BETHESDA, Md., June 16 /PRNewswire-FirstCall/ -- CoStar Group, Inc. (NASDAQ:CSGP), the number one provider of commercial real estate information/marketing solutions, today announced the promotion of John L. Stanfill to Senior Vice President of Sales and Customer Service. Stanfill, who previously served as Senior Vice President of Marketing and Product Management, will continue to report directly to Andrew C. Florance, the company's Founder and Chief Executive Officer, in his newly expanded role on CoStar's executive management team.
Prior to joining CoStar in June 1995, Stanfill founded a commercial real estate information service in Seattle that provided access to images of commercial buildings throughout the market. Stanfill has held positions of increasing responsibility over the course of his CoStar career, beginning as Sales Account Executive for the New York City market and including positions in business development, opening sales markets during periods of the company's U.S. national expansion, and establishing and managing the company's Inside Sales operation. He also directed the company's transition to a fully Web- based product offering in 2002. He served as Vice President of Product Management from December 2007 to early 2008, when he assumed overall responsibility for CoStar's product marketing efforts, and most recently directed the highly successful launch of CoStar Showcase(R).
"CoStar Showcase has now sold more than $3 million in subscription sales since its official launch last month," said Florance. "This new listing marketing service is on pace to become the most successful new product in CoStar history. And while many of these subscriptions include a trial period and an option to cancel, the response to date clearly indicates these clients find CoStar Showcase to be a very compelling and effective solution for marketing their listings online.
"John's extensive experience managing our product development and marketing groups, culminating in the tremendous market reception to CoStar Showcase, make him an outstanding choice for this vital sales management position," Florance continued. "I am confident that John's management experience, industry knowledge and proven success in selling CoStar's industry-leading information and marketing services to a wide variety of clients and markets will help the company capture the tremendous sales opportunity before us, and achieve our goal of attaining a 30% EBITDA margin in our U.S. operations and break-even in our international operations by 2008 year-end."
The company confirmed its guidance for the second quarter and full-year 2008. For the second quarter of 2008, the company continues to expect a sequential quarterly increase in revenue of 2.0% to 4.0% and fully diluted net income per share of approximately $0.24 to $0.26, as well as fully diluted net income per share of approximately $1.05 to $1.10 for the full-year 2008 -- unchanged from its previous guidance.
Dan Kimball, who recently was promoted to Vice President of Marketing, will assume Stanfill's former responsibilities and direct the company's marketing operations. Prior to joining CoStar in early 2007, Kimball was Partner/Vice President of Advertising at Questus Inc., a leading interactive marketing agency, and also held marketing leadership positions at Capital One and other financial services companies. Throughout his career at both start- ups and Fortune 500's, Kimball has spearheaded new ventures and been responsible for a range of corporate development initiatives, including roles in business development, marketing, e-commerce and product development. Kimball joined CoStar as Senior Director, E-Commerce, and played a key role in the development and release of CoStar Showcase.
Stanfill replaces Christopher R. Tully who resigned for personal reasons.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ:CSGP) is the number one provider of information/marketing services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, the company has approximately 1,300 employees, including the largest professional research organization in the industry. For more information, visit http://www.costar.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward- looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2007 and CoStar's Form 10-Q for the quarter ended March 31, 2008, under the heading "Risk Factors". In addition to these statements, there can be no assurance that CoStar Showcase will become the most successful new product in CoStar history; that clients find CoStar Showcase to be a very compelling and effective solution for marketing their listings online; that Mr. Stanfill's industry knowledge and proven success in selling CoStar's services to a wide variety of clients and markets will help the company capture the tremendous sales opportunity before it and achieve its goal of attaining a 30% EBITDA margin in its U.S. operations and break-even in its international operations by 2008 year-end; that the company will achieve its guidance for the second quarter and full-year 2008; that the company's revenue will be as stated in this press release; and that the company's net income will be as stated in this press release. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.
Source: CoStar Group, Inc.