Dolan Co. reported Friday a continued slow pace in foreclosures it processes but strong growth in its recently expanded electronic services for litigation.
The Minneapolis-based company said it earned $14.3 million before interest, taxes, depreciation and amortization in the fourth quarter, down 28 percent from a year earlier. The earnings were in line with analysts' expectations.
Revenue from foreclosure-related services was down nearly 30 percent, continuing a slide reported earlier last year. Its business and legal publications unit also was down, by 6 percent.
Meanwhile, the company's litigation support business grew 70 percent for the fourth quarter, due partly to its acquisition last July of ACT Litigation Services.
For the full year, that business grew by 40 percent, while its foreclosure-related business declined by 20 percent, the company said.
Annual revenue was $285 million, down nearly 7 percent, while adjusted earnings before interest, taxes, depreciation and amortization for the year ended Dec. 31 were $59 million, down 36 percent from 2010.
For 2012, the company estimated revenue of $301 million to $318 million. It estimated adjusted earnings before interest, taxes, depreciation and amortization of $61 million to $68 million for 2012.
DAVID SHAFFER
