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-Significantly Increases Earnings to $0.47 Per Share in the Fourth Quarter -
-Revenue Grows 70% to Record $845 Million in 2012 --Full Year 2012 Earnings Per Share Rise 85% From Prior Year -
ATLANTA, Feb. 28, 2013 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today reported Net income of $65.2 million, or $0.47 per share, for the fourth quarter of 2012 compared to Net income of $9.7 million, or $0.08 per share, for the fourth quarter of 2011. The Company produced record Revenue of $236.4 million, up 51% from the fourth quarter of 2011. Income from operations grew in excess of 100% to $137.3 million for the fourth quarter of 2012 as compared to $66.1 million in the same period of 2011.
Ocwen's normalized pre-tax earnings were $83.3 million, a 56% increase over normalized pre-tax earnings in the fourth quarter of 2011. The adjustments in the fourth quarter of 2012 included: $2.2 million of transaction expenses, $3.1 million of losses on the sale of residual interests in securitization trusts and $1.5 in termination fees associated with the cancelling of an advance funding facility.
Full year Net income for 2012 was $180.8 million, or $1.31 per share, as compared to $78.3 million, or $0.71 per share, for 2011. Revenue in 2012 increased 70% from 2011 to a record $845.0 million.
Normalized pre-tax earnings for 2012 increased by 53% over 2011 from $188.8 million to $289.4 million. For more detail on normalizing items as well as prior earnings releases and SEC filings please refer to the "Shareholder Relations" section of our website at
Bill Erbey, Ocwen's Chairman, stated, "Ocwen continues to produce strong cash-flows well in excess of book earnings. Ocwen generated adjusted cash-flow from operations of $220 million in the fourth quarter of 2012 and $719 million for the year. Moreover, we have significantly reduced our cost of capital as we have benefitted from the substantial improvement in our recent funding costs for both senior term debt and advance funding. These funding cost improvements should enhance our margins in 2013 and beyond."