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Reis Announces First Quarter 2013 Results



Reis Announces First Quarter 2013 Results

               Reis Services Revenue Up 12.8%, EBITDA Up 12.2%

                      Best First Quarter in Its History

NEW YORK, May 2, 2013 (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 first quarter ended March 31, 2013.

Consolidated revenue, which is comprised entirely of subscription revenue
generated at the Company's Reis Services segment, was $8,234,328 for the three
months ended March 31, 2013, as compared to $7,298,372 for the three months
ended March 31, 2012, an increase of 12.8%. This is the Company's 12^th
consecutive quarterly increase in revenue over the prior year's corresponding
quarter.

Income from continuing operations was $402,066, or $0.04 per basic and diluted
share, for the quarter ended March 31, 2013. For the quarter ended March 31,
2012, the Company had income from continuing operations of $136,379, or $0.01
per basic and diluted share.

On a consolidated basis, the Company had net income of $250,434, or $0.02 per
basic and diluted share, for the three months ended March 31, 2013. For the
three months ended March 31, 2012, the Company had a net loss of
$(14,208,876), or a loss of $(1.34) per basic share and $(1.29) per diluted
share.

Reis's CEO, Lloyd Lynford, stated, "Our strong double-digit revenue, EBITDA
and deferred revenue growth during the first quarter demonstrate Reis's
sustained momentum and competitive advantages. Just yesterday, we launched
coverage of 75 new apartment markets and dramatically expanded our self
storage product to include rent and sales comparables, as well as market
forecasts for 50 metropolitan areas and 279 submarkets." Mr. Lynford also
discussed another exciting product innovation: the release of two additional
"Downside Market Scenarios" that apply the effects of moderate and more severe
economic downturns on commercial real estate market performance. "Regulators,
lenders and investors must consider the potential impact of rapid economic
reversals on their portfolios. With each quarter, Reis introduces new content
and analytics that distance us from our would-be competitors and position the
Company for continued robust revenue and EBITDA growth."

Reis Services EBITDA (earnings before interest, taxes, depreciation and
amortization) was $3,277,000 during the first quarter of 2013, an increase of
$356,000, or 12.2%, over the first quarter 2012 amount of $2,921,000. The
EBITDA margins were 39.8% and 40.0% for the three months ended March 31, 2013
and 2012, 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).

Financial and Operational Highlights

Following are recent operational and financial highlights for Reis:

  * Revenue growth was 12.8% in the first quarter of 2013 over the 2012 first
    quarter, an acceleration from the first quarter 2012 over 2011 growth rate
    of 10.3%;
  * Revenue for the trailing twelve months (TTM) March 31, 2013 was
    $32,165,000, growth of 15.4% over the TTM March 31, 2012;
  * Reis Services EBITDA growth was 12.2% in the first quarter of 2013 over
    the 2012 comparable period, an acceleration from the first quarter 2012
    over 2011 growth rate of 11.5%;
  * Reis Services EBITDA for the TTM March 31, 2013 was $13,118,000, growth of
    17.8% over the TTM March 31, 2012;
  * Deferred revenue of $16,880,000 at March 31, 2013 represents growth of
    14.4% over the March 31, 2012 balance;
  * Generated cash of $1,698,000 in the quarter, bringing our cash balance to
    $6,659,000 at March 31, 2013;
  * Continued investment in our business as we spent an aggregate of
    $1,086,000 in the first quarter on our web sites and databases to further
    differentiate us from competitors;
  * Launched, in February 2013, Mobiuss® Portfolio CRE, a new, web-based
    credit risk, stress testing and portfolio surveillance platform, developed
    in conjunction with Opera Solutions, LLC. Mobiuss® Portfolio CRE will
    enable clients to quickly and thoroughly assess portfolio risks and
    opportunities by integrating Reis property, submarket and market data with
    Opera Solutions's rich analytics and client loan and property information;
  * Expanded our self storage coverage in February 2013 with the inclusion of
    20 additional self storage markets, bringing our total coverage to 50
    markets in that property type;
  * Added 75 apartment markets on May 1, 2013, bringing our total coverage to
    275 apartment markets; and
  * Further enhanced subscriber capabilities within Reis SE with the addition
    of "Downside Market Scenarios," a supplement to the company's baseline
    forecasts with the inclusion of two additional downside scenarios that
    apply the effects of moderate and more severe economic downturns to
    commercial real estate performance at the market and submarket level.

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

Revenue for the three months ended March 31, 2013 was $8,234,000, an increase
of approximately $936,000, or 12.8%, from the first quarter of 2012 to the
first quarter of 2013. In general, the revenue increase reflects: (1)
additional new Reis SE business; (2) revenue growth from ReisReports; and (3)
revenue growth from our data redistribution initiatives. These results reflect
not just a single strong revenue quarter, but also the momentum created by
sustained contract growth during 2012 and into 2013. The Company's overall
renewal rate for the trailing twelve months ended March 31, 2013 was 91% as
compared to 92% for the trailing twelve months ended March 31, 2012 (for
institutional subscribers, renewal rates were 92% and 94% for the trailing
twelve months ended March 31, 2013 and 2012, respectively).

On a consecutive quarter basis, revenue decreased by $347,000, or 4.0%, in the
first quarter of 2013 from the fourth quarter of 2012. This decrease is the
result of incremental revenue of $427,000 from one specific custom project
recognized in the fourth quarter of 2012; there was no comparable custom
project in the first quarter of 2013. As previously disclosed, management
expected that there would be no comparable custom project of this magnitude in
the first quarter of 2013 and, as a result, both revenue and EBITDA would
decrease from the fourth quarter 2012 to the first quarter of 2013. The
exclusion of the $427,000 of revenue from the fourth quarter 2012 associated
with this custom project, would result in a revenue increase, on a pro forma
basis, of $80,000, representing a 1.0% increase on a consecutive quarter
basis.

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 March 31, 2013 and 2012,
respectively. A comparison of these balances at March 31 of each year is more
meaningful than a comparison to the December 31, 2012 balances, as a greater
percentage of renewals occur in the fourth quarter of each year and would
distort the analysis.

                                         March 31,
                                         2013               2012
                                                             
Deferred revenue (GAAP basis)            $16,880,000        $14,758,000
Amounts under non-cancellable contracts
for which the Company does not yet have  17,575,000         11,212,000
the contractual right to bill at the
period end (A) 
Aggregate Revenue Under Contract         $34,455,000        $25,970,000
                                                             
(A) Amounts are billable subsequent to March 31 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 March 31, 2013 was
approximately $23,315,000 related to amounts under contract for the forward
twelve month period through March 31, 2014. The remainder reflects amounts
under contract beyond March 31, 2014. The forward twelve month Aggregate
Revenue Under Contract amount is approximately 72.5% of revenue on a trailing
twelve month basis at March 31, 2013 of approximately $32,165,000. For
comparison purposes, at March 31, 2012, the forward twelve month Aggregate
Revenue Under Contract of $19,756,000 was approximately 70.9% of revenue on a
trailing twelve month basis at March 31, 2012.

Both deferred revenue and Aggregate Revenue Under Contract are influenced by:
(1) the timing and dollar value of contracts signed; (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. Coupled with record new business and
contract signings in 2012 and more multi-year contracts (in both number of
contracts and gross dollar value) in 2012 than in any previous annual period,
both deferred revenue and Aggregate Revenue Under Contract had substantial
year over year increases.

EBITDA for the three months ended March 31, 2013 was $3,277,000, an increase
of $356,000, or 12.2%, over the first quarter 2012 amount. This increase was
primarily derived from the corresponding increases in revenue, as described
above, while maintaining the Reis Services EBITDA margin at approximately 40%.

On a consecutive quarter basis, EBITDA decreased by $266,000, or 7.5%, in the
first quarter of 2013 from the fourth quarter of 2012. EBITDA in the fourth
quarter 2012 was similarly impacted by the incremental revenue generated by
the aforementioned custom project. The exclusion of the $427,000 of revenue
associated with this custom project would result in an EBITDA increase, on a
pro forma basis, of $161,000, representing a 5.2% increase on a consecutive
quarter basis (fourth quarter 2012 to first quarter 2013).

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
(loss), 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 Operations to      By Segment                       
EBITDA and
Adjusted EBITDA for the Three Reis Services     Other (A)     Consolidated
Months Ended March 31, 2013
                                                               
Income from continuing                                        $402
operations
Income tax expense                                            265
Income (loss) before income
taxes and discontinued        $2,040            $(1,373)      667
operations
Add back:                                                      
Depreciation and amortization 1,211             2             1,213
expense
Interest expense (income),    26                —             26
net
EBITDA                        3,277             (1,371)       1,906
Add back:                                                      
Stock based compensation      —                 581           581
expense, net
Adjusted EBITDA               $3,277            $(790)        $2,487
Adjusted EBITDA margin – Reis 39.8%                           30.2%
Services and consolidated (B)
                                                               
Reconciliation of Income from
Continuing Operations to      By Segment                       
EBITDA and
Adjusted EBITDA for the Three Reis Services     Other (A)     Consolidated
Months Ended March 31, 2012
                                                               
Income from continuing                                        $136
operations
Income tax expense                                            84
Income (loss) before income
taxes and discontinued        $1,528            $(1,308)      220
operations
Add back:                                                      
Depreciation and amortization 1,355             1             1,356
expense
Interest expense (income),    38                (1)           37
net
EBITDA                        2,921             (1,308)       1,613
Add back:                                                      
Stock based compensation      —                 546           546
expense, net
Adjusted EBITDA               $2,921            $(762)        $2,159
Adjusted EBITDA margin – Reis 40.0%                           29.6%
Services and consolidated (B)
                                                               
Reconciliation of Income from
Continuing Operations to      By Segment                       
EBITDA and
Adjusted EBITDA for the Three
Months Ended December 31,     Reis Services     Other (A)     Consolidated
2012
                                                               
Income from continuing                                        $6,519
operations
Income tax (benefit)                                          (5,427)
Income (loss) before income
taxes and discontinued        $2,337            $(1,245)      1,092
operations
Add back:                                                      
Depreciation and amortization 1,182             2             1,184
expense
Interest expense (income),    24                —             24
net
EBITDA                        3,543             (1,243)       2,300
Add back:                                                      
Stock based compensation      —                 505           505
expense, net
Adjusted EBITDA               $3,543            $(738)        $2,805
Adjusted EBITDA margin – Reis 41.3%                           32.7%
Services 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 excludes the impact of discontinued
operations.

Discontinued Operations

The consolidated net loss for the three months ended March 31, 2012 was
primarily the result of the $14,345,000 loss from discontinued operations, net
of taxes, which included a $14.2 million charge, plus other costs, related to
the March 2012 jury verdict rendered in the litigation at the Company's former
Gold Peak condominium development project. In the first quarter of 2013, the
loss from discontinued operations, net of taxes, was $152,000.

Future cash flows from discontinued operations will be solely comprised of
expenditures incurred as part of our cash recovery efforts from insurance
companies and other potentially responsible parties and, to the extent that we
are successful in these efforts, cash inflows from any future recoveries;
however, there can be no assurance that the Company will recover any amounts
in the short or long term.

Investor Conference Call

The Company will host a conference call on Thursday, May 2, 2013, 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 first quarter 2013
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 57626935, or "Reis." A replay of the conference
call will be available from shortly after the conference call through midnight
(EDT) on May 3, 2013 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: 57626935, or "Reis". 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's primary business is providing commercial real estate market information
and analytical tools for its subscribers, 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 and 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 asset and
portfolio evaluations. Depending on the product, 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, 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 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 and other performance measures such as income from continuing
    operations, EBITDA and Adjusted EBITDA 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;
     
  * inability to access adequate capital to fund operations and investments in
    our business;
     
  * 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, threatened or future litigation; and 
     
  * the risk factors included in our annual report on Form 10-K for the year
    ended December 31, 2012 and our quarterly report on Form 10-Q for the
    quarter ended March 31, 2013, each filed with the Securities and Exchange
    Commission ("SEC"), including the "Risk Factors" section of each of these
    filings, and the Company's other filings with the SEC available at the
    SEC's website (www.sec.gov).

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
                                                                   
                                                                   
                                                     March 31,    December 31,
                                                     2013         2012
                                                     (Unaudited)   
ASSETS                                                             
Current assets:                                                    
Cash and cash equivalents                            $6,658,903   $4,960,850
Restricted cash and investments                      216,285      216,125
Accounts receivable, net                             5,937,109    10,694,201
Prepaid and other assets                             1,107,877    1,438,829
Total current assets                                 13,920,174   17,310,005
Furniture, fixtures and equipment, net of
accumulated depreciation of $1,889,123 and           782,078      738,490
$1,828,199, respectively
Intangible assets, net of accumulated amortization   16,284,307   16,332,596
of $25,202,014 and $24,067,250, respectively
Deferred tax asset, net                              8,798,420    8,557,420
Goodwill                                             54,824,648   54,824,648
Other assets                                         248,730      271,257
Total assets                                         $94,858,357  $98,034,416
                                                                   
LIABILITIES AND STOCKHOLDERS' EQUITY                               
Current liabilities:                                               
Current portion of debt                              $ —          $ —
Accrued expenses and other liabilities               2,382,630    3,902,206
Liability for option cancellations                   385,497      296,523
Deferred revenue                                     16,879,672   18,230,332
Liabilities attributable to discontinued operations  458,346      460,251
Total current liabilities                            20,106,145   22,889,312
Other long-term liabilities                          563,112      588,484
Total liabilities                                    20,669,257   23,477,796
Commitments and contingencies                                      
Stockholders' equity:                                              
Common stock, $0.02 par value per share, 101,000,000
shares authorized, 10,891,820 and 10,782,643 shares  217,836      215,652
issued and outstanding, respectively
Additional paid in capital                           101,382,834  102,002,972
Retained earnings (deficit)                          (27,411,570) (27,662,004)
Total stockholders' equity                           74,189,100   74,556,620
Total liabilities and stockholders' equity           $94,858,357  $98,034,416

 
REIS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                                 
                                                                 
                                                    For the Three Months Ended
                                                    March 31,
                                                    2013        2012
                                                                 
Subscription revenue                                $8,234,328  $7,298,372
Cost of sales of subscription revenue               1,681,404   1,845,714
Gross profit                                        6,552,924   5,452,658
Operating expenses:                                              
Sales and marketing                                 1,968,966   1,729,319
Product development                                 721,566     513,594
General and administrative expenses                 3,169,311   2,952,268
Total operating expenses                            5,859,843   5,195,181
Other income (expenses):                                         
Interest and other income                           2,198       16,065
Interest expense                                    (28,213)    (53,163)
Total other income (expenses)                       (26,015)    (37,098)
Income before income taxes and discontinued         667,066     220,379
operations
Income tax expense                                  265,000     84,000
Income from continuing operations                   402,066     136,379
(Loss) from discontinued operations, net of income
tax (benefit) of $(99,000) and $(79,000),           (151,632)   (14,345,255)
respectively
Net income (loss)                                   $250,434    $(14,208,876)
                                                                 
Per share amounts – basic:                                       
Income from continuing operations                   $0.04       $0.01
Net income (loss)                                   $0.02       $(1.34)
                                                                 
Per share amounts – diluted:                                     
Income from continuing operations                   $0.04       $0.01
Net income (loss)                                   $0.02       $(1.29)
                                                                 
Weighted average number of common shares                         
outstanding:
Basic                                               10,828,396  10,623,575
Diluted                                             11,347,751  11,011,394

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

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