IRVINE, Calif., Feb. 21, 2014 /PRNewswire/ -- CoreLogic (NYSE:CLGX), a leading residential property information, analytics and services provider, today announced the completion of several important milestones in its previously announced strategic business plan. These operating enhancements are summarized below.
In line with the Company's long-term strategic plan, core business operations have been reorganized into two operating segments – Data and Analytics (D&A) and Technology and Processing Solutions (TPS).
The operations comprising the Company's Property Information and Analytics, Insurance and Spatial Solutions and Multifamily and Specialty Services businesses will continue to be reported within the D&A segment as of December 31, 2013. In addition, the D&A segment has been expanded through the acquisition of EQECAT, Inc., a leading global catastrophe modeling firm. EQECAT provides state-of-the-art catastrophe risk management models and services that quantify exposure to a range of natural and man-made catastrophic risks to the global property and casualty insurance, reinsurance and financial markets. EQECAT will be integrated into Insurance and Spatial Solutions.CoreLogic's Residential and Commercial Property Tax Processing, Originations and Underwriting Services (Credit and Verification Services and Flood Zone Determination) and Technology and Outsourcing Solutions businesses, previously reported in our former Mortgage Origination Services segment, will be reported within the TPS segment as of December 31, 2013. In addition, the TPS segment will also include the Company's document processing, retrieval and loan file review operations previously reported as part of the D&A segment. This transition is expected to capture operational synergies with the Company's payment processing and workflow solutions operations reported in the TPS segment. The Company also announced today its intention to pursue the divestiture of its Asset Management and Processing Solutions (AMPS) segment. As a result, the businesses comprising the AMPS segment will be classified as held for sale as of December 31, 2013. Full-year 2013 revenues and operating income for the AMPS segment aggregated $266.9 million and $2.2 million, respectively. For the fourth quarter, AMPS revenues and operating loss were $55.9 million and $42.2 million, respectively. The fourth quarter operating loss includes a non-cash goodwill impairment charge of $51.8 million. "CoreLogic is continuing to execute against the strategic business plan we outlined just over two years ago," said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. "We are taking aggressive actions to further sharpen our focus on CoreLogic's core businesses, which are uniquely positioned to capitalize on our competitive strengths in data and analytics, payment processing and data-enabled services. These businesses benefit from their leading market presence, unique data assets, intellectual property and world-class domain expertise." "The actions announced today position CoreLogic to continue to drive scale and operating leverage in our core operations," added Frank Martell, Chief Financial Officer of CoreLogic. "Despite lower mortgage origination volumes in 2014, we expect to continue to make progress toward our imperative of growing our D&A segment to over 50% of our total revenues and our TPS operations are well-positioned to outperform their respective markets."