Dolan Co., the Minneapolis-based parent company of business newspapers across the country, reported a 66 percent decline in third-quarter earnings on Wednesday due to a decline in its foreclosure legal business.
An AP story states, “Dolan Co. earned $3.1 million, or 19 cents per share, for the three months ended Sept. 30. That compares with earnings of $9 million, or 29 cents per share, a year earlier.
“Adjusted earnings were 24 cents per share, excluding one-time items.
“Analysts surveyed by FactSet predicted earnings of 21 cents per share.
“Revenue slipped 4 percent to $75.3 million from $78.5 million, topping Wall Street’s $75.2 million estimate.
“President, Chairman and CEO James P. Dolan said in a statement that a slowdown in mortgage default referrals has hurt its professional services unit and its business information division. Regulatory scrutiny and new procedures have slowed the pace of foreclosures, the company said.
“For the full year, the Minneapolis company now expects adjusted earnings of 89 to 92 cents per share on revenue between $294 million and $297 million. Its prior guidance called for adjusted earnings of 90 cents to $1.04 per share on revenue of $297 million to $305 million.”
Read more here. Dolan 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.
