Professional Services Division Results
The Professional Services Division provides specialized services to the legal profession through Counsel Press and DiscoverReady. Together, Counsel Press and DiscoverReady compose the company’s litigation support segment. Counsel Press is the largest provider of appellate services in the United States, and DiscoverReady provides outsourced discovery management, including document review, data hosting and processing services, to major corporations and law firms.
Division revenues for the third quarter were $19.9 million, a decrease of 27.5% from $27.4 million in the third quarter of 2012. The decrease was the result of lower revenue at DiscoverReady.
All but $0.5 million of Professional Service revenue came from the Litigation Support segment. The remaining $0.5 million of revenue came from NDeX Minnesota and was flat with last year. NDeX Minnesota generated $0.1 million of EBITDA for the quarter.
Direct operating expenses within the Professional Services Division decreased 15.6% to $8.8 million during the third quarter of 2013, from $10.4 million for the same period in 2012. Selling, general and administrative expenses were $6.9 million during the third quarter of 2013, a 15.7% decline from the same period in 2012. The lower operating expenses reflect the decrease of operating expenses at DiscoverReady.
Business Information Division Results
The Business Information Division publishes print and electronic legal publications, business journals, court and commercial media and other highly focused information products and services, operates web sites and produces events for targeted professional audiences in 19 geographic markets across the United States.
Business Information Division revenues for the third quarter of 2013 were $15.6 million, a 9.9% decrease from $17.3 million in the third quarter of 2012. The majority of the decrease was driven by lower public notice revenues.
Direct operating expenses for the Business Information Division were $5.6 million during the second quarter of 2013, a 9.2% decline compared to $6.1 million last year. In addition, SG&A expenses of $7.2 million were 2.3% lower than last year.