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ServiceMagic Enters Second Year of Profitability With Accelerating Growth

Tuesday, April 27, 2004 - 01:00

ServiceMagic, Inc. (www.servicemagic.com), the nation's leading online marketplace connecting homeowners with prescreened and customer-rated residential contractors, real estate professionals and lenders, today announced record revenues, profits and service requests in the quarter ended March 31, 2004. The company exceeded 150,000 consumer service requests during the month of March alone, worth an estimated $575 million in requested consumer service needs.

"Our growth has continued to exceed expectations. March was a record month for us in terms of consumer requests, Web site traffic, revenue and profit," said Rodney Rice, co-CEO of ServiceMagic.

To date, ServiceMagic has facilitated more than 2.4 million consumer requests for home services, representing an estimated $8.4 billion in consumer spending nationwide. The company has accelerated its growth in the last 12 months and grown its member base to include nearly 50,000 member businesses. As a result of this growth, the company has hired more than 50 employees during the first quarter with plans to add nearly 100 more throughout the remainder of the year.

ServiceMagic's Most Popular Online Service Requests During Q1

The company has noted the following service needs as the most popular among consumers using ServiceMagic to connect with local service professionals.

    1.  Buy a Home
    2.  Clean House Interior
    3.  Build or Install an In-Ground Swimming Pool
    4.  Build an Addition to a Home
    5.  Build a Modular Home
    6.  Install a Wood Fence
    7.  Build a Custom Home
    8.  Build or Replace a Deck or Porch
    9.  Hire a Handyman
   10.  Hire an Architect to Design a Project

  ABOUT SERVICEMAGIC

ServiceMagic, Inc., headquartered in Golden, Colo., is the nation's leading online marketplace connecting homeowners with prescreened and customer-rated residential contractors, real estate professionals and lenders. The company has raised more than $48 million in capital, increased revenue 100 percent on a year-over-year basis since 2000, and achieved $20 million in revenue and profitable operations in 2003. For more information visit ServiceMagic at http://www.servicemagic.com/.

SOURCE: ServiceMagic, Inc.

CONTACT: Elaine N. Schoch of ServiceMagic, +1-303-963-8082,
eschoch@servicemagic.com

Web site: http://www.servicemagic.com/

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