Reis, Inc. Announces Third Quarter 2012 Results

Reis, Inc. Announces Third Quarter 2012 Results

Revenue Growth Accelerates to 16.0% and EBITDA Growth to 18.6% in the Third
Quarter

NEW YORK, Nov. 5, 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 third quarter ended September 30, 2012.
Revenue and EBITDA, both for the current quarter and on a year to date basis,
represent record performance for the Reis Services business.

Consolidated revenue, which is comprised entirely of subscription revenue
generated at the Company's Reis Services segment, was $7,826,701 for the three
months ended September 30, 2012, as compared to $6,747,585 for the three
months ended September 30, 2011, an increase of 16.0%. For the nine months
ended September 30, 2012, consolidated revenue was $22,647,158, as compared to
$20,201,463 for the nine months ended September 30, 2011, an increase of
12.1%.

Income from continuing operations was $859,837, or $0.08 per basic and diluted
share, for the three months ended September 30, 2012. For the three months
ended September 30, 2011, the Company had income from continuing operations of
$288,967, or $0.03 per basic share and $0.02 per diluted share. For the nine
months ended September 30, 2012, income from continuing operations was
$1,494,248, or $0.14 per basic and diluted share. Income from continuing
operations was $489,125 for the nine months ended September 30, 2011, or $0.05
per basic and diluted share.

Reis's CEO, Lloyd Lynford, stated, "Our strong financial performance during
the third quarter of 16.0% revenue growth and 18.6% EBITDA growth provides
evidence of the "must-have" nature of Reis's market information and analytics.
We have consistently stated our objectives for growth, new products and
enhancements, and we have performed to that plan. We said 2012 growth would
best 2011 performance, and it has. We said that during 2012 Reis would launch
the next generation of our flagship product, Reis SE 2.0, would initiate the
coverage of the self storage sector, and would expand the number of office
markets in our coverage universe. We have successfully executed on all of
these product initiatives. Our product pipeline for 2013 is as full as ever,
as is our commitment to innovation and excellence. We will continue to exploit
the significant growth opportunities in front of us."

On a consolidated basis, the Company had net income of $665,524, or $0.06 per
basic and diluted share, for the three months ended September 30, 2012. For
the three months ended September 30, 2011, the Company had net income of
$290,198, or $0.03 per basic share and $0.02 per diluted share. For the nine
months ended September 30, 2012, the Company had a net loss of $(11,350,117),
or $(1.06) per basic share and $(1.03) per diluted share. The company had a
net income of $1,742,606 for the nine months ended September 30, 2011, or
$0.16 per basic and diluted share. The consolidated net loss for the nine
months ended September 30, 2012 was negatively impacted by a net $12,844,000
loss from discontinued operations resulting from the litigation related to
`the Company's former Gold Peak condominium development project.

Reis Services EBITDA (earnings before interest, taxes, depreciation and
amortization) was $3,228,000 during the third quarter of 2012. EBITDA
increased $506,000, or 18.6%, over the third quarter 2011 amount of
$2,722,000. The EBITDA margins were 41.2% and 40.3% for the three months ended
September 30, 2012 and 2011, respectively. For the nine months ended September
30, 2012 and 2011, Reis Services EBITDA was $9,219,000 and $8,089,000,
respectively, representing growth of $1,130,000, or 14.0%. The EBITDA margins
were 40.7% and 40.0% for the nine months ended September 30, 2012 and 2011,
respectively. Management uses other 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
Reconciliations of Income from Continuing Operations to EBITDA and Adjusted
EBITDA below for the Reis Services segment and on a consolidated basis).

Operational and Financial Highlights

Following are recent operational and financial highlights for Reis:

  *Revenue growth of 16.0% in the third quarter of 2012 over the 2011 third
    quarter – the 10^th consecutive quarterly revenue increase over the prior
    year's corresponding quarter;
  *Reis Services EBITDA growth of 18.6% in the third quarter of 2012 over the
    2011 third quarter;
  *Double digit growth in our nine month revenue and EBITDA of 12.1% and
    14.0%, respectively;
  *Continued record new business acquisition, with the highest level of new
    contract signing for any third quarter and year to date nine month period;
  *Further growth in our Reis SE subscribers to 828 companies at September
    30, 2012;
  *In order to provide working capital flexibility, obtained a three year,
    $10 million revolving credit facility on October 16, 2012 (no borrowings
    were made at closing);
  *Coverage initiation in September 2012 on 30 of the leading self storage
    markets, a new asset class for the Company; and
  *Expansion of our office coverage in September 2012 through the addition of
    58 metropolitan office markets, bringing our total coverage to 190 office
    markets.

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

Reis Services's revenue increased by approximately $1,080,000, or 16.0%, from
the third quarter of 2011 to the third quarter of 2012 and $2,446,000, or
12.1%, in the nine months ended September 30, 2012 over the comparable 2011
nine month period. In addition, revenue increased by approximately $305,000 or
4.0%, from the second quarter of 2012 to the third quarter of 2012. These
revenue increases reflect: (1) incremental new business as the nine months of
2012 produced the highest level of new contract signings in the Company's
history (reflected in the growth in the number of Reis SE subscribers from 726
at December 31, 2011 to 828 subscribers at September 30, 2012); (2) revenue
growth from our data redistribution initiatives; (3) revenue growth from
ReisReports; and (4) the cumulative impact of the increased volume of contract
signings in 2011 and through 2012. The Company's overall renewal rate for the
trailing twelve months ending September 30, 2012 was 92%, as compared to 93%
for the corresponding period in 2011 (for institutional subscribers, the
renewal rates were 94% and 95% at September 30, 2012 and 2011, respectively).

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 September 30, 2012 and 2011,
respectively. A comparison of these balances at September 30 of each year is
more meaningful than a comparison to the December 31, 2011 balances, as a
greater percentage of renewals occur in the fourth quarter of each year and
would distort the comparison.

                                                               
                      September 30,                             
                      2012           2011           Increase     Percentage
                                                                  Increase
                                                              
Deferred revenue (GAAP $14,435,000   $12,368,000   $2,067,000  16.7%
basis)
Amounts under
non-cancellable
contracts for which
the Company does not   13,974,000    12,263,000    1,711,000   14.0%
yet have the
contractual right to
bill at the period end
(A).
Aggregate Revenue      $28,409,000   $24,631,000   $3,778,000  15.3%
Under Contract
                                                              
(A) Amounts are billable subsequent to September 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 September 30, 2012 was
approximately $20,711,000 related to amounts under contract for the forward
twelve month period through September 30, 2013.The remainder reflects amounts
under contract beyond September 30, 2013. The forward twelve month Aggregate
Revenue Under Contract amount at September 30, 2012 was approximately 69.9% of
revenue on a trailing twelve month basis at September 30, 2012 of
approximately $29,626,000.For comparison purposes, at September 30, 2011, the
forward twelve month Aggregate Revenue Under Contract amount of $18,508,000
was approximately 70.2% of revenue on a trailing twelve month basis at
September 30, 2011. Management believes that this is a strong indicator of
revenue visibility and the power of our business model.

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 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.

EBITDA for the three months ended September 30, 2012 was $3,228,000, an
increase of $506,000, or 18.6%, over the third quarter 2011 amount and
increased $1,130,000, or 14.0%, in the nine months ended September 30, 2012
over the comparable 2011 nine month period.On a consecutive quarter basis,
EBITDA increased $158,000 or 5.1% in the third quarter 2012 over the second
quarter 2012.These EBITDA increases were driven by the revenue growth as
described above, offset by increasing employment related costs in 2012 over
2011, the net effect of which improved our EBITDA margins over the prior year
periods to 41.2% and 40.7% for the three and nine months ended September 30,
2012, respectively.

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  By Segment              
Operations to EBITDA and
Adjusted EBITDA for the Three Months      Reis Services Other (A) Consolidated
Ended September 30, 2012
                                                               
Income from continuing operations                               $860
Income tax (benefit)                                            —
Income (loss) before income taxes and     $2,106       $(1,246) 860
discontinued operations
Add back:                                                       
Depreciation and amortization expense     1,137        3        1,140
Interest expense (income), net            (15)         —        (15)
EBITDA                                    3,228        (1,243)  1,985
Add back:                                                       
Stock based compensation expense, net     —            598      598
Adjusted EBITDA                           $ 3,228      $(645)   $2,583
Adjusted EBITDA margin – Reis Services    41.2%                 33.0%
and consolidated (B)

Reconciliation of Income from Continuing  By Segment              
Operations to EBITDA and
Adjusted EBITDA for the Nine Months Ended Reis Services Other (A) Consolidated
September 30, 2012
                                                               
Income from continuing operations                               $1,494
Income tax expense                                              —
Income (loss) before income taxes and     $5,346       $(3,852) 1,494
discontinued operations
Add back:                                                       
Depreciation and amortization expense     3,792        7        3,799
Interest expense (income), net            81           (1)      80
EBITDA                                    9,219        (3,846)  5,373
Add back:                                                       
Stock based compensation expense, net     —            1,790    1,790
Adjusted EBITDA                           $9,219       $(2,056) $7,163
Adjusted EBITDA margin – Reis Services    40.7%                 31.6%
and consolidated (B)
                                                                
                                                                
Reconciliation of Income from Continuing  By Segment              
Operations to EBITDA and
Adjusted EBITDA for the Three Months      Reis Services Other (A) Consolidated
Ended September 30, 2011
                                                               
Income from continuing operations                               $289
Income tax expense                                              —
Income (loss) before income taxes and     $1,357       $(1,068) 289
discontinued operations
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
Adjusted EBITDA Margin – Reis Services    40.3%                 31.1%
and consolidated (B)

                                                                
                                                                
(amounts in thousands)                                           

Reconciliation of Income from Continuing  By Segment              
Operations to EBITDA and
Adjusted EBITDA for the Nine Months Ended Reis Services Other (A) Consolidated
September 30, 2011
                                                               
Income from continuing operations                               $489
Income tax expense                                              —
Income (loss) before income taxes and     $4,130       $(3,641) 489
discontinued operations
Add back:                                                       
Depreciation and amortization expense     3,801        2        3,803
Interest expense (income), net            158          (5)      153
EBITDA                                    8,089        (3,644)  4,445
Add back:                                                       
Stock based compensation expense, net     —            1,667    1,667
Adjusted EBITDA                           $8,089       $(1,977) $6,112
Adjusted EBITDA margin – Reis Services    40.0%                 30.3%
and consolidated (B)

                                                                
Reconciliation of Income from Continuing  By Segment              
Operations to EBITDA and
Adjusted EBITDA for the Three Months      Reis Services Other (A) Consolidated
Ended June 30, 2012
                                                               
Income from continuing operations                               $498
Income tax expense                                              (84)
Income (loss) before income taxes and     $1,712       $(1,298) 414
discontinued operations
Add back:                                                       
Depreciation and amortization expense     1,300        3        1,303
Interest expense (income), net            58           —        58
EBITDA                                    3,070        (1,295)  1,775
Add back:                                                       
Stock based compensation expense, net     —            646      646
Adjusted EBITDA                           $3,070       $(649)   $2,421
Adjusted EBITDA margin – Reis Services    40.8%             32.2%
and consolidated (B)
                                         

(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.
(B) Reflects an adjusted EBITDA margin on the Reis Services segment and on
a consolidated basis, both of which exclude the impact of discontinued
operations.

Discontinued Operations

On June 20, 2012, Reis reached a settlement with the plaintiff homeowners'
association related to the litigation at the Company's former Gold Peak
condominium development project, providing for a total payment by Reis of
$17,000,000.Of this amount, $5,000,000 was paid on August 3, 2012 and the
remaining $12,000,000 was paid on October 15, 2012.

Investor Conference Call

The Company will host a conference call on Monday, November 5, 2012, at 11:00
AM (EST). This call is for the benefit of existing and prospective
stockholders, stock analysts, and other interested parties to discuss the
third quarter 2012 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 "Reis."A replay of the conference call will be
available from shortly after the conference call through midnight (EST) on
November 19, 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: 53172232.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

Reis, founded in 1980, provides commercial real estate market information and
analytical tools for its subscribers. 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 and self storage 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
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:

  *statements relating to future services and product development of the Reis
    Services segment;
    
  *statements relating to future business prospects, potential acquisitions,
    uses of cash, revenue, expenses, income (loss), cash flows, valuation of
    assets and liabilities and other business metrics of the Company and its
    businesses, including EBITDA, Adjusted EBITDA and Aggregate Revenue Under
    Contract; and
    
  *statements preceded by, followed by or that include the words "estimate,"
    "plan," "project," "intend," "expect," "anticipate," "believe," "seek,"
    "target" or similar expressions relating to future periods.

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:

  *revenues may be lower than expected;
    
  *inability to retain and increase the Company's subscriber base;
    
  *inability to execute properly on new products and services, or failure of
    subscribers to accept these products and services;
    
  *competition;
    
  *inability to attract and retain sales and senior management personnel;
    
  *difficulties in protecting the security, confidentiality, integrity and
    reliability of the Company's data;
    
  *changes in accounting policies or practices;
    
  *legal and regulatory issues;
    
  *the results of pending, threatening or future litigation; and
    
  *the risk factors listed under "Item1A. Risk Factors" in our 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.

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

REIS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
                                                  September 30, December 31,
                                                  2012          2011
                                                  (Unaudited)   
ASSETS                                                          
Current assets:                                                 
Cash and cash equivalents                          $14,958,998  $22,152,802
Restricted cash and investments                    215,963      215,405
Accounts receivable, net                           5,755,288    8,597,464
Prepaid and other assets                           580,243      625,451
Assets attributable to discontinued operations     —            3,000,000
Total current assets                               21,510,492   34,591,122
Furniture, fixtures and equipment, net of          
accumulated depreciation of $1,784,543 and         768,693      863,309
$1,556,022, respectively
Intangible assets, net of accumulated amortization 16,523,634   17,155,195
of $22,971,153 and $19,437,856, respectively
Deferred tax asset, net                            3,928,420    3,685,420
Goodwill                                           54,824,648   54,824,648
Other assets                                       80,180       98,412
Total assets                                       $97,636,067  $111,218,106
                                                               
LIABILITIES AND STOCKHOLDERS' EQUITY                            
Current liabilities:                                            
Current portion of debt                            $—           $5,690,940
Accrued expenses and other liabilities             2,800,447    3,352,445
Liability for option cancellations                 363,874      240,515
Deferred revenue                                   14,434,852   15,706,851
Liabilities attributable to discontinued           12,447,222   8,048,568
operations
Total current liabilities                          30,046,395   33,039,319
Other long-term liabilities                        613,856      668,456
Total liabilities                                  30,660,251   33,707,775
Commitments and contingencies                                   
Stockholders' equity:                                           
Common stock, $0.02par value per share,
101,000,000shares authorized, 10,704,409 and      214,088      211,417
10,570,891 shares issued and outstanding,
respectively
Additional paid in capital                         101,490,267  100,677,336
Retained earnings (deficit)                        (34,728,539) (23,378,422)
Total stockholders' equity                         66,975,816   77,510,331
Total liabilities and stockholders' equity         $97,636,067  $111,218,106



REIS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                 
                       For the Three Months Ended For the Nine Months Ended
                       September 30,              September 30,
                       2012          2011         2012           2011
                                                              
Subscription revenue    $7,826,701   $6,747,585  $22,647,158   $20,201,463
Cost of sales of        1,475,495    1,550,435   5,006,705     4,623,673
subscription revenue
Gross profit            6,351,206    5,197,150   17,640,453    15,577,790
Operating expenses:                                            
Sales and marketing     1,908,668    1,656,187   5,459,591     4,988,681
Product development     660,620      574,066     1,740,619     1,562,224
General and             2,937,199    2,632,106   8,865,783     8,384,599
administrative expenses
Total operating         5,506,487    4,862,359   16,065,993    14,935,504
expenses
Other income                                                   
(expenses):
Interest and other      15,649       19,321      47,921        61,646
income
Interest expense        (531)        (65,145)    (128,133)     (214,807)
Total other income      15,118       (45,824)    (80,212)      (153,161)
(expenses)
Income before income
taxes and discontinued  859,837      288,967     1,494,248     489,125
operations
Income tax expense      —            —           —             —
(benefit)
Income from continuing  859,837      288,967     1,494,248     489,125
operations
(Loss) income from
discontinued
operations, net of      (194,313)    1,231       (12,844,365)  1,253,481
income tax expense of
$—, $—, $—, and $—,
respectively
Net income (loss)       $665,524     $290,198    $(11,350,117) $1,742,606
                                                              
Per share amounts –                                            
basic:
Income from continuing  $0.08        $0.03       $0.14         $0.05
operations
Net income (loss)       $0.06        $0.03       $(1.06)       $0.16
                                                              
Per share amounts –                                            
diluted:
Income from continuing  $0.08        $0.02       $0.14         $0.05
operations
Net income (loss)       $0.06        $0.02       $(1.03)       $0.16
                                                              
Weighted average number
of common shares                                               
outstanding:
Basic                   10,702,509   10,599,031  10,670,966    10,572,288
Diluted                 11,093,888   10,997,157  10,993,436    10,835,602

CONTACT: Press Contact:
        
         Mark P. Cantaluppi
         Vice President, Chief Financial Officer
         Reis, Inc.
         (212) 921-1122

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