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1185 Avenue of the Americas
30th Floor
New York, NY 10036
Tel: 212.921.1122
Fax: 212.921.2533
www.reis.com



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Reis, Inc. Announces Fourth Quarter and Annual 2011 Results

Reis Services Reports Record Quarterly and Annual Revenue for 2011; 14% Year-Over-Year EBITDA Growth

NEW YORK, March 8, 2012 (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, 2011.

Consolidated revenue, which is comprised entirely of subscription revenue generated at the Company's Reis Services segment, was $6,979,016 for the three months ended December 31, 2011 as compared to $6,166,607 for the three months ended December 31, 2010, an increase of 13.2%. For the year ended December 31, 2011, consolidated revenue was $27,180,479, an increase of 12.3% over the 2010 revenue of $24,198,271. The annual and quarterly revenue totals each represent record levels for the Reis Services segment.

Income from continuing operations was $4,372,260, or $0.41 per basic share and $0.40 per diluted share, for the three months ended December 31, 2011. For the three months ended December 31, 2010, the Company had income from continuing operations of $564,188, or $0.05 per basic and diluted share. For the year ended December 31, 2011, income from continuing operations was $4,861,385, or $0.46 per basic share and $0.45 per diluted share. For the year ended December 31, 2010, income from continuing operations was $465,316, or $0.04 per basic and diluted share.

On a consolidated basis, the Company had net income of $143,821, or $0.01 per basic and diluted share, for the three months ended December 31, 2011. For the three months ended December 31, 2010, the Company had net income of $623,488, or $0.06 per basic and diluted share. The Company had net income of $1,886,427, or $0.18 per basic share and $0.17 per diluted share, for the year ended December 31, 2011.  For the year ended December 31, 2010, the Company's consolidated net income was $667,853, or $0.06 per basic and diluted share.

Management uses other metrics to monitor and assess the performance of its operating business, Reis Services, such as EBITDA (earnings before interest, taxes, depreciation and amortization), 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).

Reis Services's EBITDA was $2,748,000 and the EBITDA margin was 39.4% during the fourth quarter of 2011. EBITDA increased $341,000, or 14.2%, over the fourth quarter of 2010 amount of $2,407,000. For the years ended December 31, 2011 and 2010, Reis Services's EBITDA was $10,837,000 and $9,503,000, respectively, representing an increase of $1,334,000, or 14.0% EBITDA growth. The EBITDA margins were 39.9% and 39.3% for the years ended December 31, 2011 and 2010, respectively.

Operational, Financial and Balance Sheet Highlights

Following are recent operational and financial highlights for Reis:

Lloyd Lynford, Reis's CEO, stated, "Achieving record revenue in the fourth quarter and for all of 2011 is certainly gratifying. I am especially pleased that Reis Services has reinvigorated top line growth while maintaining an EBITDA margin of just under 40% and as we have brought so many new products to market."

An additional financial highlight positively impacting both the balance sheet and the income statement relates to the Company's deferred taxes. Income from continuing operations and net income for the three and 12 months ended December 31, 2011 included a tax benefit of $4,075,000, primarily from the reversal of a valuation allowance recorded against a portion of the Company's net operating loss carryforwards. This allowance reduction establishes an aggregate net deferred tax asset of approximately $4,008,000 on the December 31, 2011 balance sheet.

The 2011 consolidated net income for the fourth quarter and year were negatively impacted by a charge recorded in December 31, 2011 of $4,460,000 in discontinued operations related to litigation at the Company's former Gold Peak condominium development project (see Discontinued Operations below for additional information related to the Gold Peak litigation).

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

Reis Services's revenue for both the three months and year ended December 31, 2011 represents the highest quarterly and annual revenue for the business. Reis Services's quarterly revenue increased by approximately $812,000, or 13.2%, from the fourth quarter of 2010 to the fourth quarter of 2011. This revenue increase over the corresponding prior quarterly period is the seventh consecutive quarterly increase in revenue over the prior year's corresponding quarter. The increase in 2011 annual revenue was approximately $2,982,000, or 12.3%, from the year ended December 31, 2010. The fourth quarter and annual revenue increases reflect: (1) positive improvements in overall renewal rates as the trailing twelve month renewal rate improved to 93% at December 31, 2011 as compared to 91% for the trailing twelve months ended December 31, 2010 (for institutional subscribers, the renewal rates improved to 95% at December 31, 2011 from 93% at December 31, 2010); (2) additional new business; (3) sales from ReisReports; and (4) the cumulative impact of the strength of contract signings in 2010 and throughout 2011. Regarding contract signings, both the fourth quarter and annual 2011 periods represent the highest dollar value of contracts booked for a quarter and for a year in the Company's history.

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. As a result, in times of favorable pricing, larger consecutive quarter revenue growth occurs in the fourth and first quarters.  

Our contract pricing model is based on actual and projected report consumption; we believe it is generally not as susceptible to economic downturns and personnel reductions at our subscribers as a model based upon individual user licenses. We typically impose contractual restrictions limiting our immediate exposure (during existing contract terms) to revenue reductions due to mergers and consolidations. However, we have been, and we may in the future be impacted by consolidation among our subscribers and potential subscribers, or in the event that subscribers enter bankruptcy or otherwise go out of business. 

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 December 31, 2011 and 2010, respectively. 

        Percentage
  December 31, Increase Increase
  2011 2010 (Decrease) (Decrease)
         
Deferred revenue (GAAP basis)  $ 15,707,000 $ 15,446,000 $ 261,000 1.7%
Amounts under non-cancellable contracts for which the Company does not yet have the contractual right to bill at the period end (A)  10,871,000 11,707,000 (836,000) (7.1)%
Aggregate Revenue Under Contract  $ 26,578,000 $ 27,153,000 $ (575,000) (2.1)%
         
(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, 2011 was approximately $20,064,000 related to amounts under contract for the forward twelve month period through December 31, 2012. The remainder reflects amounts under contract beyond December 31, 2012. The forward twelve month Aggregate Revenue Under Contract amount is approximately 74% of revenue on a trailing twelve month basis at December 31, 2011 of approximately $27,180,000. For comparison purposes, at December 31, 2010, the forward twelve month Aggregate Revenue Under Contract of $19,527,000, as a percentage of that year's revenue, was approximately 81%.   

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 multiyear; 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. These influences resulted in a minor 2.1% reduction in Aggregate Revenue Under Contract and a modest 1.7% increase in deferred revenue from December 31, 2010 to December 31, 2011.

EBITDA of Reis Services for the three months ended December 31, 2011 was $2,748,000, an increase of $341,000, or 14.2%, over the fourth quarter 2010 amount. EBITDA of Reis Services for the year ended December 31, 2011 was $10,837,000, an increase of $1,334,000, or 14.0%, over the corresponding 2010 period. These increases are directly influenced by the 13.2% and 12.3% increases in revenue for the three months and year ended December 31, 2011 over 2010, respectively, as described above, while maintaining EBITDA margins for the Reis Services segment at approximately 40%. On a consecutive quarter basis, EBITDA of Reis Services increased $26,000, or 1.0%, in the fourth quarter 2011 from the third quarter 2011. This increase is attributable to $232,000 of revenue growth on a consecutive quarter basis, partially offset by increased compensation expense for sales commissions in the fourth quarter which is consistent with the timing of increased contracts in the fourth quarter. 

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, 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 December 31, 2011 Reis Services Other (A) Consolidated
       
Income from continuing operations      $ 4,372
Income tax (benefit)      (4,075)
Income (loss) before income taxes and discontinued operations  $ 1,370 $ (1,073) 297
Add back:      
Depreciation and amortization expense  1,334 2 1,336
Interest expense, net  44 44
EBITDA  2,748 (1,071) 1,677
Add back:      
Stock based compensation expense, net  537 537
Adjusted EBITDA  $ 2,748 $ (534) $ 2,214
       
Reconciliation of Income from Continuing Operations to EBITDA and By Segment  
Adjusted EBITDA for the Year Ended December 31, 2011 Reis Services Other (A) Consolidated
       
Income from continuing operations      $ 4,861
Income tax (benefit)      (4,075)
Income (loss) before income taxes and discontinued operations  $ 5,500 $ (4,714) 786
Add back:      
Depreciation and amortization expense  5,135 4 5,139
Interest expense (income), net  202 (5) 197
EBITDA  10,837 (4,715) 6,122
Add back:      
Stock based compensation expense, net  2,204 2,204
Adjusted EBITDA  $ 10,837 $ (2,511) $ 8,326
       
(amounts in thousands)      
       
Reconciliation of Income from Continuing Operations to EBITDA and By Segment  
Adjusted EBITDA for the Three Months Ended December 31, 2010 Reis Services Other (A) Consolidated
       
Income from continuing operations      $ 564
Income tax (benefit)      (157)
Income (loss) before income taxes and discontinued operations  $ 1,117 $ (710) 407
Add back:      
Depreciation and amortization expense  1,220 1,220
Interest expense (income), net  70 (2) 68
EBITDA  2,407 (712) 1,695
Add back:      
Stock based compensation expense, net  511 511
Adjusted EBITDA  $ 2,407 $ (201) $ 2,206
       
Reconciliation of Income from Continuing Operations to EBITDA and By Segment  
Adjusted EBITDA for the Year Ended December 31, 2010 Reis Services Other (A) Consolidated
       
Income from continuing operations      $ 465
Income tax (benefit)      (220)
Income (loss) before income taxes and discontinued operations  $ 4,433 $ (4,188) 245
Add back:      
Depreciation and amortization expense  4,769 4 4,773
Interest expense (income), net  301 (17) 284
EBITDA  9,503 (4,201) 5,302
Add back:      
Stock based compensation expense, net  1,712 1,712
Adjusted EBITDA  $ 9,503 $ (2,489) $ 7,014
       
Reconciliation of Income from Continuing Operations to EBITDA and By Segment  
Adjusted EBITDA for the Three Months Ended September 30, 2011 Reis Services Other (A) Consolidated
       
Income from continuing operations      $ 289
Income tax expense     
Income (loss) before income taxes and discontinued operations  $ 1,357 $ (1,068) 289
Add back:      
Depreciation and amortization expense  1,318 1 1,319
Interest expense (income), net  47 (2) 45
EBITDA  2,722 (1,069) 1,653
Add back:      
Stock based compensation expense, net   — 446 446
Adjusted EBITDA  $ 2,722 $ (623) $ 2,099
       
(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.

Discontinued Operations

Reis, Inc. and two of its subsidiaries (Gold Peak at Palomino Park, LLC ("GP LLC") and Wellsford Park Highlands Corp. ("WPHC")) are the subject of a suit brought by the homeowners' association at the Company's former 259-unit Gold Peak condominium project outside of Denver, Colorado. This suit was filed in District Court in Douglas County, Colorado on October 19, 2010, seeking monetary damages (not quantified at the time) relating to alleged design and construction defects at the Gold Peak project. The construction manager/general contractor for the project (not affiliated with Reis) and two former officers of Reis, Inc. (one of whom was also a director) have also been named as defendants in the suit. In October 2011, experts for the plaintiff delivered a report alleging a cost to repair of approximately $19 million. Trial commenced on February 21, 2012 and a verdict is expected in mid-March 2012.

In connection with the development of Gold Peak, the Company purchased a commercial general liability "WRAP" insurance policy that covers the Company (including its subsidiaries) and its former officers, the construction manager/general contractor and the subcontractors. The Company, upon advice of counsel and based on a reading of the policy, has taken the position that a total of $9 million (and possibly $12 million) of coverage is available for this claim. The insurer has taken the position that only $3 million of coverage is provided. The Company has filed suit against this insurer, alleging failure to cover this claim, bad faith and other related causes of action. The Company has also brought a separate claim against the architect and a third party inspector engaged at Gold Peak, and is also seeking coverage under additional applicable insurance policies maintained by the Company, co-defendants or others.

Neither GP LLC nor WPHC has substantial assets or other ability to pay (other than the "WRAP" insurance policy described above). The plaintiff is seeking to hold Reis, Inc. directly liable as the developer of the project and, if successful against one or more of GP LLC or WPHC, will seek to hold Reis, Inc. indirectly liable through a "piercing the corporate veil" theory. Separately, Reis, Inc. would likely have indemnification obligations to its former officers/directors, to the extent either or both of these individuals is held liable.

The Company believes that it and its co-defendants have valid defenses to some or all of the plaintiff's allegations (including attempts to hold Reis, Inc. directly or indirectly liable), that insurance will cover some or all of any eventual settlement or judgment, and that the defendants other than Reis, Inc., GP LLC, WPHC and the former officers, are likely to be liable for some of any remaining settlement judgment amount. Although not factored into the Company's assessment of this case for purposes of reserves, in the event of an adverse judgment, the Company would expect to appeal, and would continue to pursue all available remedies against applicable insurers or other parties at fault.

Based on pre-trial disclosures and the positions of the parties' experts, it is likely that a judgment of at least $6.7 million (plus approximately $1 million of the plaintiff's costs) will be entered against GP LLC. In the event of such a judgment against GP LLC and/or WPHC (but without a finding of liability against Reis, Inc. or the former officers), the Company would be under no obligation to fund any shortfall by GP LLC or WPHC.

At this time, the low end of the Company's expected range of net exposure is believed to be approximately $4,740,000. The Company has recorded a charge of approximately $4,460,000 in discontinued operations at December 31, 2011. The $4,740,000 amount reflects the $7,740,000 minimum exposure referred to above, net of minimum expected insurance recovery of $3,000,000, all of which is reflected in discontinued operations on the December 31, 2011 balance sheet. It is possible that a settlement or judgment in this matter could involve the payment by the Company of an amount that could be material to the Company's reportable income (loss) from discontinued operations, net income, its consolidated financial position or cash flows. It would not have any effect on the Company's income from continuing operations.

Investor Conference Call

The Company will host a conference call on Thursday, March 8, 2012, at 4:30 PM (EST). This call is for the benefit of existing and prospective stockholders, stock analysts, and other interested parties to discuss the fourth quarter and annual 2011 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 59680037 or "Reis". A replay of the conference call will be available from shortly after the conference call through midnight (EDT) on March 22, 2012 by dialing (800) 585-8367 from inside the U.S. or Canada or (404) 537-3406 from outside the U.S. and Canada, and referring to the conference ID: 59680037. 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

The Company'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 and flex/research & development 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 new 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 evaluations. Depending on the product, users have access to trend and forecast analysis 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, and equity investors. 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.

The Reis, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7042

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:

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:

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

The following financial information should be read in conjunction with Reis's consolidated financial statements and the notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations, both of which are included in Reis's annual report on Form 10-K for the year ended December 31, 2011, which was filed with the Securities and Exchange Commission on March 8, 2012.

REIS, INC. 
CONSOLIDATED BALANCE SHEETS
     
  December 31,
  2011 2010
     
ASSETS    
Current assets:    
Cash and cash equivalents  $ 22,152,802 $ 20,163,787
Restricted cash and investments  215,405 214,298
Accounts receivable, net  8,597,464 8,961,623
Prepaid and other assets  625,451 384,384
Assets attributable to discontinued operations  3,000,000 2,438,240
Total current assets  34,591,122 32,162,332
Furniture, fixtures and equipment, net  863,309 958,505
Intangible assets, net of accumulated amortization of $19,437,856 and $14,891,406, respectively  17,155,195 18,576,606
Deferred tax asset, net  3,685,420
Goodwill  54,824,648 54,824,648
Other assets  98,412 165,868
Total assets  $ 111,218,106 $ 106,687,959
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Current portion of Bank Loan  $ 5,690,940 $ 5,531,050
Current portion of other debt  27,851
Accrued expenses and other liabilities  3,352,445 2,818,496
Liability for option cancellations  240,515 157,744
Deferred revenue  15,706,851 15,446,248
Liabilities attributable to discontinued operations  8,048,568 1,963,530
Total current liabilities  33,039,319 25,944,919
Non-current portion of Bank Loan  5,690,940
Other long-term liabilities  668,456 693,092
Deferred tax liability, net  66,580
Total liabilities  33,707,775 32,395,531
Commitments and contingencies    
Stockholders' equity:    
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 10,570,891 and 10,472,010 shares issued and outstanding, respectively  211,417 209,440
Additional paid in capital  100,677,336 99,347,837
Retained earnings (deficit)  (23,378,422) (25,264,849)
Total stockholders' equity  77,510,331 74,292,428
Total liabilities and stockholders' equity  $ 111,218,106 $ 106,687,959
 
REIS, INC.
CONSOLIDATED STATEMENTS OF INCOME
         
  For the Three Months Ended
December 31, 
For the Year Ended
December 31,
  2011 2010 2011 2010
  (unaudited)    
         
Subscription revenue  $ 6,979,016 $ 6,166,607 $ 27,180,479 $ 24,198,271
Cost of sales of subscription revenue  1,680,924 1,442,684 6,304,597 5,844,888
Gross profit  5,298,092 4,723,923 20,875,882 18,353,383
Operating expenses:        
Sales and marketing  1,715,425 1,696,997 6,704,106 6,057,149
Product development  531,079 457,799 2,093,303 1,810,845
General and administrative expenses  2,710,826 2,094,588 11,095,425 9,956,321
Total operating expenses  4,957,330 4,249,384 19,892,834 17,824,315
Other income (expenses):        
Interest and other income  15,869 21,902 77,515 123,302
Interest expense  (59,371) (89,253) (274,178) (407,054)
Total other income (expenses)  (43,502) (67,351) (196,663) (283,752)
Income before income taxes and discontinued operations  297,260 407,188 786,385 245,316
Income tax (benefit)  (4,075,000) (157,000) (4,075,000) (220,000)
Income from continuing operations  4,372,260 564,188 4,861,385 465,316
(Loss) income from discontinued operations, net of income tax expense of $—, $—, $— and $—, respectively  (4,228,439) 59,300 (2,974,958) 202,537
Net income  $ 143,821 $ 623,488 $ 1,886,427 $ 667,853
         
Per share amounts — basic:        
Income from continuing operations  $ 0.41 $ 0.05 $ 0.46 $ 0.04
Net income  $ 0.01 $ 0.06 $ 0.18 $ 0.06
         
Per share amounts — diluted:        
Income from continuing operations  $ 0.40 $ 0.05 $ 0.45 $ 0.04
Net income  $ 0.01 $ 0.06 $ 0.17 $ 0.06
         
Weighted average number of common shares outstanding:        
Basic  10,562,438 10,530,284 10,569,805 10,510,699
Diluted  10,979,467 10,806,277 10,876,876 10,756,482
CONTACT: Press Contact:

         Mark P. Cantaluppi

         Vice President, Chief Financial Officer

         Reis, Inc.

         (212) 921-1122

Reis, Inc. Logo

Source: Reis, Inc.

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