CoreLogic Reports First Quarter 2011 Net Income of $23.3 Million, or $0.20 Per Share, on Revenue of $404.0 Million

FIRST QUARTER PRE-TAX INCOME OF $52.6 MILLION, ADJUSTED PRE-TAX INCOME(1) OF $40.7 MILLION, ADJUSTED EBITDA(1) OF $73.5 MILLION

(PRNewswire) — CoreLogic (NYSE: CLGX) today reported net income of $23.3 million for the quarter ended March 31, 2011 compared with net income of $29.4 million in the same period of 2010.  Diluted earnings were $0.20 per share in the first quarter of 2011 compared with diluted earnings of $0.28 per share in the first quarter of 2010.  First quarter 2010 results included net income from discontinued operations of $18.6 million or $0.18 per share.  

(Logo:   http://photos.prnewswire.com/prnh/20100609/CLLOGO)

Significant items in the first quarter of 2011 included a $24.9 million pretax gain on the sale of common stock of DealerTrack Holdings Inc. and an increase to the tax provision of $14.0 million related to a deferred-tax asset reduction resulting from the acquisition of Dorado Network Systems Corporation.

Anand Nallathambi, President and Chief Executive Officer, CoreLogic, commented on the quarter, "Our results reflected strong growth in Data and Analytics revenues and continued success in tax and flood data services.  The continued shift in our business towards Data and Analytics helped provide top-line resiliency despite the challenges in the U.S. housing and mortgage markets.  Specifically, strength in our core fraud and analytic solutions helped offset weakness in appraisal and default as well as higher corporate expenses. Looking ahead, we expect our financial results to improve through the year, as normal mortgage market seasonalities lift our revenues and the positive effects of our cost savings initiatives are felt."

Continuing on, Nallathambi added:  "In the Data and Analytics segment, we deployed products to help our clients meet new loan quality and borrower credit requirements, and to better assess risks associated with future loan repurchase liabilities. In the Business and Information Services segment we improved our penetration of insurance and other non-mortgage industry verticals through growth in our flood data and geo-spatial offerings.  Overall, we continued to innovate and expand our footprint during the quarter."

Regarding the company's balance sheet, Nallathambi said: "Our capital position remains strong, this strength allowed us to repurchase 7 million common shares through April 30, 2011, for $131 million."

(1) This is a non-GAAP measure.  For a discussion and reconciliation of non-GAAP measures to the GAAP equivalent, see page 11 and following.

FINANCIAL SUMMARY

(Unaudited)


($ millions)

1Q11

4Q10

1Q10

Total revenue (excludes equity in earnings of affiliates)

$404.0

$394.5

$397.9

    Data and Analytics

203.2

183.3

181.5

    Business and Information Services

206.3

218.3

216.1

    Corporate and Eliminations

(5.6)

(7.1)

0.3

Total operating expenses

$374.6

$364.6

$379.3

    Data and Analytics

170.4

165.4

154.2

    Business and Information Services

181.4

186.3

184.4

    Corporate and Eliminations

22.8

12.9

40.7

Total pretax income / margin (%)

$52.6/ 13%

$12.0/ 3.0%

$15.4     / 4.0%

    Data and Analytics

58.2 /      29%

18.3/       10%

27.5/       15%

    Business and Information Services

25.3  /       12%

36.7 /       17%

31.7  /       15%

    Corporate and Eliminations

(30.9)     /      NM

(43.0)     /      NM

(43.8)     /      NM

Adjusted pretax income / margin (%)(2)

$40.7  /      10%

$60.5  /      15%

$57.3  /      14%

    Data and Analytics

36.3       /      18%

28.4       /      15%

28.8       /      16%

    Business and Information Services

34.8       /      16%

53.7       /      23%

43.0       /      19%

    Corporate and Eliminations

(30.4)      /       NM

(21.6)      /       NM

(14.5)      /       NM

Cash on balance sheet

$150

$447

$340

Total debt outstanding

$524

$721

$550





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