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Reis, Inc. Announces Third Quarter 2013 Results

Revenue Jumps 12.2%, Reis Services EBITDA Grows 14.0%

Growth in Contracts and Cash Generation Further Strengthen the Balance Sheet

NEW YORK, Oct. 31, 2013 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, announced its financial results and operational achievements for the third quarter ended September 30, 2013.

Subscription revenue was $8,780,212 for the three months ended September 30, 2013, as compared to $7,826,701 for the three months ended September 30, 2012, an organic growth rate of 12.2%. For the nine months ended September 30, 2013, subscription revenue was $25,512,849, as compared to $22,647,158 for the nine months ended September 30, 2012, an increase of 12.7%.

Income from continuing operations was $704,898, or $0.06 per basic share and $0.05 per diluted share, for the three months ended September 30, 2013. For the three months ended September 30, 2012, the Company had income from continuing operations of $859,837, or $0.08 per basic and diluted share. For the nine months ended September 30, 2013, income from continuing operations was $1,628,960, or $0.15 per basic share and $0.14 per diluted share as compared to $1,494,248, or $0.14 per basic and diluted share, for the nine months ended September 30, 2012.

On a consolidated basis, the Company had net income of $648,951, or $0.06 per basic share and $0.05 per diluted share, for the three months ended September 30, 2013. For the three months ended September 30, 2012, the Company had net income of $665,524, or $0.06 per basic share and diluted share. For the nine months ended September 30, 2013, the Company had net income of $1,383,091, or $0.13 per basic share and $0.12 per diluted share, as compared to a net loss of $(11,350,117), or losses of $(1.06) per basic share and $(1.03) per diluted share, for the nine months ended September 30, 2012.

Reis's CEO, Lloyd Lynford, stated, "I am particularly proud of Reis Services's sustained double-digit growth performance. As we introduce new content and analytics that help our clients make superior investment decisions, we are also making our products more compelling to new subscribers. We are confident in our ability to execute our business plan, which emphasizes product enhancement, acquiring new customers at accelerated rates, and continuing to grow revenue and EBITDA. Reis's future has never been brighter."

Reis Services EBITDA (earnings before interest, taxes, depreciation and amortization) was $3,679,000 during the third quarter of 2013, an increase of $451,000, or 14.0%, over the third quarter 2012 amount of $3,228,000. The EBITDA margins were 41.9% and 41.2% for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, Reis Services EBITDA was $10,519,000 and $9,219,000, respectively, growth of $1,300,000, or 14.1%. The EBITDA margins were 41.2% and 40.7% for the nine months ended September 30, 2013 and 2012, respectively. Management uses other metrics, such as EBITDA, to monitor and assess the performance of its operating business, Reis Services, and believes it is helpful to investors in understanding the Reis Services business (see Reconciliations of Income from Continuing Operations to EBITDA and Adjusted EBITDA below for the Reis Services segment and on a consolidated basis).

Financial and Operational Highlights

Following are recent operational and financial highlights for Reis:

  • revenue growth was 12.2% in the third quarter of 2013 over the 2012 third quarter (or 14.2% on a pro forma basis, as more fully described below), the 14th consecutive quarter of year-over-year revenue growth;
  • year to date revenue growth was 12.7% for the nine months ended September 30, 2013 (or 13.4% on a pro forma basis, also as described below);
  • Reis Services EBITDA growth was 14.0% in the third quarter of 2013 over the 2012 comparable period (or 19.2% on a pro forma basis), the 12th consecutive quarter of year-over-year EBITDA growth;
  • year to date, Reis Services EBITDA growth was 14.1% for the nine months ended September 30, 2013 (or 15.9% on a pro forma basis);
  • Reis SE renewal rates for the trailing twelve months ended September 30, 2013 were 91% overall and 92% for institutional subscribers;
  • growth in Reis SE subscribers to 942 at September 30, 2013 (844 subscribers at December 31, 2012);
  • deferred revenue ($15,467,000), Aggregate Revenue Under Contract ($35,601,000) and the forward twelve month component of Aggregate Revenue Under Contract ($24,096,000) continue to demonstrate strong visibility into our future revenue;
  • generated net cash of $5,281,000 in the nine months, bringing our cash balance to $10,242,000 at September 30, 2013;
  • continued investment in our business as we spent an aggregate of $3,063,000 on our web sites and databases to further differentiate us from competitors;
  • began publishing new Executive Market Summaries on 82 apartment and office markets on August 1st; and
  • further enhancement to our publications will commence with the November 1, 2013 publication of "Executive Briefings," narrative reports on over 2,800 metropolitan areas and submarkets.

Critical Metrics: Revenue; Deferred Revenue; Aggregate Revenue Under Contract; and EBITDA

Reis Services's revenue increased approximately $953,000, or 12.2%, in the third quarter of 2013 over the third quarter of 2012 and increased approximately $2,865,000, or 12.7%, in the nine months ended September 30, 2013 over the 2012 comparable nine month period. The revenue increase over the corresponding prior quarterly period is the 14th consecutive quarterly increase in revenue over the prior year's quarter. In addition, revenue increased by approximately $282,000, or 3.3%, from the second quarter of 2013 to the third quarter of 2013. In general, these revenue increases reflect: (1) additional new Reis SE business; (2) revenue growth from ReisReports; and (3) revenue from Mobiuss in the 2013 periods. The Company's revenue growth reflects not just a single strong revenue quarter, but also the momentum created by sustained contract growth during 2012 and into 2013. The Company's overall renewal rate for the trailing twelve months ended September 30, 2013 was 91% as compared to 92% for the trailing twelve months ended September 30, 2012 (for institutional subscribers, renewal rates were 92% and 94% for the trailing twelve months ended September 30, 2013 and 2012, respectively).

The revenue in the three and nine months ended September 30, 2012 reflected incremental revenue from one specific custom project of $142,000; there was no comparable custom project in the 2013 periods. In our December 31, 2012 Form 10-K we included disclosures regarding the impact of the incremental revenues on the fourth quarter and annual 2012 periods revenue and EBITDA growth rates. Excluding this custom project from the third quarter 2012 reported revenue would result, on a pro forma basis, in revenue growth of 14.2% and 13.4%, respectively, in the three and nine months ended September 30, 2013, over the respective comparable 2012 periods (in contrast with our reported growth of 12.2% and 12.7%, respectively).

Two additional metrics management utilizes in understanding the business and future performance are deferred revenue and Aggregate Revenue Under Contract. Analyzing these amounts can provide additional insight into Reis Services's financial performance. Deferred revenue, which is a GAAP basis accounting concept and is reported by the Company on the consolidated balance sheet, represents revenue from annual or longer term contracts for which we have billed and/or received payments from our subscribers related to services we will be providing over the remaining contract period. It does not include future revenue under non-cancellable contracts for which we do not yet have the contractual right to bill; this aggregate number we refer to as Aggregate Revenue Under Contract. Deferred revenue will be recognized as revenue ratably over the remaining life of a contract. The following table reconciles deferred revenue to Aggregate Revenue Under Contract at September 30, 2013 and 2012, respectively. A comparison of these balances at September 30th of each year is more meaningful than a comparison to the December 31, 2012 balances, as a greater percentage of renewals occurs in the fourth quarter of each year and would distort the analysis.

September 30,
2013 2012
Deferred revenue (GAAP basis) $ 15,467,000 $ 14,435,000
Amounts under non-cancellable contracts for which the Company does not yet have the contractual right to bill at the period end (A) 20,134,000 13,974,000
Aggregate Revenue Under Contract $ 35,601,000 $ 28,409,000

(A) Amounts are billable subsequent to September 30th of each year and represent (i) non-cancellable contracts for subscribers with multi-year subscriptions where the future years are not yet billable, or (ii) subscribers with non-cancellable annual subscriptions with interim billing terms.

Included in Aggregate Revenue Under Contract at September 30, 2013 was approximately $24,096,000 related to amounts under contract for the forward twelve month period through September 30, 2014. The remainder reflects amounts under contract beyond September 30, 2014. The forward twelve month Aggregate Revenue Under Contract amount is approximately 70.7% of revenue on a trailing twelve month basis at September 30, 2013 of approximately $34,094,000. For comparison purposes, at September 30, 2012, the forward twelve month Aggregate Revenue Under Contract of $20,711,000 was approximately 69.9% of revenue on a trailing twelve month basis at September 30, 2012.

Both deferred revenue and Aggregate Revenue Under Contract are influenced by: (1) the timing and dollar value of contracts signed; (2) the quantity and timing of contracts that are multi-year; and (3) the impact of recording revenue ratably over the life of a contract, which moderates the effect of price increases after the first year. Coupled with record new business and contract signings in 2012 and more multi-year contracts (in both number of contracts and gross dollar value) in 2012 than in any previous annual period, both deferred revenue and Aggregate Revenue Under Contract had substantial year over year increases.

EBITDA for the three months ended September 30, 2013 was $3,679,000, an increase of $451,000, or 14.0%, over the third quarter 2012 amount. For the nine months ended September 30, 2013, EBITDA was $10,519,000, an increase of $1,300,000, or 14.1%, over the comparable 2012 nine month period. On a consecutive quarter basis, EBITDA increased $116,000, or 3.3%, from the second quarter of 2013 to the third quarter of 2013. These increases were primarily derived from the corresponding increases in revenue, as described above. Operating expenses also continued to grow, but at a slower pace than revenue growth, the net effect of which resulted in the Reis Services EBITDA margins improving to 41.9% and 41.2% for the three and nine months ended September 30, 2013 over the 41.2% and 40.7% reported amounts in the 2012 comparable periods.

EBITDA of Reis Services was similarly impacted by the aforementioned 2012 incremental custom revenue. Excluding the $142,000 of incremental custom revenue from the 2012 reported Reis Services EBITDA would result, on a pro forma basis, in EBITDA growth of 19.2% and 15.9%, respectively, in the three and nine months ended September 30, 2013, over the respective comparable 2012 periods (in contrast with our reported growth of 14.0% and 14.1%, respectively).

Reconciliations of Income from Continuing Operations to EBITDA and Adjusted EBITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and stock based compensation. Although EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with GAAP, senior management uses EBITDA and Adjusted EBITDA to measure operational and management performance. Management believes that EBITDA and Adjusted EBITDA are appropriate metrics that may be used by investors as supplemental financial measures to be considered in addition to the reported GAAP basis financial information to assist investors in evaluating and understanding: (1) the performance of the Reis Services segment, the primary business of the Company and (2) the Company's continuing consolidated results, from year to year or period to period, as applicable. Further, these measures provide the reader with the ability to understand our operational performance while isolating non-cash charges, such as depreciation and amortization expenses, as well as other non-operating items, such as interest income, interest expense and income taxes and, in the case of Adjusted EBITDA, isolates non-cash charges for stock based compensation. Management also believes that disclosing EBITDA and Adjusted EBITDA will provide better comparability to other companies in the information services sector. EBITDA and Adjusted EBITDA are presented both for the Reis Services business and on a consolidated basis. We believe that these metrics, for Reis Services, provide the reader with valuable information for evaluating the financial performance of the core Reis Services business, excluding public company costs, and to make assessments about the intrinsic value of that stand-alone business to a potential acquirer. Management primarily monitors and measures its performance, and is compensated, based on the results of the Reis Services business. EBITDA and Adjusted EBITDA, on a consolidated basis, allow the reader to make assessments about the current trading value of the Company's common stock, including expenses related to operating as a public company. However, investors should not consider these measures in isolation or as substitutes for net income (loss), income from continuing operations, operating income, or any other measure for determining operating performance that is calculated in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. Reconciliations of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure, income from continuing operations, follow for each identified period on a segment basis (including the Reis Services segment), as well as on a consolidated basis:

(amounts in thousands)
Reconciliation of Income from Continuing Operations to EBITDA and By Segment
Adjusted EBITDA for the Three Months Ended September 30, 2013 Reis Services Other (A) Consolidated
Income from continuing operations $ 705
Income tax expense 469
Income (loss) before income taxes and discontinued operations $ 2,381 $ (1,207) 1,174
Add back:
Depreciation and amortization expense 1,273 2 1,275
Interest expense (income), net 25 25
EBITDA 3,679 (1,205) 2,474
Add back:
Stock based compensation expense, net 329 329
Adjusted EBITDA $ 3,679 $ (876) $ 2,803
Adjusted EBITDA margin – Reis Services and consolidated (B) 41.9% 31.9%
(amounts in thousands)
Reconciliation of Income from Continuing Operations to EBITDA and By Segment
Adjusted EBITDA for the Three Months Ended September 30, 2012 Reis Services Other (A) Consolidated
Income from continuing operations $ 860
Income tax (benefit)
Income (loss) before income taxes and discontinued operations $ 2,106 $ (1,246) 860
Add back:
Depreciation and amortization expense 1,137 3 1,140
Interest expense (income), net (15) (15)
EBITDA 3,228 (1,243) 1,985
Add back:
Stock based compensation expense, net 598 598
Adjusted EBITDA $ 3,228 $ (645) $ 2,583
Adjusted EBITDA margin – Reis Services and consolidated (B) 41.2% 33.0%
Reconciliation of Income from Continuing Operations to EBITDA and By Segment
Adjusted EBITDA for the Nine Months Ended September 30, 2013 Reis Services Other (A) Consolidated
Income from continuing operations $ 1,629
Income tax expense 1,081
Income (loss) before income taxes and discontinued operations $ 6,672 $ (3,962) 2,710
Add back:
Depreciation and amortization expense 3,770 7 3,777
Interest expense (income), net 77 77
EBITDA 10,519 (3,955) 6,564
Add back:
Stock based compensation expense, net 1,562 1,562
Adjusted EBITDA $ 10,519 $ (2,393) $ 8,126
Adjusted EBITDA margin – Reis Services and consolidated (B) 41.2% 31.9%
Reconciliation of Income from Continuing Operations to EBITDA and By Segment
Adjusted EBITDA for the Nine Months Ended September 30, 2012 Reis Services Other (A) Consolidated
Income from continuing operations $ 1,494
Income tax expense
Income (loss) before income taxes and discontinued operations $ 5,346 $ (3,852) 1,494
Add back:
Depreciation and amortization expense 3,792 7 3,799
Interest expense (income), net 81 (1) 80
EBITDA 9,219 (3,846) 5,373
Add back:
Stock based compensation expense, net 1,790 1,790
Adjusted EBITDA $ 9,219 $ (2,056) $ 7,163
Adjusted EBITDA margin – Reis Services and consolidated (B) 40.7% 31.6%
(amounts in thousands)
Reconciliation of Income from Continuing Operations to EBITDA and By Segment
Adjusted EBITDA for the Three Months Ended June 30, 2013 Reis Services Other (A) Consolidated
Income from continuing operations $ 522
Income tax expense 347
Income (loss) before income taxes and discontinued operations $ 2,251 $ (1,382) 869
Add back:
Depreciation and amortization expense 1,286 3 1,289
Interest expense (income), net 26 26
EBITDA 3,563 (1,379) 2,184
Add back:
Stock based compensation expense, net 652 652
Adjusted EBITDA $ 3,563 $ (727) $ 2,836
Adjusted EBITDA margin – Reis Services and consolidated (B) 41.9% 33.4%

(A) Includes interest and other income, depreciation expense and general and administrative expenses (including public company related costs) that are not associated with the Reis Services segment. Since the reconciliations start with income from continuing operations, the effects of the discontinued operations (Residential Development Activities) are excluded from these reconciliations for all periods presented.

(B) Reflects an adjusted EBITDA margin on the Reis Services segment and on a consolidated basis, both of which excludes the impact of discontinued operations.

Discontinued Operations

The consolidated net loss for the nine months ended September 30, 2012 was primarily the result of the $12.8 million loss from discontinued operations, net of taxes, which included a net $12.3 million charge, plus other costs, related to the March 2012 jury verdict and subsequently negotiated June 2012 settlement of the litigation related to the Company's former Gold Peak condominium development project. In the three and nine months ended September 30, 2013, the loss from discontinued operations, net of taxes, was $56,000 and $246,000, respectively, including the benefit of $80,000 of insurance recoveries in June 2013.

Future cash flows from discontinued operations will be solely comprised of expenditures incurred as part of our cash recovery efforts from insurance companies and other potentially responsible parties and, to the extent that we are successful in these efforts, cash inflows from any future recoveries; however, there can be no assurance that the Company will recover any additional amounts in the short or long term.

Investor Conference Call

The Company will host a conference call on Thursday, October 31, 2013, at 11:00 AM (EDT). This call is for the benefit of existing and prospective stockholders, stock analysts, and other interested parties to discuss the third quarter 2013 results and other matters. The Company has a policy of not providing quarterly or annual guidance.

The dial-in number from inside the U.S. or Canada for this teleconference is (877) 390-5537. The dial-in number for outside the U.S. and Canada is (760) 666-3763. The conference ID is 89532865, or "Reis." A replay of the conference call will be available from shortly after the conference call through midnight (EDT) on November 1, 2013 by dialing (855) 859-2056 from inside the U.S. or Canada or (404) 537-3406 from outside the U.S. and Canada, and referring to the conference ID: 89532865, or "Reis". An audio webcast of the conference call will also be available on Reis's website at www.reis.com/events and will remain on the website for a period of time following the call.

About Reis

Reis's primary business is providing commercial real estate market information and analytical tools for its subscribers, through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research and development and self storage properties and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation's leading lending institutions, equity investors, brokers and appraisers.

Reis, through its flagship institutional product, Reis SE, and through its small business product, ReisReports, provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis's products are designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.

For more information regarding Reis's products and services, visit www.reis.com and www.ReisReports.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the Company's or management's outlook or expectations for earnings, revenues, expenses, asset quality, or other future financial or business performance, strategies, prospects or expectations, or the impact of legal, regulatory or supervisory matters on our business, operations or performance. Specifically, forward-looking statements may include:

  • statements relating to future services and product development of the Reis Services segment;
  • statements relating to business prospects, potential acquisitions, uses of cash, revenue, expenses, income (loss), cash flows, valuation of assets and liabilities and other business metrics of the Company and its businesses, including EBITDA, Adjusted EBITDA and Aggregate Revenue Under Contract; and
  • statements preceded by, followed by or that include the words "estimate," "plan," "project," "intend," "expect," "anticipate," "believe," "seek," "target" or similar expressions relating to future periods.

Forward-looking statements reflect management's judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. With respect to these forward-looking statements, management has made certain assumptions. Future performance cannot be assured. Actual results may differ materially from those contemplated by the forward-looking statements. Some factors that could cause actual results to differ include:

  • revenues and other performance measures such as income from continuing operations, EBITDA and Adjusted EBITDA may be lower than expected;
  • inability to retain and increase the Company's subscriber base;
  • inability to execute properly on new products and services, or failure of subscribers to accept these products and services;
  • competition;
  • inability to attract and retain sales and senior management personnel;
  • inability to access adequate capital to fund operations and investments in our business;
  • difficulties in protecting the security, confidentiality, integrity and reliability of the Company's data;
  • changes in accounting policies or practices;
  • legal and regulatory issues;
  • the results of pending, threatened or future litigation; and
  • the risk factors included in our annual report on Form 10-K for the year ended December 31, 2012 and our quarterly report on Form 10-Q for the quarter ended September 30, 2013, each filed with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of each of these filings, and the Company's other filings with the SEC available at the SEC's website (www.sec.gov).

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Financial Information

REIS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2013 2012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 10,242,434 $ 4,960,850
Restricted cash and investments 216,566 216,125
Accounts receivable, net 4,449,514 10,694,201
Prepaid and other assets 1,380,709 1,438,829
Total current assets 16,289,223 17,310,005
Furniture, fixtures and equipment, net of accumulated depreciation of $1,821,764 and $1,828,199, respectively 864,014 738,490
Intangible assets, net of accumulated amortization of $27,603,308 and $24,067,250, respectively 15,859,904 16,332,596
Deferred tax asset, net 7,911,420 8,557,420
Goodwill 54,824,648 54,824,648
Other assets 246,960 271,257
Total assets $ 95,996,169 $ 98,034,416
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of debt $ — $ —
Accrued expenses and other liabilities 3,178,880 3,902,206
Liability for option cancellations 407,120 296,523
Deferred revenue 15,466,666 18,230,332
Liabilities attributable to discontinued operations 323,404 460,251
Total current liabilities 19,376,070 22,889,312
Other long-term liabilities 509,427 588,484
Total liabilities 19,885,497 23,477,796
Commitments and contingencies
Stockholders' equity:
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 10,907,579 and 10,782,643 shares issued and outstanding, respectively 218,151 215,652
Additional paid in capital 102,171,434 102,002,972
Retained earnings (deficit) (26,278,913) (27,662,004)
Total stockholders' equity 76,110,672 74,556,620
Total liabilities and stockholders' equity $ 95,996,169 $ 98,034,416
REIS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2013 2012 2013 2012
Subscription revenue $ 8,780,212 $ 7,826,701 $ 25,512,849 $ 22,647,158
Cost of sales of subscription revenue 1,755,020 1,475,495 5,111,217 5,006,705
Gross profit 7,025,192 6,351,206 20,401,632 17,640,453
Operating expenses:
Sales and marketing 2,096,965 1,908,668 6,097,549 5,459,591
Product development 835,811 660,620 2,349,576 1,740,619
General and administrative expenses 2,893,109 2,937,199 9,167,171 8,865,783
Total operating expenses 5,825,885 5,506,487 17,614,296 16,065,993
Other income (expenses):
Interest and other income 2,943 15,649 7,472 47,921
Interest expense (28,352) (531) (84,848) (128,133)
Total other income (expenses) (25,409) 15,118 (77,376) (80,212)
Income before income taxes and discontinued operations 1,173,898 859,837 2,709,960 1,494,248
Income tax expense (benefit) 469,000 1,081,000
Income from continuing operations 704,898 859,837 1,628,960 1,494,248
(Loss) from discontinued operations, net of income tax (benefit) expense of $(36,000), $—, $(159,000) and $—, respectively (55,947) (194,313) (245,869) (12,844,365)
Net income (loss) $ 648,951 $ 665,524 $ 1,383,091 $ (11,350,117)
Per share amounts – basic:
Income from continuing operations $ 0.06 $ 0.08 $ 0.15 $ 0.14
Net income (loss) $ 0.06 $ 0.06 $ 0.13 $ (1.06)
Per share amounts – diluted:
Income from continuing operations $ 0.05 $ 0.08 $ 0.14 $ 0.14
Net income (loss) $ 0.05 $ 0.06 $ 0.12 $ (1.03)
Weighted average number of common shares outstanding:
Basic 10,907,579 10,702,509 10,876,279 10,670,966
Diluted 11,445,326 11,093,888 11,382,774 10,993,436

CONTACT: Press Contact: Mark P. Cantaluppi Vice President, Chief Financial Officer Reis, Inc. (212) 921-1122

Source:Reis, Inc.