CoreLogic Reports Results For The Fourth Quarter of 2010

Key Contacts

Investor Contact

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

Media Contact

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

February 24, 2011, Santa Ana, Calif. –

The financial statements and supplementary data included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2011, supersedes the information included in our press release attached as an exhibit to our current report on Form 8-K furnished to the SEC on February 24, 2011.

CORELOGIC REPORTS FOURTH QUARTER 2010 NET LOSS OF $35.2 MILLION, OR $0.30 PER SHARE, ON REVENUE OF $394.5 MILLION

 

RESULTS INCLUDE LOSS ON SALE OF DISCONTINUED OPERATIONS OF $19.0 MILLION, AND NON-CASH IMPAIRMENT CHARGE OF $14.5 MILLION

 

FOURTH QUARTER PRE-TAX INCOME OF $10.5 MILLION, ADJUSTED PRE-TAX INCOME1 OF $59.0 MILLION, ADJUSTED EBITDA1 OF $91.0 MILLION

 

  • Fourth quarter revenues excluding the employer and litigation services businesses totaled $394.5 million, compared to $398.2 million in the fourth quarter of 2009.
  • Fourth quarter adjusted revenues1 excluding the employer and litigation services businesses totaled $415.3 million, compared to $416.6 million in the fourth quarter of 2009.
  • Fourth quarter loss on sale of discontinued operations of $19.0 million reflects the sale of employer and litigation services businesses for $265 million on December 31, 2010.
  • Fourth quarter non-cash impairment charge of $14.5 million reflects a reduction in carrying value of an investment in an affiliate.
  • Fourth quarter pre-tax income for the Business and Information Services segment was $36.7 million compared to $26.6 million in the year-ago period. Fourth quarter adjusted EBITDA1 for the segment increased 10% to $57.3 million, compared to $52.0 million in the year-ago period. Growth was driven by a favorable shift in product mix and cost containment initiatives.
  • Fourth quarter pre-tax income for the Data and Analytics segment was $22.5 million, compared to $26.5 million in the year-ago period. Fourth quarter adjusted EBITDA1 for the segment increased 5% to $45.8 million, compared to $43.8 million in the year-ago period driven by continued adoption of fraud and information analytic products and higher mortgage and consumer credit reporting volumes.
  • Repurchased 1.64 million shares of common stock for $30 million during the fourth quarter of 2010.
  • Renegotiated the $72 million dollar buy-in of the outstanding First American CoreLogic minority shares for cash rather than an issuance of shares.

The CoreLogic press release announcing its financial results for the fourth quarter 2010 is available to download as a PDF by clicking the link below.

CoreLogic Reports Results For The Fourth Quarter of 2010

1 This is a non-GAAP measure. For a discussion and reconciliation of non-GAAP measures to the GAAP equivalent, see page 9 and following.