Emeryville-based ZipRealty Inc. reported a larger loss and shrinking revenues for its first quarter of 2008 that ended March 31. The online realty brokerage lost $7.3 million, or 31 cents a share, on revenues of $20.6 million. ZipRealty's losses were more than twice the $3.1 million the company lost a year ago. Revenues were down 12 percent from the first quarter of 2007.

The results were "better than expected," said Pat Lashinsky, company president and chief executive. ZipRealty experienced a modest increase in transactions at lower average prices. That was due in part to a shift to less traditional deals such as foreclosures, bank-owned, and short-sale transactions. On Wednesday, the company's shares rose 1.2 percent, or 6 cents a share, to finish at $5.08. In after-hours trades, ZipRealty was up another 2 percent. ZipRealty also announced it has rebated $100 million to home buyers since the brokerage began operations in 1999. About $22.5 million, the largest amount, went to customers in the Bay Area. ZipRealty offers rebates when home buyers work with its agents.

Telecom

Alameda-based UTStarcom Inc.'s shares rocketed higher on Wednesday after the wireless communications firm said its first quarter results would be better than the company had previously predicted. The company said revenues would range from $580 million to $590 million, compared with the company's initial guidance of

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$500 million to $520 million. The company's stock jumped 15 percent, or 51 cents a share, to finish at $3.87 on Wednesday.

Quickly

Walnut Creek-based Central Garden & Pet Co. earned $20.5 million, or 29 cents a share, on revenues of $484.7 million, for its second quarter ended March 29. Compared with the year before, Central Garden's profits were down 4.6 percent, and sales were down 0.2 percent. ... Robotics maker Adept Technologies Inc. earned $983,000 in its third quarter of 2008 that ended March 31. The profits reversed a prior-year loss of $2.4 million. Livermore-based Adept said revenues totaled $16.1 million, up 28 percent from the third quarter of 2007. ... Tri-Valley Bank appointed Glen Terry as president and chief executive officer of the bank, which has its headquarters and a branch in San Ramon, and another branch in Livermore. Terry has 31 years of banking experience, including the CEO jobs at Napa Valley Bank, Vintage Bank, and Solano Bank. ... Pleasanton-based Polycom Inc. announced a new share repurchase program for up to $300 million. That comes on top of about $80 million that remained at the end of March from a previously announced repurchasing effort. ... The UC Davis Bay Area MBA Program for Working Professionals is moving to a new location at the Bishop Ranch Business Park in San Ramon. The move is the result of UC Davis officials signing a 64-month lease on an 8,978 square-foot suite at Bishop Ranch that includes state-of-the-art classrooms, meeting rooms, and a student common area for dining and studying. The lease begins Aug. 1.

Currently, the program is located in the San Ramon Valley Conference Center in San Ramon.

Compiled from staff and wire report. Got Bay Area business news? Reach Drew Voros at 925-943-8099 or dvoros@bayareanewsgroup.com.