Reports Revenue Growth of 32.4% in the 2015 Fourth Quarter and 23.1% for Fiscal 2015;
Income from Continuing Operations Grew 53.7% and 74.8% in the Comparable Periods
NEW YORK, March 03, 2016 (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 fourth quarter and year ended December 31, 2015.
Subscription revenue was $14,206,000 for the three months ended December 31, 2015, as compared to $10,726,000 for the three months ended December 31, 2014, an increase of 32.4%. This is the Company’s 23rd consecutive quarterly increase in subscription revenue over the prior year’s corresponding quarter. For the year ended December 31, 2015, subscription revenue was $50,890,000 as compared to $41,335,000 for the year ended December 31, 2014, an increase of 23.1%. All of the Company’s revenue growth has been organically generated.
Income from continuing operations grew 53.7% to $2,342,000, or $0.21 per basic share and $0.20 per diluted share, for the three months ended December 31, 2015, as compared to $1,524,000, or $0.14 per basic share and $0.12 per diluted share, for the three months ended December 31, 2014. For the year ended December 31, 2015, income from continuing operations grew 74.8% to $8,071,000, or $0.72 per basic share and $0.69 per diluted share, as compared to $4,616,000 or $0.42 per basic share and $0.39 per diluted share, for the year ended December 31, 2014.
Net income grew 128.5% to $3,372,000, or $0.30 per basic share and $0.29 per diluted share, for the three months ended December 31, 2015, as compared to $1,476,000, or $0.13 per basic share and $0.11 per diluted share for the three months ended December 31, 2014. For the year ended December 31, 2015, net income grew 154.6% to $10,305,000, or $0.92 per basic share and $0.88 per diluted share, as compared to $4,047,000 or $0.37 per basic share and $0.34 per diluted share for the year ended December 31, 2014.
Reis Services EBITDA was $6,477,000 during the fourth quarter of 2015, growth of $2,067,000, or 46.9%, over the fourth quarter 2014 amount of $4,410,000. This is the Company’s 21st consecutive quarterly increase in EBITDA over the prior year’s corresponding quarter. The Reis Services EBITDA margins were 45.6% and 41.1% for the three months ended December 31, 2015 and 2014, respectively. For the years ended December 31, 2015 and 2014, Reis Services EBITDA was $22,074,000 and $16,852,000, respectively, growth of $5,222,000, or 31.0%. The Reis Services EBITDA margins were 43.4% and 40.8% for the years ended December 31, 2015 and 2014, respectively (see below for a definition and reconciliations of income from continuing operations to EBITDA and Adjusted EBITDA for the Reis Services segment and on a consolidated basis).
Reis’s CEO, Lloyd Lynford, stated, “Reis Services posted an extraordinary year in 2015, growing its revenues and EBITDA by unprecedented rates. Our results speak to the sustained and prudent investments we have made over the last five years in our property databases, market coverage, and portfolio analytics. Our unrelenting focus on providing must-have information to CRE professionals has distinguished us as the industry leader. As we enter 2016, I am confident that Reis will continue to prosper and reward all of its loyal stakeholders.”
Following are recent financial highlights for Reis:
- revenue growth was 32.4% in the fourth quarter of 2015 over the 2014 fourth quarter, and represents the 23rd consecutive quarterly increase in subscription revenue over the prior year’s corresponding quarter;
- annual revenue growth was 23.1% in 2015 over 2014;
- Reis Services EBITDA growth was 46.9% for the three months ended December 31, 2015 and 31.0% for the year ended December 31, 2015 over the comparable 2014 periods;
- consolidated Adjusted EBITDA of $5,929,000 for the fourth quarter of 2015 (see reconciliations below) grew 52.5% over the fourth quarter of 2014 with a margin of 41.7%;
- consolidated Adjusted EBITDA of $19,481,000 for the year ended December 31, 2015 grew 36.0% over the comparable 2014 period, with a margin of 38.3%;
- on a pro forma basis, revenue was $47,504,000 for the year ended December 31, 2015 which resulted in pro forma revenue growth of $6,169,000, or 14.9%, for the year ended December 31, 2015 over the actual reported 2014 amount;
- on a pro forma basis, Reis Services EBITDA and consolidated Adjusted EBITDA were $19,770,000 and $17,273,000, respectively, for the year ended December 31, 2015, which resulted in pro forma Reis Services EBITDA growth of $2,918,000, or 17.3%, and pro forma consolidated Adjusted EBITDA growth of $2,948,000, or 20.6%, for the year ended December 31, 2015 over the actual reported 2014 amounts;
- Reis SE renewal rates for the trailing twelve months ended December 31, 2015 were 88% overall and 90% for institutional subscribers;
- deferred revenue ($25,291,000), Aggregate Revenue Under Contract ($48,014,000) and the forward twelve month component of Aggregate Revenue Under Contract ($33,822,000) continue to demonstrate strong visibility into our future revenue;
- net cash generation was $10,913,000 in the year ended December 31, 2015 (a 61.5% increase over the December 31, 2014 cash balance, or an increase of $0.97 per common share), bringing our cash balance to $28,658,000 at December 31, 2015;
- negotiated and closed a three-year revolving credit agreement in January 2016 with increased availability of up to $20,000,000;
- declared and paid quarterly dividends to shareholders of $0.14 per share for each of the four quarters of 2015, for aggregate payments of $6,338,000;
- announced on February 16, 2016 a $0.03 per share increase in the quarterly dividend payable on March 16, 2016 to $0.17 per common share (a 21.4% increase); and
- insurance recoveries (in our discontinued operations segment) from insurers, subcontractors and other parties involved with the Company’s former Gold Peak project aggregated $2,075,000 and $4,839,000 for the three months and year ended December 31, 2015, completing our recovery efforts.
2015 Revenue Performance
Revenue increased by 32.4% from the fourth quarter of 2014 to the fourth quarter of 2015 and 23.1% for the year ended December 31, 2015 over the comparable 2014 annual period. The Company’s fourth quarter and 2015 annual results included revenue related to custom data deliverables and portfolio and advisory services for one of our existing Reis SE subscribers in the second and fourth quarters of 2015. Also included in our 2015 growth over the 2014 periods is the impact of additional new Reis SE business to new customers, revenue from firms and individuals who had been previously gaining unauthorized access to our services and were identified as part of our compliance procedures, sales of new content to existing customers, a 100 basis point improvement in the overall renewal rate, and price increases on 2015 renewals.
As discussed above, the Company recognized significant revenue in 2015 related to separate contracts to provide custom data deliverables, as well as portfolio and advisory services, for one of our existing Reis SE subscribers. These contracts called for a substantial volume of highly granular market, submarket and comparables data, as well as a one-time custom analysis of the institution’s commercial real estate portfolio. The customer is one of the largest financial services firms in the U.S. The revenue recognized in 2015 reflects the portion of the custom data files and custom portfolio analysis that was delivered in these respective quarterly periods. An additional delivery was made to this customer in February 2016 for which the Company will recognize revenue upon delivery, positively impacting results for the first quarter of 2016; however, we cannot determine at this time whether such custom deliverables to this particular customer will continue beyond February 2016. The Company believes that there could be additional opportunities to assist client and non-client financial services firms and other real estate investors with evaluating the health of their real estate portfolios, and considers the range of products and services provided under these contracts as part of a suite of portfolio-related solutions that Reis offers.
For analysis purposes, management is also presenting revenue on a pro forma basis for the year ended December 31, 2015. Therefore, for pro forma purposes, we have deducted $3,386,000 for the year ended December 31, 2015, including $2,186,000 in the second quarter of 2015 (as previously disclosed in our second quarter 2015 earnings release) and $1,200,000 in the fourth quarter of 2015 all related to the aforementioned custom data deliverables. On a pro forma basis, revenue was $47,504,000 for the year ended December 31, 2015 which resulted in pro forma revenue growth of $6,169,000, or 14.9%, for the year ended December 31, 2015 over the actual reported 2014 amount.
Reis’s revenue model is based primarily on annual subscriptions that are paid in accordance with contractual billing terms. Reis recognizes revenue from its contracts on a ratable basis; for example, one-twelfth of the value of a one-year contract is recognized monthly. Therefore, increases in the dollar value of new contracts are spread evenly over the life of a contract, thereby moderating an immediate impact on revenue. Historically, the largest percentage of our contracts are executed in the fourth quarter of each year and 2015 was not an exception to that trend.
Deferred Revenue and Aggregate Revenue Under Contract
Two additional metrics management utilizes are deferred revenue and Aggregate Revenue Under Contract. Analyzing these amounts can provide additional insight into Reis Services’s future financial performance. Deferred revenue, which is a GAAP basis accounting concept and is reported by the Company on the consolidated balance sheet, represents revenue from annual or longer term contracts for which we have billed and/or received payments from our subscribers related to services we will be providing over the remaining contract period. It does not include future revenue under non-cancellable contracts for which we do not yet have the contractual right to bill; this aggregate number we refer to as Aggregate Revenue Under Contract. Deferred revenue will be recognized as revenue ratably over the remaining life of a contract for subscriptions, or in the case of future custom reports or projects, will be recognized as revenue upon completion and delivery to the customer, provided no significant Company obligations remain. The following table reconciles deferred revenue to Aggregate Revenue Under Contract at December 31, 2015 and 2014, respectively.
|Deferred revenue (GAAP basis)||$||25,291,000||$||22,885,000|
|Amounts under non-cancellable contracts for which the Company does not yet have the contractual right to bill at the period end (A)||22,723,000||22,517,000|
|Aggregate Revenue Under Contract||$||48,014,000||$||45,402,000|
|(A)||Amounts are billable subsequent to December 31 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 December 31, 2015 was approximately $33,822,000 related to amounts under contract for the forward twelve month period through December 31, 2016. The remainder reflects amounts under contract beyond December 31, 2016.
Both deferred revenue and Aggregate Revenue Under Contract are influenced by: (1) the timing and dollar value of contracts signed and billed; (2) the quantity and timing of contracts that are multi-year; and (3) the impact of recording revenue ratably over the life of a multi-year contract, which moderates the effect of price increases after the first year.
2015 Reis Services EBITDA and Consolidated Adjusted EBITDA Performance
Reis Services’s EBITDA for the three months ended December 31, 2015 was $6,477,000, an increase of $2,067,000, or 46.9%, over the fourth quarter 2014 amount. For the year ended December 31, 2015, Reis Services EBITDA was $22,074,000, an increase of $5,222,000, or 31.0%, over the comparable 2014 period. These increases were primarily derived from the increases in revenue, as described above. Operating expenses grew by $4,333,000, or 17.7%, in 2015 over 2014 as a result of increases in compensation and related costs from hiring, marketing initiatives, and professional fees. Reis Services EBITDA margins expanded to 45.6% and 43.4% for the three months and year ended December 31, 2015, respectively, as compared with the reported Reis Services EBITDA margins of 41.1% and 40.8% in the 2014 comparable periods.
Consolidated Adjusted EBITDA for the three months ended December 31, 2015 was $5,929,000, an increase of $2,040,000, or 52.5%, over the fourth quarter 2014 amount. For the year ended December 31, 2015, consolidated Adjusted EBITDA was $19,481,000, an increase of $5,156,000, or 36.0%, over the annual 2014 amount. The increase in Adjusted EBITDA reflects the revenue and Reis Services EBITDA increases discussed above. The consolidated Adjusted EBITDA margins were 41.7% and 38.3% for the fourth quarter and annual 2015 periods.
As disclosed for 2015 revenue, management is also presenting Reis Services EBITDA and consolidated Adjusted EBITDA on a pro forma basis. For pro forma purposes, we have deducted $2,304,000 for the year ended December 31, 2015, which results in pro forma Reis Services EBITDA of $19,770,000 (pro forma growth of $2,918,000, or 17.3%, for the year ended December 31, 2015 over the actual reported 2014 amount). Consolidated Adjusted EBITDA, when considering the pro forma adjustments, results in pro forma consolidated Adjusted EBITDA of $17,273,000 (pro forma growth of $2,948,000, or 20.6%, for the year ended December 31, 2015 over the actual reported 2014 amount).
Reconciliations of Income from Continuing Operations to EBITDA and Adjusted EBITDA
We define EBITDA as earnings (income (loss) from continuing operations) before interest, taxes, depreciation and amortization. We define Adjusted EBITDA 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 supplemental financial measures to be considered in addition to the reported GAAP basis financial information which may 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. However, 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. EBITDA and Adjusted EBITDA are presented both for the Reis Services segment 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 for making 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 segment. 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. 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|
Adjusted EBITDA for the Three Months Ended December 31, 2015
|Reis Services||Other (A)||Consolidated|
|Income from continuing operations||$||2,342|
|Income tax expense||1,690|
|Income (loss) before income taxes and discontinued operations||$||5,017||$||(985||)||4,032|
|Depreciation and amortization expense||1,464||2||1,466|
|Interest expense (income), net||(4||)||—||(4||)|
|Stock based compensation expense, net||—||435||435|
|Reconciliation of Income from Continuing Operations to EBITDA and|
Adjusted EBITDA for the Year Ended December 31, 2015
|Reis Services||Other (A)||Consolidated|
|Income from continuing operations||$||8,071|
|Income tax expense||4,005|
|Income (loss) before income taxes and discontinued operations||$||16,451||$||(4,375||)||12,076|
|Depreciation and amortization expense||5,569||9||5,578|
|Interest expense (income), net||54||—||54|
|Stock based compensation expense, net||—||1,773||1,773|
|Reconciliation of Income from Continuing Operations to EBITDA and|
Adjusted EBITDA for the Three Months Ended December 31, 2014
|Reis Services||Other (A)||Consolidated|
|Income from continuing operations||$||1,524|
|Income tax (benefit)||768|
|Income (loss) before income taxes and discontinued operations||$||3,073||$||(781||)||2,292|
|Depreciation and amortization expense||1,315||2||1,317|
|Interest expense (income), net||22||—||22|
|Stock based compensation expense, net||—||258||258|
|Reconciliation of Income from Continuing Operations to EBITDA and||By Segment|
|Adjusted EBITDA for the Year Ended December 31, 2014||Reis Services||Other (A)||Consolidated|
|Income from continuing operations||$||4,616|
|Income tax (benefit)||2,842|
|Income (loss) before income taxes and discontinued operations||$||11,559||$||(4,101||)||7,458|
|Depreciation and amortization expense||5,202||9||5,211|
|Interest expense (income), net||91||—||91|
|Stock based compensation expense, net||—||1,565||1,565|
|(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.|
As of December 31, 2015, the Company entered into the final settlement agreement related to its Gold Peak recovery efforts, bringing closure to the process.
Income from discontinued operations was $2,234,000 for the year ended December 31, 2015 and primarily reflected $4,839,000 of recoveries from settlements with certain parties to the Gold Peak litigation, offset by legal and professional fees of $1,196,000 and income tax expense of $1,409,000. The loss from discontinued operations was $(569,000) for the year ended December 31, 2014 and primarily reflected legal and professional fees of $977,000, offset by $26,000 of recoveries in the 2014 period and an income tax benefit of $382,000.
Investor Conference Call
The Company will host a conference call on Thursday, March 3, 2016, at 11:00 AM (EST). This call is for the benefit of existing and prospective stockholders, stock analysts, and other interested parties to discuss the fourth quarter and year end 2015 results, management’s outlook for 2016 and other matters.
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 59452932, or “Reis.” A replay of the conference call will be available from shortly after the conference call through midnight (EST) on March 5, 2016 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: 59452932, 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.
Reis provides commercial real estate market information and analytical tools to real estate professionals 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 & development, self storage, seniors housing and student housing 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.
The Company’s product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Mobiuss Portfolio CRE, or Mobiuss, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reis 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 or level of entitlement, 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.
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, revenue, expenses, margins, 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, sources and uses of cash, revenue, expenses, margins, income (loss) from continuing or discontinued operations, cash flows, valuation of assets and liabilities and other business metrics of the Company and its businesses, including EBITDA (as defined herein), Adjusted EBITDA (as defined herein) 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:
- lower than expected revenues and other performance measures such as income from continuing operations, EBITDA and Adjusted EBITDA;
- 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;
- 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, threatening or future litigation; and
- the risk factors listed under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of these filings and the Company’s other filings with the SEC, and are 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 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 release or to reflect the occurrence of unanticipated events.
|REIS, INC. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$||28,657,956||$||17,745,077|
|Restricted cash and investments||212,268||212,625|
|Accounts receivable, net||13,741,169||12,627,063|
|Prepaid and other assets||670,339||369,820|
|Total current assets||43,281,732||30,954,585|
|Furniture, fixtures and equipment, net of accumulated depreciation of $2,449,985 and $2,158,647, respectively||804,427||850,866|
|Intangible assets, net of accumulated amortization of $38,738,292 and $33,589,746, respectively||15,686,954||14,681,410|
|Deferred tax asset, net||18,429,737||22,436,737|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current portion of debt||$||—||$||—|
|Accrued expenses and other liabilities||5,898,226||4,170,687|
|Liabilities attributable to discontinued operations||145,737||299,025|
|Total current liabilities||31,335,462||27,354,999|
|Other long-term liabilities||284,316||419,638|
|Commitments and contingencies|
|Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,256,405 and 11,156,571 issued and outstanding, respectively||225,128||223,131|
|Additional paid in capital||107,102,433||105,605,803|
|Retained earnings (deficit)||(5,748,113||)||(9,715,528||)|
|Total stockholders’ equity||101,579,448||96,113,406|
|Total liabilities and stockholders’ equity||$||133,199,226||$||123,888,043|
|REIS, INC. AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|For the Three Months Ended|
|For the Years Ended |
|Cost of sales of subscription revenue||2,398,023||2,073,455||9,081,624||8,037,019|
|Sales and marketing||2,782,555||2,568,886||11,700,840||10,235,349|
|General and administrative expenses||3,965,108||2,818,944||14,267,027||12,040,343|
|Total operating expenses||7,780,603||6,338,133||29,678,921||25,748,567|
|Other income (expenses):|
|Interest and other income||10,964||6,625||37,857||22,016|
|Total other income (expenses)||4,044||(21,727||)||(53,910||)||(91,184||)|
|Income before income taxes and discontinued operations||4,031,815||2,292,479||12,075,983||7,458,385|
|Income tax expense (benefit)||1,690,000||768,000||4,005,000||2,842,000|
|Income from continuing operations||2,341,815||1,524,479||8,070,983||4,616,385|
|Income (loss) from discontinued operations, net of income tax expense (benefit) of $612,000, $(31,000), $1,409,000 and $(382,000), respectively||1,030,167||(48,359||)||2,234,000||(569,263||)|
|Per share amounts – basic:|
|Income from continuing operations||$||0.21||$||0.14||$||0.72||$||0.42|
|Per share amounts – diluted:|
|Income from continuing operations||$||0.20||$||0.12||$||0.69||$||0.39|
|Weighted average number of common shares outstanding:|
|Dividends declared per common share||$||0.14||$||0.11||$||0.56||$||0.33|
Press Contact: Mark P. Cantaluppi Vice President, Chief Financial Officer Reis, Inc. (212) 921-1122