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Altisource Announces First Quarter Results

Stocks in this article: ASPS


Altisource will host a webcast at 11:00 a.m. EDT today to discuss first quarter results.  A link to the live audio webcast will be available on the Company's website through the Investor Relations home page. Those who want to listen to the call should go to the website fifteen minutes prior to the call to register, download and install any necessary audio software.  A replay of the conference call will be available via the website approximately two hours after the conclusion of the call and will remain available for approximately 30 days.

About Altisource

Altisource Portfolio Solutions S.A. (Nasdaq:ASPS) is a global provider of services focused on high-value, technology-enabled knowledge-based solutions principally related to real estate and mortgage portfolio management, asset recovery and customer relationship management.  Additional information is available at .

(Dollars in thousands, except per share data)
Financial Results
Results of operations are as follows for the three months ended March 31:
  2013 2012
Service revenue    
Mortgage Services  $ 96,377  $ 79,320
Financial Services 16,132 17,760
Technology Services 20,231 17,022
Eliminations (5,188) (5,633)
  127,552 108,469
Reimbursable expenses 20,266 28,705
Non-controlling interests 1,009 1,892
Total revenue 148,827 139,066
Cost of revenue 76,696 63,055
Reimbursable expenses 20,266 28,705
Gross profit 51,865 47,306
Selling, general and administrative expenses 18,680 17,015
Income from operations 33,185 30,291
Other income (expense), net:    
Interest expense (3,212) (15)
Other income (expense), net 705 (336)
Total other income (expense), net (2,507) (351)
Income before income taxes and non-controlling interests 30,678 29,940
Income tax provision (2,151) (2,819)
Net income 28,527 27,121
Net income attributable to non-controlling interests (1,009) (1,892)
Net income attributable to Altisource  $ 27,518  $ 25,229
Earnings per share:    
Basic  $ 1.18  $ 1.08
Diluted  $ 1.10  $ 1.02
Weighted average shares outstanding:    
Basic 23,374 23,381
Diluted 25,058 24,844
Transactions with related parties:    
Revenue  $ 90,098  $ 82,780
Selling, general and administrative expenses 673 574
Other income 773
(In thousands, except per share data)
  March 31, December 31,
  2013 2012
Current assets:    
Cash and cash equivalents  $ 77,303  $ 105,502
Accounts receivable, net 109,238 88,955
Prepaid expenses and other current assets 21,760 7,618
Deferred tax assets, net 1,775 1,775
Total current assets 210,076 203,850
Premises and equipment, net 53,344 50,399
Deferred tax assets, net 4,073 4,073
Intangible assets, net 135,774 56,586
Goodwill 14,915 14,915
Investment in Correspondent One 12,729
Loan to Ocwen 75,000
Other assets 13,250 11,674
Total assets  $ 431,432  $ 429,226
Current liabilities:    
Accounts payable and accrued expenses  $ 57,704  $ 58,976
Current portion of long-term debt 2,000 2,000
Current portion of capital lease obligations 57 233
Other current liabilities 7,185 10,423
Total current liabilities 66,946 71,632
Long-term debt, less current portion 195,622 196,027
Other non-current liabilities 1,703 1,738
Commitments and contingencies    
Common stock ($1.00 par value; 100,000 shares authorized; 25,413 issued and 23,177 outstanding as of March 31, 2013; 25,413 issued and 23,427 outstanding as of December 31, 2012) 25,413 25,413
Additional paid-in-capital 88,297 86,873
Retained earnings 151,441 124,127
Treasury stock, at cost (2,236 shares as of March 31, 2013 and 1,986 shares as of December 31, 2012) (99,291) (77,954)
Altisource equity 165,860 158,459
Non-controlling interests 1,301 1,370
Total equity 167,161 159,829
Total liabilities and equity  $ 431,432  $ 429,226
CONTACT: Mark F. A. Kearns
         Chief Accounting Officer
         T:  +352 2469 7954

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