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Reis (NASDAQ:REIS) has announced its financial results for the first quarter ended March 31, 2017. As quoted in the press release: Financial Highlights Total revenue was $12.1 million for the three months ended March 31, 2017, which included subscription revenue of $11.6 million and other revenue of $0.5 million. Total revenue in the first quarter …
Reis (NASDAQ:REIS) has announced its financial results for the first quarter ended March 31, 2017.
As quoted in the press release:
Financial Highlights
Total revenue was $12.1 million for the three months ended March 31, 2017, which included subscription revenue of $11.6 million and other revenue of $0.5 million. Total revenue in the first quarter of 2016 was $12.8 million, which included $11.4 million of subscription revenue and $1.4 million of other revenue. While other revenue declined $0.8 million from a significant custom database deliverable in the 2016 period, subscription revenue in 2017’s first quarter grew 1.3% over the 2016 first quarter and grew 2.1% over the fourth quarter of 2016 to the highest level of subscription revenue in Reis’s history. The growth in subscription revenue was primarily attributable to improvement in our trailing twelve month renewal rates and continued strong new business.
Net income was $0.5 million, or $0.05 per diluted share, for the three months ended March 31, 2017 as compared to net income of $1.6 million, or $0.14 per diluted share, for the three months ended March 31, 2016.
Reis Services EBITDA was $3.3 million during the first quarter of 2017, a decline from the first quarter 2016 reported amount of $5.4 million. The Reis Services EBITDA margins were 27.1% and 42.0% for the three months ended March 31, 2017 and 2016, respectively (see the “Supplemental Financial Information and Reconciliations from GAAP to Non-GAAP Metrics” section at the end of this earnings release for a definition and reconciliations of net income to EBITDA and Adjusted EBITDA for the Reis Services segment and on a consolidated basis).