CoreLogic Q1 Results Match Expectations

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%.