CoreLogic, Santa Ana, Calif., reported net income of $23 million for the first quarter, which included a $25 million pretax gain on the sale of DealerTrack Holdings common stock and a $14 million increase to its tax provision related to a deferred-tax asset reduction because of the Dorado acquisition.
In a press release, Anand Nallathambi, president and chief executive, said, "The continued shift in our business towards data and analytics helped provide top-line resiliency despite the challenges in the U.S. housing and mortgage markets. Specifically, strength in our core fraud and analytic solutions helped offset weakness in appraisal and default as well as higher corporate expenses. Looking ahead, we expect our financial results to improve through the year, as normal mortgage market seasonalities lift our revenues and the positive effects of our cost savings initiatives are felt."
In its business and information services segment, adjusted EBITDA was down 19% from the first quarter last year to $39 million because of a decline in the company's appraisal and broker price opinion business. These were partially offset by gains in flood data and geo-spatial services.
Adjusted revenues for the mortgage services group were down 9% to $112 million and appraisal services revenues were off 27%.
The default and technology services group saw its adjusted revenues decline by 1% to $103 million (excluding CoreLogic's acquisitions, it would have been down 8%). There was a 35% decline in the volume of BPO orders as servicers sought to reduce costs associated with loans in foreclosure. These were partially offset by higher revenues from field services and real estate owned asset management.
