Biz journal parent’s income declines, but meets expectations
Dolan Co., the Minneapolis-based parent company of business newspapers across the country, reported a 28 percent drop in its fourth-quarter earnings due to a decline in its foreclosure business.
David Schaffer of the Minneapolis Star-Tribune writes, “Revenue from foreclosure-related services was down nearly 30 percent, continuing a slide reported earlier last year. Its business and legal publications unit also was down, by 6 percent.
“Meanwhile, the company’s litigation support business grew 70 percent for the fourth quarter, due partly to its acquisition last July of ACT Litigation Services.
“For the full year, that business grew by 40 percent, while its foreclosure-related business declined by 20 percent, the company said.
“Annual revenues were $285 million, down nearly 7 percent, while earnings for the year ending Dec. 31 were $59 million, down 36 percent from 2010.
“For 2012, the company estimated revenues of $301 million to $318 million. It estimated adjusted earnings before interest, taxes, depreciation and amortization of $61 million to $68 million for 2012.”
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.