Marcus & Millichap, Inc. Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended September 30, 2013 ; Provides Guidance for the Fourth Quarter of 2013
Nov 13 13
Marcus & Millichap, Inc. reported unaudited consolidated earnings results for third quarter and nine months ended September 30, 2013. For the quarter, the company’s total revenues were $111,953,000 against $91,228,000 a year ago. The increase in total revenues is primarily a result of increases in real estate brokerage commissions, which contributed 92.3% of the total increase, as well as an increase in financing fees. Operating income was $12,625,000 against $11,295,000 a year ago. Income before provision for income taxes was 12,872,000 against $11,336,000 a year ago. Net income was $7,275,000 against $6,405,000 a year ago. Adjusted EBITDA was $15,668,000 against $13,791,000 a year ago.
For the nine months, the company’s total revenues were $286,794,000 against $238,078,000 a year ago. Operating income was $29,451,000 against $26,041,000 a year ago. Income before provision for income taxes was $29,947,000 against $26,365,000 a year ago. Net income was $16,922,000 against $14,896,000 a year ago. Adjusted EBITDA was $36,799,000 against $32,425,000 a year ago.
Typically, the fourth quarter generates approximately one-third of Marcus & Millichap's full year transaction volume and revenue--and The company expects normal seasonal patterns to continue in the fourth quarter of 2013. However, during the fourth quarter last year, commercial real estate investors' uncertainty associated with the looming 'fiscal cliff' resulted in investors expediting transactions that would have normally closed in 2013. Therefore, company do not expect to see the same level of growth in the current fourth quarter.
MMI Seeks Acquisitions
Oct 31 13
Marcus & Millichap, Inc. (NYSE:MMI) is seeking acquisitions. Total net proceeds to MMI from the offering, after deducting the underwriting discount and estimated offering expenses, will be approximately $34.6 million. MMI intends to use the net proceeds from the offering for general corporate purposes, including capital expenditures and working capital to expand its services and potential acquisitions of real estate businesses or companies. MMI will not receive any proceeds from the sale of shares by the selling stockholders.