Key Developments: Dolan Co (DM.N)
2.39USD
1 Aug 2013
$-0.15 (-5.91%)
$2.54
$2.60
$2.61
$2.33
53,405
86,978
$5.64
$1.38
Latest Key Developments (Source: Significant Developments)
Dolan Co Reaches Agreement To Sell Two NDex Businesses
Dolan Co announced that it sold the assets of its NDeX South business to the law firm affiliates of that business and has reached an agreement in principle to sell its NDeX Indiana business to its Indiana law firm affiliate. The NDeX South transaction, which closed yesterday, and the proposed NDeX Indiana transaction together provide for approximate total consideration of $17.5 million, including certain cash at closing, with the majority of payments to come within the next three years. Buyers of NDeX South include the law firms Barrett Daffin Frappier Turner & Engel, LLP; Barrett Daffin Frappier Levine & Block, LLP; and Barrett Daffin Frappier Treder & Weiss, LLP. NDeX South has provided back office and support services to these mortgage default law firms and their clients in Texas, California, Georgia and Nevada. The intended buyer of NDeX Indiana is the law firm Feiwell & Hannoy, PC. NDeX Indiana provides back office and support services to this mortgage default law firm and their clients in Indiana. Full Article
Dolan Co Declares Quarterly Cash Dividend for Preferred Stock
Dolan Co announced that it has declared a cash dividend on its 8.5% Series B Cumulative Preferred Stock for the period beginning April 2, 2013, through July 1, 2013, in the amount of $0.53125 per share. The dividend will be payable on July 1, 2013, to holders of record on June 14, 2013. Full Article
Dolan Co Reaffirms FY 2013 Guidance
Dolan Co announced that due to the lack of near-term visibility into its NDeX default processing operation and the overall foreclosure-related environment, the Company has provided only partial 2013 guidance. The Company has provided revenue and adjusted EBITDA guidance only for its Business Information Division and litigation support segment, including corporate costs. The Company expects total revenues (excluding NDeX operations) in the range of $160-$170 million and adjusted EBITDA (excluding NDeX operations) in the range of $30-$35 million. This fiscal 2013 revenue and adjusted EBITDA guidance is unchanged from the first quarter. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $33 million for fiscal 2013. Full Article
Dolan Co Issues FY 2013 Guidance
Dolan Co announced that for fiscal 2013, it expects total revenues (excluding NDeX operations) in the range of $160-$170 million and adjusted EBITDA (excluding NDeX operations) in the range of $30-$35 million. Full Article
Dolan Co Declares Quarterly Cash Dividend for Preferred Stock
Dolan Co announced that it has declared a cash dividend on its 8.5% Series B Cumulative Preferred Stock for the period beginning February 1, 2013, through April 1, 2013, in the amount of $0.35417 per share. The dividend is payable on April 1, 2013, to holders of record on March 15, 2013. Full Article
Dolan Co Announces Pricing of Public Offering of Preferred Stock
Dolan Co announced that it has priced an underwritten public offering of its 8.5% Series B Cumulative Preferred Stock (the Series B Preferred Stock) at a public offering price of $23.00 per share. Gross proceeds to the Company are expected to be approximately $16.1 million. The Company plans to use the net proceeds from the offering to repay borrowings outstanding under its credit facility. MLV & Co. LLC is acting as sole book-running manager for the offering, and Dougherty & Company and Northland Capital Markets are acting as co-managers for the offering. Closing of the offering is scheduled for January 31, 2013, subject to customary closing conditions. The Company is filing an application to list the Series B Preferred Stock on the New York Stock Exchange under the symbol DMPrB. Full Article
Dolan Co Announces Public Offering Of Preferred Stock
Dolan Co announced that it intends to engage in an underwritten public offering of a newly designated series of preferred stock, designated as its 8.5% Series B Cumulative Preferred Stock (the Series B Preferred Stock). The Company will file an application to list the Series B Preferred Stock on the New York Stock Exchange. The underwriters are selling the shares of the Series B Preferred Stock on a efforts basis. The Company plans to use the net proceeds from the offering to repay borrowings outstanding under its credit facility. The shares will be issued pursuant to a registration statement that has been declared effective by the Securities and Exchange Commission. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. MLV & Co. LLC is acting as sole book-running manager for the offering, and Northland Capital Markets and Dougherty & Company are acting as co-managers for the offering. Full Article
The Dolan Co Lowers FY 2012 Earnings Guidance
The Dolan Co announced that it is revising its fiscal 2012 guidance and expects adjusted EBITDA to be in the range of $42-$44 million and cash earnings per diluted share to be in the range $0.46-$0.50. This guidance presumes the following: continued file volume pressure for the default mortgage processing business; interest expense of $9.2-$9.4 million; tax rate of 40%-41%; and fully diluted shares outstanding of 30.4 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $42 million. Full Article
The Dolan Company Lowers FY 2012 Guidance
The Dolan Company announced that the Company is revising fiscal 2012 guidance and expects revenue in the range of $265-$278 million, adjusted EBITDA in the range of $43-$51 million, net income attributable to The Dolan Company per diluted share in the range of $0.23-$0.38 and cash earnings per diluted share (EPS) in the range of $0.49-$0.63. This guidance presumes the following a modest increase in second half default mortgage processing servicing revenue due to modest increases in file volumes and service fee increases; non-controlling interest of ($0.2)-$0.4 million; interest expense of $8.2-$8.7 million; cash distributions to holders of non-controlling interest of $0; tax rate of 41.6%-42.1% and fully diluted shares outstanding of 30.4 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $288 million, EBITDA of $50 million and EPS of $0.22 for fiscal 2012. Full Article
The Dolan Company Lowers FY 2012 Guidance
The Dolan Company revised fiscal 2012 guidance and now expects revenue to be in the range of $290-$300 million, adjusted EBITDA to be in the range of $51.3-$59.9 million, net income attributable to The Dolan Company per diluted share $0.26- $0.42 and cash earnings per diluted share (EPS) in the range of $0.68 - $0.84. This guidance presumes the following foreclosure volumes improve modestly in the second half of 2012; operating expenses as a percent of total revenues are 91.7%-94.2%; non-controlling interest of $0.15-($0.3) million; interest expense of $8.3-$8.4 million; cash distributions to holders of non-controlling interest of $0.0-$0.1 million; tax rate of 40%-41%; and fully diluted shares outstanding of 30.3-30.6 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $303 million for fiscal 2012. Full Article
BUYOUTS-Harvard's private equity chief resigns
April 12 (Reuters-BUYOUTS) - Peter Dolan, the director of private equity and venture capital for the Harvard Management Company, manager of the world's biggest endowment, stepped down on April 10. The departure comes at a critical time for the endowment's $4 billion private equity portfolio, which is set to expand as the university shifts to a more aggressive approach to the asset class.

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