Luxembourg | 001-34354 | Not Applicable | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
291, Route dArlon L-1150 Luxembourg Grand Duchy of Luxembourg |
|
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
Exhibit 99.1 | Press release of Altisource Portfolio Solutions S.A. dated July 28, 2011. |
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Altisource Portfolio Solutions S.A. |
||||
By: | /s/ Robert D. Stiles | |||
Name: | Robert D. Stiles | |||
Title: | Chief Financial Officer |
iii
FOR IMMEDIATE RELEASE
|
FOR FURTHER INFORMATION CONTACT: | |
Robert D. Stiles | ||
Chief Financial Officer | ||
T: +352 2469 7903 | ||
E: robert.stiles@altisource.lu |
- 1 -
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in thousands, except per share data) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Service Revenue |
$ | 72,504 | $ | 58,910 | $ | 144,234 | $ | 110,566 | ||||||||
Reimbursable Expenses |
19,459 | 11,141 | 35,100 | 19,671 | ||||||||||||
Cooperative Non-controlling Interest |
1,305 | 1,297 | 2,604 | 2,084 | ||||||||||||
Total Revenue |
93,268 | 71,348 | 181,938 | 132,321 | ||||||||||||
Cost of Revenue |
43,638 | 33,234 | 82,946 | 64,058 | ||||||||||||
Reimbursable Expenses |
19,459 | 11,141 | 35,100 | 19,671 | ||||||||||||
Gross Profit |
30,171 | 26,973 | 63,892 | 48,592 | ||||||||||||
Selling, General and Administrative
Expenses |
13,904 | 12,476 | 30,158 | 24,545 | ||||||||||||
Income from Operations |
16,267 | 14,497 | 33,734 | 24,047 | ||||||||||||
Other Income (Expense), net |
270 | 40 | 614 | (32 | ) | |||||||||||
Income before Income Taxes and
Non-controlling Interests |
16,537 | 14,537 | 34,348 | 24,015 | ||||||||||||
Income Tax (Provision) Benefit |
(1,847 | ) | 3,107 | (3,534 | ) | 722 | ||||||||||
Net Income |
14,690 | 17,644 | 30,814 | 24,737 | ||||||||||||
Net Income Attributable to
Non-controlling Interests |
(1,305 | ) | (1,297 | ) | (2,604 | ) | (2,084 | ) | ||||||||
Net Income Attributable to Altisource |
$ | 13,385 | $ | 16,347 | $ | 28,210 | $ | 22,653 | ||||||||
Earnings Per Share: |
||||||||||||||||
Basic |
$ | 0.54 | $ | 0.65 | $ | 1.14 | $ | 0.91 | ||||||||
Diluted |
$ | 0.52 | $ | 0.62 | $ | 1.09 | $ | 0.87 | ||||||||
Weighted Average Shares Outstanding: |
||||||||||||||||
Basic |
24,625 | 25,226 | 24,734 | 24,960 | ||||||||||||
Diluted |
25,773 | 26,247 | 25,851 | 25,965 | ||||||||||||
Transactions with Related Parties: |
||||||||||||||||
Revenue |
$ | 53,694 | $ | 35,784 | $ | 102,484 | $ | 65,035 | ||||||||
Selling, General and Administrative
Expenses |
$ | 455 | $ | 264 | $ | 846 | $ | 588 | ||||||||
- 2 -
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Mortgage Services |
||||||||||||||||
Service Revenue |
$ | 45,513 | $ | 31,001 | $ | 88,853 | $ | 54,714 | ||||||||
Reimbursable Expenses |
18,689 | 10,367 | 33,757 | 18,249 | ||||||||||||
Cooperative Non-controlling Interest |
1,305 | 1,297 | 2,604 | 2,084 | ||||||||||||
Mortgage Services Total Revenue |
65,507 | 42,665 | 125,214 | 75,047 | ||||||||||||
Financial Services |
||||||||||||||||
Service Revenue |
17,213 | 19,117 | 36,133 | 38,514 | ||||||||||||
Reimbursable Expenses |
770 | 774 | 1,343 | 1,422 | ||||||||||||
Financial Services Total Revenue |
17,983 | 19,891 | 37,476 | 39,936 | ||||||||||||
Technology Services |
13,572 | 12,485 | 26,288 | 24,459 | ||||||||||||
Eliminations |
(3,794 | ) | (3,693 | ) | (7,040 | ) | (7,121 | ) | ||||||||
Total Revenue |
$ | 93,268 | $ | 71,348 | $ | 181,938 | $ | 132,321 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in thousands) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Mortgage Services: |
||||||||||||||||
Income Before Income Taxes |
$ | 19,368 | $ | 12,228 | $ | 37,837 | $ | 20,877 | ||||||||
Non-controlling Interests |
(1,305 | ) | (1,297 | ) | (2,604 | ) | (2,084 | ) | ||||||||
Pretax Income |
$ | 18,063 | $ | 10,931 | $ | 35,233 | $ | 18,793 | ||||||||
As percent of Service Revenue |
40 | % | 35 | % | 40 | % | 34 | % | ||||||||
Financial Services: |
||||||||||||||||
Income Before Income Taxes |
$ | 900 | $ | 1,640 | $ | 2,434 | $ | 3,043 | ||||||||
As percent of Service Revenue |
5 | % | 9 | % | 7 | % | 8 | % | ||||||||
Technology Services: |
||||||||||||||||
Income Before Income Taxes |
$ | 2,689 | $ | 4,483 | $ | 6,749 | $ | 8,692 | ||||||||
As percent of Revenue |
20 | % | 36 | % | 26 | % | 36 | % | ||||||||
Corporate: |
||||||||||||||||
Loss Before Income Taxes |
$ | (6,420 | ) | $ | (3,814 | ) | $ | (12,672 | ) | $ | (8,597 | ) | ||||
Consolidated: |
||||||||||||||||
Income Before Income Taxes |
$ | 16,537 | $ | 14,537 | $ | 34,348 | $ | 24,015 | ||||||||
Non-controlling Interests |
(1,305 | ) | (1,297 | ) | (2,604 | ) | (2,084 | ) | ||||||||
Pretax Income |
$ | 15,232 | $ | 13,240 | $ | 31,744 | $ | 21,931 | ||||||||
As percent of Service Revenue |
21 | % | 22 | % | 22 | % | 20 | % |
- 3 -
- 4 -
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash and Cash Equivalents |
$ | 35,032 | $ | 22,134 | ||||
Accounts Receivable, net |
52,495 | 53,495 | ||||||
Prepaid Expenses and Other Current Assets |
4,405 | 13,076 | ||||||
Deferred Tax Assets, net |
633 | 551 | ||||||
Total Current Assets |
92,565 | 89,256 | ||||||
Restricted Cash |
1,222 | 1,045 | ||||||
Premises and Equipment, net |
16,814 | 17,493 | ||||||
Deferred Tax Assets, net |
490 | 1,206 | ||||||
Intangible Assets, net |
69,269 | 72,428 | ||||||
Goodwill |
12,537 | 11,836 | ||||||
Investment in Equity Affiliate |
3,328 | | ||||||
Other Non-current Assets |
6,824 | 4,536 | ||||||
Total Assets |
$ | 203,049 | $ | 197,800 | ||||
LIABILITIES AND EQUITY |
||||||||
Current Liabilities: |
||||||||
Accounts Payable and Accrued Expenses |
$ | 27,625 | $ | 35,384 | ||||
Capital Lease Obligations Current |
651 | 680 | ||||||
Other Current Liabilities |
3,574 | 5,616 | ||||||
Total Current Liabilities |
31,850 | 41,680 | ||||||
Capital Lease Obligations Non-current |
541 | 852 | ||||||
Other Non-current Liabilities |
2,782 | 3,370 | ||||||
Commitments and Contingencies |
||||||||
Equity: |
||||||||
Common Stock ($1.00 par value; 100,000
shares authorized; 25,413 shares issued
and 24,586 outstanding in 2011; 25,413
shares issued and 24,881 outstanding in
2010) |
25,413 | 25,413 | ||||||
Retained Earnings |
84,744 | 58,546 | ||||||
Additional Paid-in-Capital |
80,676 | 79,297 | ||||||
Treasury Stock, at cost ($1.00 par
value; 827 and 532 shares in 2011 and
2010, respectively) |
(24,442 | ) | (14,418 | ) | ||||
Altisource Equity |
166,391 | 148,838 | ||||||
Non-controlling Interests |
1,485 | 3,060 | ||||||
Total Equity |
167,876 | 151,898 | ||||||
Total Liabilities and Equity |
$ | 203,049 | $ | 197,800 | ||||
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