Banking & Finance and Internet and Investing and Angie's List and Technology

Angie's List posts smaller loss on higher revenue

February 22, 2012

Indianapolis-based Angie’s List Inc. reported its first results as a public company late Wednesday afternoon, disclosing that it lost $5.9 million in the fourth quarter on revenue of $27.4 million.

The per-share loss was 14 cents. In the same quarter a year earlier, the company lost $8.2 million, or 30 cents per share.

Analysts surveyed by Thomson Reuters had expected the provider of online consumer reviews to post a loss of 11 cents per share for the quarter ended Dec. 31.

Quarterly revenue increased 53 percent.

Total paid memberships exceeded 1 million, a 78-percent year-over-year increase.

“Evidence of our progress can be seen in our 2011 results,” Angie's List CEO Bill Oesterle said in a prepared statement. “The business and the model continued on their long path of scale, consistency and predictability."

For the entire year, the company lost $49 million. That compared to a loss of $27 million in 2010.

Angie’s List is available in 175 U.S. markets. It entered 135 of those within the past three years, driving up expenses.

Annual revenue in 2011 climbed 53 percent, to $90 million.

The company, which provides reviews of plumbers, electricians and other service providers, hasn’t turned an annual profit since it was founded 17 years ago.

Angie’s List went public in mid-November after raising $114 million in an initial public offering. The company sold 8.8 million shares for $13 apiece, and shares quickly surged to as high as $18.75 in its trading debut.

Shares closed on Wednesday at $14.46 each, down 47 cents from their opening price.
 

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