In its first full quarter as a standalone company, CoreLogic reported a net loss of $93.4 million, the result of a $174 million impairment charge related to its employer and litigation services businesses. It took in revenue of $484.3 million.
As the company tries to sell off the impaired businesses, CoreLogic said it will repurchase up to $100 million of common stock.
Revenue in 3Q10 was up from $468.3 million in 2Q10 and $469.8 in 3Q09. CoreLogic said 5.6% quarterly growth in adjusted revenue of $137.7 million in its mortgage origination services group lead the adjusted earnings before interest, taxes, depreciation and amortization of $62.2 million in its business and information services group
The 1.5% decrease of the default and technology services group's $110.2 million was the result of a lower volume of broker price opinions and default technology services compared to 2Q10.
Adjusted EBITDA increased 14.5% for the data and analytics division to $56.1 million, driven by higher revenue in fraud and income verification products and mortgage credit reports.
The employer, legal and marketing services division's EBITDA increased 55.1% to $10.7 million, driven by adjusted revenue increases of 10.1% in employer services' revenue of $54.6 million, as well as undisclosed quarterly improvement in the litigation and investigation support group.
CoreLogic disclosed in 2Q10 that it intends to sell the employer and litigation services businesses group that was the cause of the 3Q10 impairment charge.
As of September 30, 2010, CoreLogic had cash on balance sheet of $327.3 million, and total debt outstanding of $530.9 million. During the quarter, the company paid down $85 million on its credit line. CoreLogic said it intends to repurchase $100 million in company stock between November 4, 2010 and December 31, 2011.
