CoreLogic (NYSE:CLGX), a leading residential property information, analytics and services provider, reports that its consolidated second quarter revenues increased 9.7% to $427.0 million. MOS revenues grew 24.6% to $184.4 million as a result of higher demand for credit reports, tax services and flood certifications as well as market share gains by the credit and tax services businesses. D&A revenues rose 11.2% to $169.0 million driven principally by higher demand for property-related information and analytics as well as advisory services related to assisting clients with regulatory compliance. Asset Management and Processing Services segment (AMPS) revenues of $80.1 million were down 14.5% reflecting a double-digit drop in market volumes of delinquent loans and foreclosure starts as well as the impact of the exit of unprofitable product lines over the past twelve months.
Operating income totaled $68.4 million for the second quarter of 2013 compared with $67.6 million for the second quarter of 2012. The 1.2% increase in operating income was principally attributable to revenue gains in the MOS and D&A segments and improved MOS operating leverage which more than offset the impact of lower AMPS revenues as well as one-time transaction fees of $4.2 million related to the Company’s recently announced acquisitions and investments of $6.4 million in the Technology Transformation Initiative (TTI). Second quarter 2012 operating income included the benefit of approximately $7.0 million related to the settlements of intellectual property (IP) claims asserted by CoreLogic, partially offset by $3.1 million in one-time costs related primarily to the TTI launch.
Source: CoreLogic Press Release
