CoreLogic posted a net loss of $107 million off revenue of $348 million, the result of substantial losses from the discontinued operations of five business units in the third quarter of 2011. The results compare to a net loss of $93 million off revenue of $330 million in 3Q10.
Before the $104 million in losses from discontinued operations, CoreLogic posted a loss from continuing operations of $3 million for the most recent quarter, compared to income from continuing operations of $59 million in 3Q10—when Santa Ana, Calif.-based CoreLogic had nearly $143 million in losses from discontinued operations.
Still, the company said higher mortgage refinancing volumes and a faster pace for its cost reduction plan led to better-than-expected results.
“During the third quarter, we took aggressive actions to sharpen our focus on our core businesses and better position CoreLogic to capitalize on our competitive strengths in the data and analytics and core mortgage origination services areas,” Anand Nallathambi, CoreLogic president and CEO, said in a press statement. “These core businesses benefit from their leading market presence, unique data assets, intellectual property and world-class domain expertise.”
CoreLogic shut down its marketing services unit in September and intends to sell its Appraisal Management Services, American Driving Records, Inc., CompuNet Credit Services and Consumer Credit Monitoring Services businesses.
The 5.5% year-over-year increase in revenue was fueled by a 14.5% increase in CoreLogic's data and analytics unit. The business and information services unit saw revenue decline 3.1% to $169.6 million, which CoreLogic said reflected a 22.4% year-over-year decrease in mortgage origination volume, which was offset by revenue from its
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