NEW YORK, Aug. 15, 2011 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, today announced that its Board of Directors has authorized the Company to repurchase up to an aggregate of $1,000,000 of the Company's shares of common stock. Previously, the Board had authorized the repurchase of an aggregate of $4,000,000 of the Company's shares, which repurchase was completed in December 2010.
Lloyd Lynford, President and CEO, stated, "We believe that the recent price range in which Reis has been trading represents an excellent investment opportunity. I am pleased that our Board has authorized this most recent phase of our stock repurchase program which the company has successfully implemented since its inception in December 2008. Our strong revenue and EBITDA growth over the last three quarters, and our significant cash generation over that same period, afford us the opportunity to continue to invest prudently in our products and marketing, while deploying some of our excess liquidity to repurchase Reis shares at prices that, in our view, represent a discount to their intrinsic value."
Purchases under the program may be made from time-to-time in the open market or through privately negotiated transactions. Depending on market conditions, financial developments and other factors, these purchases may be commenced or suspended at any time, or from time-to-time, without prior notice and may be expanded with prior notice.
Reis, founded in 1980, provides its subscribers with online access to commercial real estate market information and analytical tools through its flagship institutional product, Reis SE, and through its recently introduced small business product, ReisReports. Reis develops and maintains proprietary databases containing detailed information on apartment, office, retail and industrial properties in metropolitan markets and neighborhoods throughout the United States. 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 subscribers include many of the nation's leading bank and non-bank lending institutions, equity investors, brokers, appraisers, property owners, developers and builders. These subscribers use Reis's timely and accurate information on market transactions, supply, absorption, rents and sale prices to value assets, to make informed buying, selling and financing decisions, and to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate-backed securities.
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Cautionary Statement Regarding Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by Reis, Inc., may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Reis, Inc. or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks include, but are not limited to, uncertainties with respect to pricing and amount, if any, of repurchases of the Company's common stock. Please refer to the company's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of various risks that could cause results to differ materially.
CONTACT: Press/Investor Relations Contact: Mark P. Cantaluppi Reis, Inc. Vice President, Chief Financial Officer (212) 921-1122