CoreLogic Reports Fourth-Quarter and Full-Year 2011 Financial Results

Teleconference/Webcast

CoreLogic management will host a live webcast and conference call on Tuesday, February 28, 2012, at 8:00 a.m. Pacific time (11:00 a.m. Eastern time) to discuss these results. All interested parties are invited to listen to the event via webcast on the CoreLogic website at http://investor.corelogic.com. The discussion is also available through dial-in number 1-800-798-2801 for U.S./Canada participants or 617-614-6205 for international participants using Conference ID 24200512.

A replay of the webcast will be available on the CoreLogic investor website for 30 days and also through the conference call number 1-888-286-8010 for U.S./Canada participants or 617-801-6888 for international participants using Conference ID 54388010.

Additional detail on the Company's fourth quarter financial results is included in the quarterly financial supplement, available on the Investor Relations page at http://investor.corelogic.com.

Media Contact: Alyson Austin, office phone: 714-250-6180, e-mail: Email Contact

Investor Contact: Dan Smith, office phone: 703-610-5410, e-mail: Email Contact

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading provider of information, analytics and business services. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information visit www.corelogic.com.

Safe Harbor / Forward Looking Statements

Certain statements made in this press release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements related to the Company's overall financial performance, including future revenue and earnings growth, future margin improvement and future adjusted EBITDA and EPS performance, estimated future cost savings and the impact thereof;  mortgage market trends; reduction in indebtedness; and anticipated workforce reductions. Risk and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements are set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K for the year ended December 31, 2010, as updated by our Quarterly Reports on Form 10-Q, including but not limited to: limitations on access to data from external sources, including government and public record sources; changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of  public records and consumer data which may, among other things, limit the manner in which we conduct business with our customers; compromises in the security of our data transmissions, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer credit industry, including the continued decline in mortgage applications, declines in the level of loans seriously delinquent and continued delays in the default cycle, the state of the securitization market, increased unemployment, and conditions in the economy generally; our cost reduction initiatives and our ability to significantly decrease future allocated costs and other amounts in connection therewith; risks related to our international operations and the  outsourcing of various business process and information technology services to third parties, including potential disruptions to services and customers and inability to achieve cost savings; and impairments in our goodwill or other intangible assets. The forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

This press release contains certain financial measures that are not presented in accordance with Generally Accepted Accounting Principles (GAAP), including adjusted revenue which includes equity in earnings of affiliates; adjusted EBITDA and adjusted EBITDA margin which is adjusted to exclude historical corporate expense of the spun-off businesses, net realized investment gains/losses, employee separation costs, and other adjustments. Although these exclusions represent actual losses or expenses to the Company, they may mask the periodic income and financial and operating trends associated with the Company's business. To compensate for the inherent limitations of these non-GAAP measures, the Company uses them in conjunction with the corresponding GAAP measures.  

The Company is presenting these non-GAAP financial measures because the Company believes that they provide the Company's management and investors with additional insight into the operational performance of the Company relative to earlier periods. The Company does not intend for these non-GAAP financial measures to be a substitute for any GAAP financial information. In this press release, these non-GAAP financial measures have been presented with, and reconciled to, the most directly comparable GAAP financial measures. Investors should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures.

The Company is not able to provide a reconciliation of projected adjusted EBITDA or projected adjusted earnings per share to expected reported results due to the unknown effect, timing and potential significance of special charges or gains.

(Additional Financial Data Follows)

CoreLogic, Inc.

Consolidated Statements of Operations

(Unaudited)



For the Three Months Ended
December 31,


For the Years Ended
December 31,

(in thousands, except per share amounts)

2011


2010


2011


2010

Operating revenue

$

345,398



$

315,367



$

1,338,547



$

1,280,276


External cost of revenue

76,599



68,111



288,056



282,824


Salaries and benefits

139,353



127,172



553,898



533,268


Other operating expenses

82,623



64,202



292,362



255,620


Depreciation and amortization

31,387



22,683



115,546



94,881


Total operating expenses

329,962



282,168



1,249,862



1,166,593


Income from continuing operations

15,436



33,199



88,685



113,683


Interest expense:








Interest income

823



1,440



4,827



4,269


Interest expense

15,336



9,169



63,117



34,494


Total interest expense, net

(14,513)



(7,729)



(58,290)



(30,225)


(Loss)/gain on investments and other, net

(26,778)



(10,227)



60,005



(10,885)


(Loss)/income from continuing operations before equity in earnings of affiliates and income taxes

(25,855)



15,243



90,400



72,573


(Benefit)/provision for income taxes

(9,654)



26,130



67,175



30,323


(Loss)/income from continuing operations before equity in earnings of affiliates

(16,201)



(10,887)



23,225



42,250


Equity in earnings of affiliates, net of tax

9,877



12,049



30,270



41,641


Net (loss)/income from continuing operations

(6,324)



1,162



53,495



83,891


Loss from discontinued operations, net of tax

(7,981)



(878)



(119,106)



(94,566)


Loss on sale of discontinued operations, net of tax



(18,985)





(18,985)


Net loss

(14,305)



(18,701)



(65,611)



(29,660)


Less: Net income attributable to noncontrolling interests

(163)



9,041



980



37,670


Net loss attributable to CoreLogic

$

(14,142)



$

(27,742)



$

(66,591)



$

(67,330)


Amounts attributable to CoreLogic stockholders:








(Loss)/income from continuing operations, net of tax

$

(6,161)



$

(7,879)



$

52,515



$

46,221


(Loss)/income from discontinued operations, net of tax

(7,981)



(878)



(119,106)



(94,566)


Loss on sale of discontinued operations, net of tax



(18,985)





(18,985)


Net loss

$

(14,142)



$

(27,742)



$

(66,591)



$

(67,330)


Basic loss per share:








(Loss)/income from continuing operations, net of tax

$

(0.06)



$

(0.07)



$

0.48



$

0.41


(Loss)/income from discontinued operations, net of tax

(0.07)



(0.01)



(1.09)



(0.85)


Loss on sale of discontinued operations, net of tax



(0.16)





(0.17)


Net loss

$

(0.13)



$

(0.24)



$

(0.61)



$

(0.61)


Diluted loss per share:








(Loss)/income from continuing operations, net of tax

$

(0.06)



$

(0.07)



$

0.48



$

0.41


(Loss)/income from discontinued operations, net of tax

(0.07)



(0.01)



(1.09)



(0.84)


Loss on sale of discontinued operations, net of tax



(0.16)





(0.17)


Net loss

$

(0.13)



$

(0.24)



$

(0.61)



$

(0.60)


Weighted-average common shares outstanding:








Basic

106,508



116,344



109,122



111,529


Diluted

106,508



116,344



109,712



112,363





CoreLogic, Inc.

Consolidated Balance Sheets

(Unaudited)


(in thousands, except par value)

As of December 31,

Assets

2011


2010

Current assets:




Cash and cash equivalents

$

259,266



$

426,212


Marketable securities

20,884



75,221


Accounts receivable (less allowance for doubtful accounts of $17,365 and $12,314 in 2011 and 2010, respectively)

213,339



176,413


Prepaid expenses and other current assets

51,659



42,793


Income tax receivable

15,110



30,587


Deferred income tax assets, current

39,584



30,782


Due from FAFC, net

621




Assets of discontinued operations

55,516



262,275


Total current assets

655,979



1,044,283


Property and equipment, net

214,237



197,426


Goodwill

1,472,206



1,289,888


Other intangible assets, net

164,365



109,850


Capitalized data and database costs, net

304,006



211,331


Investment in affiliates, net

113,809



165,709


Deferred income tax assets (see Note 1)

38,305



6,344


Restricted cash

22,044



21,095


Other assets

125,120



180,881


Total assets

$

3,110,071



$

3,226,807


Liabilities and Equity




Current liabilities:




Accounts payable and accrued expenses

$

149,452



$

141,711


Accrued salaries and benefits

86,444



76,212


Deferred revenue, current

201,689



186,031


Mandatorily redeemable noncontrolling interests



72,000


Current portion of long-term debt

62,268



233,452


Due to FAFC, net



18,097


Liabilities of discontinued operations

27,399



40,162


Total current liabilities

527,252



767,665


Long-term debt, net of current

846,027



487,437


Deferred revenue, net of current

338,799



350,827


Deferred income tax liabilities

18,383




Other liabilities

134,789



83,755


Total liabilities

1,865,250



1,689,684






Commitments and contingencies




Equity:




CoreLogic, Inc.'s (CoreLogic) stockholders' equity:




Preferred stock, $0.00001 par value; 500 shares authorized, no shares issued or outstanding




Common stock, $0.00001 par value; 180,000 shares authorized; 106,544 and 115,499 shares issued and outstanding as of December 31, 2011 and 2010, respectively

1



1


Additional paid-in capital

1,053,447



1,229,806


Retained earnings (see Note 1)

209,389



289,018


Accumulated other comprehensive (loss)/income

(20,316)



15,943


Total CoreLogic stockholders' equity

1,242,521



1,534,768


Noncontrolling interests

2,300



2,355


Total equity

1,244,821



1,537,123


Total liabilities and equity

$

3,110,071



$

3,226,807






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