Third quarter 2009 revenues were $39.25 million, a 26% increase from revenues of $31.27 million in the third quarter of 2008. The Company had a net loss of $3.73 million, or $(0.02) per diluted share, in the third quarter of 2009, compared to a net loss of $5.69 million, or $(0.03) per diluted share, in the comparable 2008 period. Third quarter 2009 results include an increase in Triad Advisors revenues of $10.90 million from the inclusion of Triad Advisors (acquired August 2008) for the full period. The 2009 third quarter results included $1.03 million in professional fee expense and $2.63 million of non-cash charges for depreciation, amortization and compensation expense, while the third quarter 2008 results included $1.56 million in professional fee expense and $2.44 million of non-cash charges for depreciation, amortization and compensation expense.

For the nine months ended September 30, 2009, the Company had revenues of $106.86 million, a 25% increase over revenues of $85.30 million for the comparable 2008 period. The Company had a net loss of $15.13 million, or $(0.09) per diluted share, compared to a net loss of $11.96 million, or $(0.07) per diluted share, in the comparable 2008 period. The 2009 nine month results included an increase in Triad Advisors revenues of $37.52 million from the inclusion for the full period of Triad Advisors. The results for the nine months ended September 30, 2009 included $4.37 million in professional fee expense and $8.08 million of non-cash charges for depreciation, amortization and compensation expense, while the comparable 2008 results included $4.07 million in professional fee expense and $6.85 million of non-cash charges for depreciation, amortization and compensation expense.

Third quarter 2009 EBITDA, as adjusted, was a loss of $191,000, compared to a loss of $1.80 million for the 2008 period. EBITDA, as adjusted, for the nine months ended September 30, 2009 was a loss of $3.46 million, compared to a loss of $1.38 million for the 2008 period. EBITDA, as adjusted, for both periods excludes non-cash compensation expense and other items.

The following table presents a reconciliation of EBITDA, as adjusted, to net loss as reported.

Exception caught in main.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for gains or losses on sales of assets and non-cash compensation expense is a key metric the Company uses in evaluating its business. EBITDA is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. The Company considers EBITDA, as adjusted, important in evaluating its business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables the Company's Board of Directors and management to monitor and evaluate the business on a consistent basis.