Company description

Thu, 11 Mar 2010 05:00:00 GMT

DJSP is the largest provider of processing services for the mortgage and real estate industries in Florida and one of the largest in the United States. The Company provides a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. The Company's principal customer is the Law Offices of David J. Stern, P.A. whose clients include all of the top 10 and 17 of the top 20 mortgage servicers in the United States, many of which have been customers for more than 10 years. The Company has approximately 1,000 employees and contractors and is headquartered in Plantation, Florida, with additional operations in Louisville, Kentucky and San Juan, Puerto Rico. The Company's U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines that provides data entry and document preparation support for the U.S. operation

Comments & Business Outlook

Thu, 11 Mar 2010 05:00:00 GMT

2009 Financial Highlights

Revenue for the quarter increased 33.3% to $70.5 million from $52.9 million in last year's comparable period. For the year 2009, revenue increased 30.7% year over year to $260.3 million.
Adjusted Net income was $12.1 million in the fourth quarter. For the 12 month period, adjusted net income was $44.6 million or $2.14* per share.
Adjusted EBITDA for the fourth quarter was $19.1 million, and for the 12 months was $69.9 million.

The Company reaffirms its previously announced guidance. For 2010, the Company expects to report adjusted net income of approximately $49 million and adjusted EBITDA of approximately $80.6 million, excluding any one time transaction expenses associated with the Business Combination.

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Company description

Comments & Business Outlook