SAN FRANCISCO (Thomson Financial) - Shares of LoopNet Inc. fell Wednesday
after the San Francisco-based online marketplace for commercial real estate
reported a stronger-than-expected fourth-quarter profit, but issued an outlook
below Wall Street's forecast.
After Tuesday's market close, LoopNet posted net income for the quarter
ended Dec. 31 of $5.7 million, or 14 cents a share, versus $5.32 million, or 13
cents a share, in the same period last year.
The mean estimate of analysts polled by Thomson Financial was for a
per-share profit of 12 cents a share.
Revenue for the quarter was $19.6 million, an increase of 41%.
For the quarter ending March 31, the company expects revenue of $20.1
million to $20.3 million and net income of 11 cents to 12 cents a share,
including a 2 cents stock option expense.
Analysts are looking for a per-share profit of 14 cents on revenue of $20
million.
LoopNet forecast full-year 2008 revenue of $84 million to $86 million and a
per-share profit of 45 cents to 48 cents, including 10 cents of stock option
expense. Analysts are expecting a per-share profit of 62 cents on revenue of $90
million.
LoopNet also said it has promoted Thomas Byrne to president and chief
operating officer, and approved a $50 million share buyback program.
The company's shares fell 13% to $12.36.
Gabriel Madway
gm/vj
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