Dolan Media Co., which owns a number of business newspapers, reported a large increase in second-quarter profits and revenues due to a business that helps law firms process mortgage defaults.
The Minneapolis-based company reported operating income for the second quarter was $16.3 million, or 24.3 percent of revenues, an increase of 99.1 percent from $8.2 million, which was 19.7 percent of revenues in the same period in 2008.
Net income for the quarter was $8.2 million, compared to net income of $4.4 million in the second quarter of 2008. The subsidiary that operates the newspapers reported operating income of $6.8 million, up from $5.3 million in the second quarter a year ago.
Total revenues for the second quarter were $67.0 million, an increase of 61.3 percent from $41.6 million in the same period in 2008. However, the subsidiary that operates the business newspapers saw a slight decline in revenues.
Read the earnings release here and the 10-Q filing here. Dolan Media owns the Long Island Business News, Mississippi Business Journal, the Colorado Springs Business Journal, the Idaho Business Review and the Daily Journal of Commerce in Portland, Ore., among others.
