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CoStar Group increases second quarter revenues 24%

With revenues of $18.1 million in the second quarter of 2001, Bethesda, Md.-based CoStar Group Inc., a provider of information services to the U.S. commercial real estate industry, increased its revenues by 24% compared to revenues of $14.6 million in the second quarter of 2000.

The pro forma net loss for the second quarter of 2001, which excludes purchase amortization and the related income tax benefit, was $2.7 million or $0.17 per share, an improvement of $7.3 million or $0.48 per share over the second quarter of 2000.

"We have achieved a dramatic 74% reduction in pro forma per share losses from the second quarter of 2000 to the second quarter of 2001," said Andrew Florance, CEO and president of CoStar Group. "One year ago, we were aggressively building a national platform to distribute our products, investing in new markets and focusing on moving each market toward profitability. Today, 46 of CoStar’s 50 markets are cash flow positive."

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