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The Dolan Company Reports Third Quarter 2012 Results

“Our Business Information segment remained steady and tracked to our expectations,” Dolan said. “The public notice advertising business showed modest growth once again. This segment continues to be a consistent cash flow generator.”

“In the third quarter, revenues at our National Default Exchange, or NDeX, declined by 16% compared to last year. Previously, we expressed a cautious view regarding our third quarter results given political considerations and the uncertainty about how large mortgage servicers would react to new OCC guidelines. The political uncertainty continues, and some major servicers have begun implementing newly required procedures that begin with a mandatory borrower notification period at the very beginning of the process for new foreclosures. This further slows an already stretched-out process. We remain cautious about volumes in our foreclosure-processing business heading into the fourth quarter. However, we have negotiated a double-digit price increase with the majority of our law firm partners, which should start to have an impact in 2013. Further, we believe there may be future opportunities to license our NDeX technology and infrastructure on a recurring fee basis in both new and existing markets,” Dolan said.

“Due to the previously announced restructuring of our NDeX Florida operations, in the third quarter we took a non-cash pre-tax charge of $20.2 million on these operations. Accordingly, the financial impact of our NDeX Florida operations is no longer included in our results since it is now a discontinued operation,” Dolan added.

Full Year 2012 Guidance

Based on third quarter results and the outlook for the remainder of 2012, the company is revising its full-year financial guidance as follows:
2012 Financial Guidance

( dollars in millions, except per share

numbers )
Total revenues     $253 – $256
Adjusted EBITDA     $42 – $44
Cash earnings per diluted share     $0.46 - $0.50

This guidance presumes the following: 1) continued file volume pressure for the default mortgage processing business; 2) interest expense of $9.2-$9.4 million; 3) tax rate of 40%-41%; and 4) fully diluted shares outstanding of 30.4 million.

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