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Minneapolis' Dolan Media revenue, profit soar
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Dolan Media Co., a Minneapolis provider of legal and professional publications and services, said Friday its third-quarter profit more than doubled as revenue grew sharply in its mortgage default processing services business.
The company also raised its full-year guidance because of two acquisitions it announced after the end of the quarter.
Dolan's stock, however, sank 12 percent Friday to close at $11.25, though it remains up 70 percent for the year.
The quarter's net income was $5.9 million, or 20 cents per share, up from a profit of $2.5 million, or 9 cents per share, in the same period a year earlier.
Earnings attributable to the company's common shareholders were 18 cents a share in the latest quarter, up from 9 cents in the year-ago period.
Revenue rose 30 percent to $62.3 million from $47.9 million.
Analysts, on average, were expecting a profit of 16 cents per share on sales of $61 million, according to a poll by Thomson Reuters.
For the full year, Dolan expects net income in the range of $28 million to $29.4 million, or 94 cents to 98 cents per share, on sales of $260 million to $263 million.
Its earlier outlook was for earnings of 83 cents to 91 cents per share on sales of $254 million to $258.5 million.
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