IRVINE, CA—Locally based global property information, analytics and data-enabled services provider CoreLogic completed the acquisition of Marshall & Swift Boeckh and DataQuick Information Systems and continued to outperform the broader housing and mortgage markets during first-quarter 2014, according to Anand Nallathambi, president and CEO. The firm released its Q1 financial results earlier this week, which were in line with its expectations, Nallathambi says.
As GlobeSt.com previously reported, the acquisition of MSB and DQ significantly expanded CoreLogic’s insurance operations and data-and-analytics segment. The company reported revenues of $310.4 million, which were down 6% year over year, in part due to significant contraction in US mortgage origination volumes. CoreLogic, however, did post market-share gains in technology and processing solutions, as well as growth in insurance and spatial solutions and international operations, partially offsetting these losses. Also, operating income from continuing operations decreased 71% to $13.7 million, reflecting the impact of lower mortgage origination volumes as well as acquisition-related costs, severance charges and stranded AMPS costs. In addition, net loss from continuing operations totaled $3.9 million, diluted EPS from continuing operations totaled $.04 and adjusted diluted EPS was $.17. Adjusted EBITDA totaled $64 million, and the adjusted EBITDA margin was 21%.
“CoreLogic continued to execute against its strategic plan in the first quarter despite stiff headwinds in mortgage,” says Nallathambi. “We completed the acquisition of MSB and DQ and continued to drive productivity and the transformation of our technology infrastructure. The aggressive transformation of our business operations over the last three years has underpinned our consistent outperformance of the broader housing and mortgage markets. Despite the historic reset in the mortgage market, we continue to build out aggressively our D&A segment and position our TPS operations to outperform their perspective markets.”
The firm also continued to “take aggressive actions to transform CoreLogic into a higher-growth, higher-margin company despite challenges presented by the troughing of the mortgage market,” says Frank Martell, CFO of CoreLogic. “Over the balance of 2014, we will continue to invest in areas of strategic growth and operational excellence, which we believe will provide sustainable, long-term value creation.”