,549 3,316
    Net income $ 4,534 $ 1,855 $ 9,388 $ 4,643
    Convertible preferred stock accretion of discount - (71 ) - (71 )
    Net income applicable to common stockholders $ 4,534 $ 1,784 $ 9,388 $ 4,572
    Net income per share applicable to common stockholders
    Basic $ 0.13 $ 0.04 $ 0.26 $ 0.11
    Diluted $ 0.12 $ 0.04 $ 0.25 $ 0.11
    Weighted average shares
    Basic 35,631 41,842 36,582 41,777
    Diluted 37,130 42,949 38,128 42,747
    (1) Stock-based compensation is allocated as follows:
    Cost of revenue $ 139 $ 189 $ 255 $ 357
    Sales and marketing 525 637 1,078 1,236
    Technology and product development 327 560 572 1,046
    General and administrative 515 711 953 1,301
    Total $ 1,506 $ 2,097 $ 2,858 $ 3,940
    LOOPNET, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (unaudited)
    Six months ended June 30,
    2008 2009
    Cash flows from operating activities:
    Net income $ 9,388 $ 4,643
    Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization expense 996 1,241

    Stock-based compensation

    2,858 3,940
    Tax benefits from exercise of stock options (531 ) (127 )
    Deferred income tax (331 ) (385 )
    Changes in operating assets and liabilities:
    Accounts receivable (307 ) (148 )
    Prepaid expenses and other assets (1,679 ) (1,542 )
    Income taxes payable (167 ) 127
    Accounts payable 81 (51 )
    Accrued expenses and other current liabilities 887 1,830
    Accrued compensation and benefits (347 ) (422 )
    Deferred revenue 827 (502 )
    Net cash provided by operating activities 11,675 8,604
    Cash flows from investing activities:
    Purchase of property and equipment (721 ) (793 )
    Purchase of investments (500 ) (500 )
    Acquisition, net of acquired cash (10,475 ) (188 )
    Net cash used in investing activities (11,696 ) (1,481 )
    Cash flows from financing activities:
    Net proceeds from exercise of stock options 254 102
    Net proceeds from sale of convertible preferred stock - 47,967
    Repurchase of common stock (39,145 ) -
    Tax benefits from exercise of stock options 531 127
    Net cash provided by (used in) financing activities (38,360 ) 48,196
    Net increase (decrease) in cash and cash equivalents (38,381 ) 55,319
    Cash and cash equivalents at beginning of period 104,564 61,325
    Cash and cash equivalents at end of period $ 66,183 $ 116,644
    LOOPNET, INC.
    Reconciliation of GAAP Net Income to Adjusted EBITDA
    (In thousands, except per share data)
    Three months ended June 30, Six months ended June 30,
    2008 2009 2008 2009
    GAAP net income $ 4,534 $ 1,855 $ 9,388 $ 4,643
    Add back (deduct):
    Income tax expense 3,141 1,386 6,549 3,316
    Depreciation and amortization 578 624 996 1,241
    Interest and other income, net (478 ) (95 ) (1,454 ) (107 )
    Stock-based compensation 1,506 2,097 2,858 3,940
    Litigation related costs 1,136 2,341 1,665 3,524
    Adjusted EBITDA $ 10,417 $ 8,208 $ 20,002 $ 16,557
    Reconciliation of GAAP Net Income to Non-GAAP Net Income
    (In thousands, except per share data)
    Three months ended June 30, Six months ended June 30,
    2008 2009 2008 2009
    GAAP net income $ 4,534 $ 1,855 $ 9,388 $ 4,643
    Add back (deduct):
    Stock-based compensation 1,506 2,097 2,858 3,940
    Litigation related costs 1,136 2,341 1,665 3,524
    Income taxes associated with non-GAAP adjustments (1,081 ) (1,898 ) (1,859 ) (3,110 )
    Non-GAAP net income $ 6,095 $ 4,395 $ 12,052 $ 8,997
    Diluted net income per share:
    GAAP $ 0.12 $ 0.04 $ 0.25 $ 0.11
    Non-GAAP $ 0.16 $ 0.10 $ 0.32 $ 0.21
    Shares used in GAAP and non-GAAP diluted net income per share calculation 37,130 42,949 38,128 42,747

    April 29, 2009
    LoopNet, Inc. Announces First Quarter 2009 Financial Results
    SAN FRANCISCO, CA  April 29, 2009 -- LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the first quarter ended March 31, 2009. 
    Revenue for the first quarter of 2009 was $20.1 million, compared to $20.6 million in the first quarter of 2008. GAAP net income for the first quarter of 2009 was $2.8 million or $0.08 per diluted share, compared to $4.9 million or $0.12 per diluted share in the first quarter of 2008.
    More

    SAN FRANCISCO, CA  April 29, 2009 -- LoopNet, Inc. (NASDAQ:LOOP), today announced financial results for the first quarter ended March 31, 2009.

    Revenue for the first quarter of 2009 was $20.1 million, compared to $20.6 million in the first quarter of 2008. GAAP net income for the first quarter of 2009 was $2.8 million or $0.08 per diluted share, compared to $4.9 million or $0.12 per diluted share in the first quarter of 2008. Non-GAAP net income (net income before stock-based compensation and litigation related costs) for the first quarter of 2009 was $4.6 million or $0.13 per diluted share, compared to $6.0 million or $0.15 per diluted share in the first quarter of 2008.

    LoopNet's Adjusted EBITDA (earnings before interest, tax, depreciation, amortization, stock-based compensation and litigation related costs) for the first quarter of 2009 was $8.4 million, compared to $9.6 million in the first quarter of 2008. The Company has reported Adjusted EBITDA because management uses it to monitor and assess the Company's performance and believes it is helpful to investors in understanding the Company's business.

    "Our business performed well in the first quarter, despite significant economic and industry-specific headwinds," said LoopNet Chairman and CEO Richard Boyle. "We believe that our leading position in the market, healthy profit margins, and cash-rich balance sheet are allowing us to execute against our plan through this downturn, while presenting us with numerous opportunities to expand our business and set the stage for future growth."

    The number of LoopNet registered members, which includes both basic and premium members, grew to 3,421,023 during the first quarter of 2009, a 23% increase over the first quarter of 2008. The number of LoopNet premium members as of the end of the first quarter of 2009 was 74,329, a 16% decline from the first quarter of 2008. The average monthly price of premium membership increased to $66.18, a 12% increase over the first quarter of 2008. There were 687,000 total commercial real estate listings active on the LoopNet marketplace as of the end of the first quarter of 2009, a 15% increase over the first quarter of 2008. In addition, there were 33.0 million profile views of listings on the LoopNet marketplace during the first quarter of 2009, a 25% decline over the first quarter of 2008. Average monthly unique visitors during the first quarter of 2009, as reported by comScore Media Metrix, were approximately 992,000, a 5% increase over the first quarter of 2008.

    Balance Sheet and Liquidity

    As of March 31, 2009, LoopNet had $68.7 million of cash, cash equivalents and short-term investments and no debt. In addition, on April 14, 2009, the Company received $48 million (net of transaction costs) from the private equity investment that the Company announced on March 30, 2009, which is not included in the cash balance as of March 31, 2009. As part of the private equity investment, the Company issued convertible preferred stock that is convertible into 7,440,476 shares of common stock. The preferred stock does not pay or accrue any dividends.

    Business Outlook

    Based on current visibility, the Company expects revenue for the quarter ending June 30, 2009 to be in the range of $18.8 to $19.1 million,Adjusted EBITDA to be in the range of $7.2 to $7.5 million and non-GAAP net income to be in the range of $0.08 to $0.09 per diluted share, assuming a fully diluted share count of approximately 43.2 million and an effective tax rate of approximately 42%. The Company expects stock-based compensation to be approximately $0.03 per share (net of tax benefit) in the quarter ending June 30, 2009. The Adjusted EBITDA and non-GAAP net income guidance for the quarter ending June 30, 2009 exclude stock-based compensation and litigation related costs.

    Conference Call Information

    LoopNet, Inc. will discuss these financial results in a conference call at 1:30 p.m. PDT, 4:30 p.m. EDT, today. To participate in the conference call, please dial 888-419-5570 if you are calling from within the United States or 617-896-9871 if you are calling from outside the United States, and enter pass code number 40052268. Investors may also listen to a live web cast of the conference call on the investor relations section of our website at http://investor.LoopNet.com/events.cfm. For investors unable to participate in the live conference call, an audio replay will be available until Friday, May 1, 2009 at 8:59 p.m. PDT. To access the audio replay, dial 888-286-8010 within the United States or 617-801-6888 internationally and enter pass code number 55623415. A web cast replay of the call will be available on the investor relations section of our website at http://investor.LoopNet.com/events.cfm approximately two hours after the conclusion of the call and will remain available for 30 calendar days.

    Non-GAAP Financial Measures

    This press release includes discussions of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before net interest, income taxes, depreciation, amortization, stock-based compensation and litigation related costs. The term "non-GAAP net income" refers to a financial measure that we define as net income before stock-based compensation and litigation related costs. Non-GAAP net income is also provided on a per share basis, using shares outstanding at the relevant period of measurement. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share are not substitutes for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share as reported by other companies. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate the operating performance of our business. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance, and we also use Adjusted EBITDA for planning purposes and in presentations to our board of directors. We believe non-GAAP net income and non-GAAP net income per share to be relevant and useful information to our investors as they provide meaningful insight into the Company's performance while excluding infrequent and non-recurring items that may not be considered directly related to our on-going business operations. We believe that non-GAAP net income and non-GAAP net income per share are also used by companies and investors to evaluate performance in the online marketplace and platform industry. We also believe that Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share allow for a more accurate comparison of our operating results over historical periods. A limitation of Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share is that they do not include all items that impact our net income for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of net income, which includes the items that are excluded from Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share. Management believes that these non-GAAP measures should be considered as a complement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of these non-GAAP measures to GAAP is provided in the attached tables. Reconciliations of Company expectations for Adjusted EBITDA and non-GAAP net income per share for the quarter ending June 30, 2009 to Company expectations for GAAP net income for the quarter ending June 30, 2009 are not provided, as GAAP net income expectations for this period is not accessible. GAAP net income expectations are not accessible for this period due to the uncertain nature of the timing and amount of potential litigation related costs.

    About LoopNet, Inc.

    LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. The LoopNet.com online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, LoopNet enables commercial real estate participants to initiate and complete transactions more cost-effectively. LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing.

    LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Sperry Van Ness, Staubach Retail and TCN Worldwide.

    Forward Looking Statements

    This release contains forward-looking statements regarding LoopNet's expectations regarding its future financial results as well as trends in the commercial real estate industry. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to economic events or trends in the commercial real estate market or in general, the effects of recent economic and consumer confidence trends on global and domestic financial markets, our ability to continue to attract new registered members, convert them into premium members and retain such premium members, seasonality, our ability to manage our growth, our ability to successfully integrate the technologies, operations and personnel of acquired businesses in a timely manner, our ability to obtain the expected strategic and financial benefits from recent and future acquisitions, our ability to introduce new or upgraded products or services and customer acceptance of such services, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners and competition from current or future companies. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward looking statement are contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings made by us. Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release which are based on information available to us as of the date of this release.

    LOOPNET, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)

    December 31,

    March 31,

    2008 2009
    (unaudited)
    Assets
    Current assets:
    Cash and cash equivalents $ 61,325 $ 65,409
    Short-term investments 3,262 3,296
    Accounts receivable, net of allowance of $121 and $128, respectively 1,564 1,498
    Prepaid expenses and other current assets 1,530 2,353
    Deferred income taxes 607 607
    Total current assets 68,288 73,163
    Property and equipment, net 2,208 2,095
    Goodwill 23,056 23,243
    Intangibles, net 5,678 5,376
    Deferred income taxes 5,829 5,361
    Deposits and other noncurrent assets 3,151 3,118
    Total assets $ 108,210 $ 112,356
    Liabilities and stockholders' equity
    Current liabilities:
    Accounts payable $ 622 $ 928
    Accrued liabilities 2,020 2,103
    Accrued compensation and benefits 2,759 2,034
    Deferred revenue 10,358 10,330
    Total current liabilities 15,759 15,395
    Commitments and contingencies
    Stockholders' equity:

    Common stock, $.001 par value, 125,000,000 shares authorized; 39,218,665 and 39,332,848 shares issued, respectively; and 34,292,704 and 34,406,887 shares outstanding, respectively

    39 39
    Additional paid in capital 114,915 116,872
    Other comprehensive loss (276 ) (512 )
    Treasury stock, at cost, 4,925,961 shares (54,556 ) (54,556 )
    Retained earnings 32,329