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New York, NY 10036
Tel: 212.921.1122
Fax: 212.921.2533
www.reis.com



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Reis Announces Second Quarter 2015 Results

Company Reports 31.6% Revenue Growth and 48.9% Reis Services EBITDA Growth

NEW YORK, July 30, 2015 (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 second quarter ended June 30, 2015.  

Consolidated revenue was $13,416,035 for the three months ended June 30, 2015 as compared to $10,194,375 for the three months ended June 30, 2014, growth of 31.6%.  This is the Company's 21st consecutive quarterly increase in revenue over the prior year's corresponding quarter.  For the six months ended June 30, 2015, subscription revenue was $24,546,813 as compared to $20,140,420 for the six months ended June 30, 2014, growth of 21.9%.  The results for the three and six months ended June 30, 2015 included revenue recognized on a $2,750,000 contract signed in May 2015 for custom portfolio and advisory services that have been provided to a major financial services firm.

Reis Services EBITDA was $6,093,000 during the second quarter of 2015, growth of $2,002,000, or 48.9%, over the second quarter 2014 amount of $4,091,000.  This is the Company's 19th consecutive quarterly increase in EBITDA over the prior year's corresponding quarter. The Reis Services EBITDA margins were 45.4% and 40.1% for the three months ended June 30, 2015 and 2014, respectively.  For the six months ended June 30, 2015 and 2014, Reis Services EBITDA was $10,687,000 and $8,157,000, respectively, growth of $2,530,000, or 31.0%. The EBITDA margins were 43.5% and 40.5% for the six months ended June 30, 2015 and 2014, respectively.  Management uses 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 below for reconciliations of income from continuing operations to EBITDA and Adjusted EBITDA for the Reis Services segment and on a consolidated basis).

Income from continuing operations grew 220.2% to $2,928,125, or $0.26 per basic share and $0.25 per diluted share, for the quarter ended June 30, 2015.  For the quarter ended June 30, 2014, the Company had income from continuing operations of $914,538, or $0.08 per basic and diluted share.  For the six months ended June 30, 2015, income from continuing operations grew 115.2% to $4,221,495, or $0.38 per basic share and $0.36 per diluted share, as compared to $1,961,518, or $0.18 per basic share and $0.17 per diluted share, for the six months ended June 30, 2014.

Net income grew 394.8% to $4,066,495, or $0.36 per basic share and $0.35 per diluted share, for the three months ended June 30, 2015.  For the three months ended June 30, 2014, the Company had net income of $821,799, or $0.07 per basic and diluted share.  For the six months ended June 30, 2015, net income grew 254.7% to $5,288,575, or $0.47 per basic share and $0.45 per diluted share, as compared to $1,490,901, or $0.14 per basic share and $0.13 per diluted share, for the six months ended June 30, 2014.

Reis's CEO, Lloyd Lynford, observed that, "The growth in revenue, EBITDA and cash that Reis enjoyed during the second quarter was unprecedented.  Our results were favorably impacted by a $2.75 million contract for a number of integrated custom data and portfolio analytics products and services. Reis's ability to compete successfully for, and fulfill this contract was the direct result of all of the database development and technology initiatives I have briefed you on for several years, including our relentless expansion into new property types such as self storage and seniors and student housing."

Mr. Lynford continued, "Reis is more poised than ever to address portfolio needs and to convert the demand that exists at hundreds of our financial services clients for portfolio analytics into periodic custom projects and ongoing monitoring programs, which are consistent with our emphasis on recurring subscription revenue."

Financial and Operational Highlights

The following are recent financial and operational highlights for Reis:

2015 Revenue Performance

All of the Company's revenue is generated by the Reis Services segment.  Reis Services revenue increased by approximately $3,222,000 or 31.6%, from the second quarter of 2014 to the second quarter of 2015.  Reis Services revenue increased by approximately $4,407,000, or 21.9% in the six months ended June 30, 2015 over the comparable 2014 period.  In addition, revenue increased by approximately $2,285,000, or 20.5%, from the first quarter of 2015 to the second quarter of 2015. 

Revenue in the three and six months ended June 30, 2015 included approximately $2,289,000 related to custom portfolio and advisory services for one of our existing Reis SE subscribers.  Also included in our 2015 growth over the 2014 periods is the impact of additional new Reis SE business, improvements in the overall renewal rate and price increases on 2015 renewals.  The revenue growth experienced by the Company reflects not just a single strong quarter, but also the momentum created by sustained contract growth during 2014 and in the first six months of 2015. 

The Company's prior modest decline in the trailing twelve month renewal rates has stabilized in 2015.  After falling to 87% overall and 89% for institutional subscribers as of December 31, 2014, the Company's trailing twelve month renewal rates as of June 30, 2015 increased to 88.0% overall and to 90.2% for institutional subscribers.  The decline in the renewal rates during 2014 reflected the Company's decision to be more aggressive on renewal pricing, particularly in instances where customer usage levels were significantly greater than what was initially estimated as annual usage for that customer.  The Company has continued this policy in 2015, believing that aligning client report consumption with appropriate annual fees, while remaining respectful of subscriber need for Reis information, is critical to the Company's long-term growth.  Also, based upon past experience, management believes that many non-renewing customers ultimately renew with Reis as their information and analytic needs may not be fully addressed by competitive offerings.

The 2015 first and second quarters' revenue growth rates were influenced by the effect of in-place multi-year contracts.  As described in the "Management Summary" section of Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on March 5, 2015, multi-year contracts can impact our growth rates.  Based upon several factors, including historical and anticipated report consumption, our account managers determine whether Reis and a subscriber are best served by an annual or multi-year commitment.  Over the past three years, in order to increase the predictability of fees from our subscribers and Reis's own revenue and cash flow, we have made a concerted effort to encourage multi-year contracts when appropriate, with terms of two or three years, and in some cases, four years.  The average life of multi-year contracts signed in each of the last three years (2012, 2013 and 2014) was approximately 2.2 years.  There are significant benefits to adopting and expanding our program, on a selective basis, of lengthening the duration of client contracts, including locking in recurring revenue for longer periods, thereby increasing the predictability of our renewal rates, future revenues and cash flow.  From an operational perspective, multi-year contracts free up account management resources to focus on subscribers requiring a higher level of attention and upselling opportunities across our account base.  Finally, multi-year deals also insulate us from competitive pressures and increase the likeliness that Reis data and analytics will become embedded in the work flow of our clients. 

In accordance with GAAP, our revenue recognition policy is to record revenue ratably over the life of a subscriber contract.  Therefore any increases in the price of the subscription after the first year of a multi-year contract are considered in the total amount being straight-lined over the contract term.  If pricing steps are built in on and after the first anniversary of a multi-year contract, there will be increasing cash flow from the contract, but no growth in revenue during the subsequent years under that contract.  At December 31, 2014, there were approximately 240 institutions signed to multi-year contracts, including many of our largest subscribers.  As a greater volume of multi-year contracts signed in 2013, and earlier, renew in the second half of 2015 and into 2016, we expect incremental revenue growth as these subscribers commit to multi-year price increases.

As discussed above, the Company recognized revenue in the three and six months ended June 30, 2015 related to a $2,750,000 contract to provide custom portfolio and advisory services for one of our existing Reis SE subscribers.  This contract calls 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 the 2015 periods reflects the portion of the custom data files and custom portfolio analysis that was delivered to the customer by June 30, 2015.  Depending upon the timing of future deliveries and the performance of other contracted advisory services, the Company expects that additional revenue under this contract will be recorded in the third quarter of 2015 and that such amounts could be up to, or in excess of, $461,000.  There may be components of this contract that require ongoing updates and could result in recurring revenue for the Company; however, at this time, the Company cannot predict if there will be a recurring component to this work for this customer in the future.  The Company believes that there may 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 this contract as part of a stable of portfolio related solutions that Reis offers.

For analysis purposes, management is also presenting revenue on a pro forma basis to reflect a historic level of custom revenue.  On average over the past nine quarters (starting with the first quarter of 2013 through and including the first quarter of 2015), Reis recorded revenue of approximately $247,000 a quarter related to custom work.  Therefore, for pro forma purposes, we will deduct $2,186,000 from our aggregate custom revenue in the second quarter of 2015 to reflect revenue at that historic level of custom work.  On a pro forma basis, revenue was $11,230,000 and $22,361,000 for the three and six months ended June 30, 2015, respectively, which resulted in pro forma revenue growth of $1,036,000, or 10.2%, and $2,221,000, or 11.0%, for the three and six months ended June 30, 2015, respectively, over the comparable reported 2014 amounts. 

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.  The following table reconciles deferred revenue to Aggregate Revenue Under Contract at June 30, 2015 and 2014, respectively.  A comparison of these balances at June 30 of each year is more meaningful than a comparison to the December 31, 2014 balances, as a greater percentage of renewals occur in the fourth quarter of each year and would distort the analysis.

 June 30,
 2015  2014 
   
Deferred revenue (GAAP basis)$  21,512,000 $  17,693,000 
Amounts under non-cancellable contracts for which the Company does not yet have the contractual right to bill at the period end (A)   28,043,000    22,244,000 
Aggregate Revenue Under Contract$  49,555,000 $  39,937,000 
_______________________________________
(A) Amounts are billable subsequent to June 30 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 June 30, 2015 was approximately $32,240,000 related to amounts under contract for the forward twelve month period through June 30, 2016.  The remainder reflects amounts under contract beyond June 30, 2016. The forward twelve month Aggregate Revenue Under Contract amount is approximately 70.5% of revenue on a trailing twelve month basis at June 30, 2015 of approximately $45,742,000.  For comparison purposes, at June 30, 2014, the forward twelve month Aggregate Revenue Under Contract was $26,278,000 and approximately 68.9% of revenue.

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 Performance

Reis Services EBITDA for the three months ended June 30, 2015 was $6,093,000, an increase of $2,002,000, or 48.9%, over the second quarter 2014 amount.  The Reis Services EBITDA increase over the corresponding prior quarterly period is the 19th consecutive quarterly increase in Reis Services EBITDA over the prior year's quarter.  Reis Services EBITDA for the six months ended June 30, 2015 was $10,687,000, an increase of $2,530,000, or 31.0%, over the comparable 2014 six month period.  On a consecutive quarter basis, Reis Services EBITDA increased $1,499,000, or 32.6%, from the first quarter of 2015 to the second quarter of 2015. These increases were primarily derived from the increases in revenue, including the revenue related to the custom portfolio and advisory services as described above. Operating expenses grew by 20.0% and 15.7% in the three and six months ended June 30, 2015, the net effect of which resulted in the Reis Services EBITDA margins of 45.4% and 43.5% for the three and six months ended June 30, 2015, slightly greater than the reported Reis Services EBITDA margins of 40.1% and 40.5% for the 2014 comparable periods. 

Investment in our business remains a priority. Our employee headcount in the sales and operational groups is expected to increase in the remainder of 2015 and 2016 and we expect to accelerate our marketing initiatives that were set in place in the latter part of 2014.  These are sound investments that will further differentiate Reis in the world of U.S. commercial real estate market information providers.  These continuing investments may cause temporary declines in our EBITDA margins in the remaining quarters during 2015, but we believe that any declines will be temporary as we expect that these investments will result in additional revenue opportunities for Reis in the future.

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
By Segment 
Adjusted EBITDA for the Three Months Ended June 30, 2015Reis ServicesOther (A)Consolidated
    
Income from continuing operations  $  2,928 
Income tax expense     601 
Income (loss) before income taxes and discontinued operations$  4,688 $  (1,159)   3,529 
Add back:   
Depreciation and amortization expense   1,385    3    1,388  
Interest expense, net   20      20 
EBITDA   6,093    (1,156)   4,937 
Add back:   
Stock based compensation expense     443    443 
Adjusted EBITDA$  6,093 $  (713)$  5,380 
   
See footnote on next page.  


(amounts in thousands)   
   
Reconciliation of Income from Continuing Operations to EBITDA and
Adjusted EBITDA for the Three Months Ended June 30, 2014
By Segment 
Reis ServicesOther (A)Consolidated
    
Income from continuing operations  $  915 
Income tax expense     726 
Income (loss) before income taxes and discontinued operations$  2,764 $  (1,123)   1,641 
Add back:    
Depreciation and amortization expense   1,305    3    1,308 
Interest expense, net   22      22 
EBITDA   4,091    (1,120)   2,971 
Add back:   
Stock based compensation expense, net     435    435 
Adjusted EBITDA$4,091 $(685)$3,406 
   


Reconciliation of Income from Continuing Operations to EBITDA and
By Segment 
Adjusted EBITDA for the Six Months Ended June 30, 2015Reis ServicesOther (A)Consolidated
    
Income from continuing operations  $  4,221 
Income tax expense     1,395 
Income (loss) before income taxes and discontinued operations$  7,936 $  (2,320)    5,616 
Add back:   
Depreciation and amortization expense   2,710    5    2,715 
Interest expense, net   41      41 
EBITDA   10,687    (2,315)   8,372 
Add back:   
Stock based compensation expense     889    889 
Adjusted EBITDA$  10,687 $  (1,426)$  9,261 


Reconciliation of Income from Continuing Operations to EBITDA and
By Segment 
 Adjusted EBITDA for the Six Months Ended June 30, 2014Reis ServicesOther (A)Consolidated
    
Income from continuing operations  $  1,962 
Income tax expense     1,331 
Income (loss) before income taxes and discontinued operations$  5,562 $   (2,269)   3,293 
Add back:   
Depreciation and amortization expense   2,548    5    2,553 
Interest expense, net   47      47 
EBITDA   8,157    (2,264)   5,893 
Add back:   
Stock based compensation expense, net     870    870 
Adjusted EBITDA$  8,157 $  (1,394)$  6,763 


Reconciliation of Income from Continuing Operations to EBITDA and
 By Segment  
Adjusted EBITDA for the Three Months Ended March 31, 2015 Reis ServicesOther (A)Consolidated 
     
Income from continuing operations  $  1,293  
Income tax expense     794   
Income (loss) before income taxes and discontinued operations$  3,248 $  (1,161)   2,087  
Add back:    
Depreciation and amortization expense   1,325    2    1,327  
Interest expense, net   21      21  
EBITDA   4,594    (1,159)   3,435  
Add back:     
Stock based compensation expense     446    446  
Adjusted EBITDA$  4,594 $  (713)$  3,881  


(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

Income from discontinued operations was $1,138,000 and $1,067,000 for the three and six months ended June 30, 2015, respectively, primarily a result of $2,350,000 of recoveries from insurers, sub-contractors and other parties involved with the Company's former Gold Peak project.
                 
Recovery efforts from the fourth quarter of 2012 through June 30, 2015 have resulted in cash collections aggregating $3,169,000, including recoveries of $2,350,000 and $16,000 which occurred in the three months ended June 30, 2015 and 2014, respectively.  No recoveries occurred in the first quarter of 2015 or 2014.  There is no assurance that the Company will be successful in any of its additional recovery efforts.

Investor Conference Call

The Company will host a conference call on Thursday, July 30, 2015, 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 second quarter 2015 results 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 94822505, or "Reis."  A replay of the conference call will be available from shortly after the conference call through midnight (EDT) on August 1, 2015 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: 94822505, or "Reis".  An audio webcast of the conference call will also be available on Reis's website at investor.reis.com/events.cfm and will remain on the website for a period of time following the call.

About Reis

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.

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, 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:

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 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.

Financial Information

REIS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 June 30,
2015
December 31,
2014
  (Unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$  27,229,789 $  17,745,077 
Restricted cash and investments   212,268    212,625 
Accounts receivable, net   5,272,970    12,627,063 
Prepaid and other assets   5,417,128    4,164,320 
Assets attributable to discontinued operations     3,500 
Total current assets   38,132,155    34,752,585 
Furniture, fixtures and equipment, net of accumulated depreciation of $2,290,451 and $2,158,647, respectively   788,220    850,866 
Intangible assets, net of accumulated amortization of $36,090,371 and $33,589,746, respectively   14,505,614    14,681,410 
Deferred tax asset, non-current portion, net   15,882,737    18,638,737 
Goodwill   54,824,648    54,824,648 
Other assets   193,161    139,797 
Total assets$  124,326,535 $  123,888,043 
   
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Current portion of debt $   
Accrued expenses and other liabilities   3,525,922    4,170,687 
Deferred revenue   21,512,315    22,885,287 
Liabilities attributable to discontinued operations   479,196    299,025 
Total current liabilities   25,517,433    27,354,999 
Other long-term liabilities   330,200    419,638 
Total liabilities   25,847,633    27,774,637 
Commitments and contingencies  
Stockholders' equity:  
Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,228,905 and 11,156,571 shares issued and outstanding, respectively   224,578    223,131 
Additional paid in capital   105,845,793    105,605,803 
Retained earnings (deficit)   (7,591,469)   (9,715,528)
Total stockholders' equity   98,478,902    96,113,406 
Total liabilities and stockholders' equity$  124,326,535 $  123,888,043 


REIS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 

 
For the Three Months Ended
June 30,
For the Six Months
Ended June 30,
  2015  2014  2015  2014 
     
Subscription revenue $13,416,035 $10,194,375 $24,546,813 $20,140,420 
Cost of sales of subscription revenue   2,134,526    1,974,242    4,319,966    3,890,587 
Gross profit 11,281,509    8,220,133  20,226,847  16,249,833 
Operating expenses:    
Sales and marketing   3,460,773    2,541,207    6,113,787    5,093,227 
Product development   889,687    814,025    1,752,441    1,577,128 
General and administrative expenses   3,382,146    3,202,151    6,703,222    6,239,593 
Total operating expenses 7,732,606   6,557,383  14,569,450  12,909,948 
Other income (expenses):    
Interest and other income   8,505    6,071    15,594    9,129 
Interest expense   (28,283)   (28,283)   (56,496)   (56,496)
Total other income (expenses)   (19,778)   (22,212)   (40,902)   (47,367)
Income before income taxes and discontinued operations   3,529,125    1,640,538    5,616,495    3,292,518 
Income tax expense   601,000    726,000    1,395,000    1,331,000 
Income from continuing operations   2,928,125    914,538    4,221,495    1,961,518 
Income (loss) from discontinued operations, net of income tax expense(benefit) of $755,000, $(82,000), $708,000 and $(317,000) respectively 1,138,434  (92,739) 1,067,080  (470,617)
Net income$  4,066,559 $  821,799 $  5,288,575 $  1,490,901  
     
Per share amounts - basic:    
Income from continuing operations$  0.26 $  0.08 $  0.38 $  0.18 
Net income$  0.36 $  0.07 $  0.47 $  0.14 
     
Per share amounts - diluted:    
Income from continuing operations$  0.25 $  0.08 $  0.36 $  0.17 
Net income$  0.35 $  0.07 $  0.45 $  0.13 
     
Weighted average number of common shares outstanding:    
Basic 11,228,905  11,101,665  11,209,900  11,040,530 
Diluted 11,689,883  11,531,030  11,684,857  11,509,489 
     
Dividends declared per common share$  0.14 $  0.11 $  0.28 $  0.11 
Press Contact:  Mark P. Cantaluppi

Vice President, Chief Financial Officer

Reis, Inc.                    

(212) 921-1122

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Source: Reis, Inc.

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