CoreLogic Reports Results For The First Quarter of 2011

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Investor Contact

Dan Smith
Investor Relations
CoreLogic
(703) 610-5410
Email Dan Smith

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Alyson Austin
Corporate Communications
CoreLogic
(949) 214-1414
newsmedia@corelogic.com

May 05, 2011, Santa Ana, Calif. –

CORELOGIC® REPORTS FIRST QUARTER 2011 NET INCOME OF $23.3 MILLION, OR $0.20 PER SHARE, ON REVENUE OF $404.0 MILLION

FIRST QUARTER PRE-TAX INCOME OF $52.6 MILLION, ADJUSTED PRE-TAX INCOME1 OF $40.7 MILLION, ADJUSTED EBITDA1 OF $73.5 MILLION

RESULTS INCLUDE GAIN ON SALE OF COMMON STOCK OF DEALERTRACK HOLDINGS, INC. OF $24.9 MILLION AND NON-CASH TAX PROVISION CHARGE OF $14.0 MILLION

  • First quarter revenues totaled $404.0 million, compared to $397.9 million in the first quarter of 2010.
  • Data and Analytics segment benefitted from increased capital markets advisory projects and continued growth in revenues from fraud monitoring products.
    • First quarter pre-tax income for the Data and Analytics segment was $58.2 million compared to $27.5 million in the first quarter of 2010.
    • First quarter adjusted EBITDA1 for the Data and Analytics segment was $51.0 million compared to $44.3 million in the year-ago period driven by increased sales of project-based solutions and continued adoption of fraud scoring and event monitoring products.
  • Business and Information Services segment experienced lower customer appraisal volumes and continued delays in default-related businesses.
    • First quarter pre-tax income for the Business and Information Services segment was $25.3 million compared to $31.7 million in the year-ago period.
    • First quarter adjusted EBITDA1 for the Business and Information Services segment was $39.0 million compared to $48.2 million in the year-ago period primarily driven by a significant decline in appraisal business.
  • For 2011 year-to-date through April 30, the company repurchased a total of 7 million shares for $131 million.

CoreLogic (NYSE:CLGX) today reported net income of $23.3 million for the quarter ended March 31, 2011 compared with net income of $29.4 million in the same period of 2010. Diluted earnings were $0.20 per share in the first quarter of 2011 compared with diluted earnings of $0.28 per share in the first quarter of 2010. First quarter 2010 results included net income from discontinued operations of $18.6 million or $0.18 per share.

Significant items in the first quarter of 2011 included a $24.9 million pretax gain on the sale of common stock of DealerTrack Holdings Inc. and an increase to the tax provision of $14.0 million related to a deferred-tax asset reduction resulting from the acquisition of Dorado Network Systems Corporation.

Anand Nallathambi, President and Chief Executive Officer, CoreLogic, commented on the quarter, “Our results reflected strong growth in Data and Analytics revenues and continued success in tax and flood data services. The continued shift in our business towards Data and Analytics helped provide top-line resiliency despite the challenges in the U.S. housing and mortgage markets. Specifically, strength in our core fraud and analytic solutions helped offset weakness in appraisal and default as well as higher corporate expenses. Looking ahead, we expect our financial results to improve through the year, as normal mortgage market seasonalities lift our revenues and the positive effects of our cost savings initiatives are felt.”

Continuing on, Nallathambi added: “In the Data and Analytics segment, we deployed products to help our clients meet new loan quality and borrower credit requirements, and to better assess risks associated with future loan repurchase liabilities. In the Business and Information Services segment we improved our penetration of insurance and other non-mortgage industry verticals through growth in our flood data and geo-spatial offerings. Overall, we continued to innovate and expand our footprint during the quarter.”

Regarding the company’s balance sheet, Nallathambi said: “Our capital position remains strong, this strength allowed us to repurchase 7 million common shares through April 30, 2011, for $131 million.”

The CoreLogic press release announcing its financial results for the first quarter 2011 is available to download as a PDF by clicking the link below.

CoreLogic Reports Results For The First Quarter of 2011

1 This is a non-GAAP measure. For a discussion and reconciliation of non-GAAP measures to the GAAP equivalent, see page 11 and following.