Dolan Media Newswire Story
Subject: Minneapolis-based Dolan Media profit more than doubles
Pub: Finance and Commerce
Author: Finance and Commerce Staff
Category:
Sub-Category:
Issue Date: 11/07/2009 Word Count: 8
Minneapolis-based Dolan Media profit more than doubles
by Finance and Commerce Staff
Dolan Media Newswires
© Dolan Media Newswires 2009.MINNEAPOLIS, MN -- Minneapolis business information and professional services provider Dolan Media Company, which owns Finance and Commerce, reported a sharp rise in net income for the third quarter, as revenues grew more than 55 percent in its professional services division. Reflecting the strong results and its latest acquisitions, the company raised its earnings outlook for the full year.
Net income attributable to the company more than doubled to $5.87 million or $0.20 per share from $2.45 million or $0.09 per share in the prior-year quarter.
Cash earnings for the quarter grew to $8.78 million or $0.29 per share from $5.78 million or $0.21 per share in the year-ago quarter.
The company’s quarterly total revenues rose 30.2 percent to $62.34 million from $47.88 million in the comparable period. Three analysts estimated revenues of $61.03 million for the quarter.
Revenues from Dolan’s professional services division were $40 million, up 55.8 percent from $25.67 million last year, due to a $16.9 million increase in mortgage default processing services revenues from Barrett-NDEx, which the company acquired in September 2008.
Revenues from business information segment increased to $22.35 million from $22.21 million in the previous year.
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