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The Dolan Company Reports Third Quarter 2013 Results

Stocks in this article: DM

“Subsequent to the end of the third quarter, we signed a sixth amendment to our credit agreement with our banking syndicate. We view this amendment as a short-term solution to our balance sheet as we explore options to provide a broader long-term solution to our capital structure,” Dolan said.

“Due to continued trends of declining public notice advertising revenue, we recorded a non-cash goodwill impairment charge of $35.4 million,” Dolan said.

2013 Guidance

The guidance covers revenue and adjusted EBITDA for the Professional Services Division, including NDeX Minnesota, and the Business Information Division, and it includes corporate costs. The company’s 2013 financial guidance is:


2013 Financial Guidance ( dollars in millions )

Total revenues     $150-$154 million
Adjusted EBITDA     $26-$28 million

This guidance presumes the following: 1) Litigation Support segment revenues and adjusted EBITDA will be flat to slightly up; 2) Business Information Division revenues will be down year-over-year by low double digits; 3) depreciation expense will be $5.7-$5.9 million; 4) amortization expense will be $8.9-$9.1 million; and 5) there will be 30.2 to 30.4 million fully diluted shares outstanding. This guidance excludes the effect of any divestiture or other transactional activity during the remainder of 2013.

Third Quarter 2013

Financial results for the three months ended September 30, 2013, and 2012 are as follows:


Dollars in thousands, except per share data

Three Months Ended September 30, 2013(unaudited)

Three Months Ended September 30, 2012(unaudited)

Year-over- Year % Change

Total revenues $ 35,460 $ 44,725 (20.7


Professional Services Division revenues 19,885 27,437 (27.5 )%
Business Information Division revenues 15,575 17,288 (9.9


Operating loss (34,177 ) (1,189 ) (2,774.4


Net loss attributable to The Dolan Company (27,476 ) (103,504 ) 73.5 %
Adjusted EBITDA * 5,612 11,345 (50.5


(Loss) income from continuing operations attributable to The Dolan Company per diluted share








Cash earnings * 475 3,932 (87.9


Cash earnings per diluted share * $ 0.02 $ 0.13 (84.6



* Please refer to the “Non-GAAP Financial Measures” below for a reconciliation of these non-GAAP financial measures to GAAP and why the company believes these are important measures of its performance.

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