Dolan Media Co., which owns a number of business newspapers, reported a large increase in first-quarter profits and revenues due to a business that helps law firms process mortgage defaults.
A story on the Minneapolis/St. Paul Business Journal site states, “Minneapolis-based Dolan reported first-quarter 2009 revenue of $63.9 million, up 54 percent from $41.5 million in the same period a year ago.
“Net income attributable to Dolan Media was $8.6 million, or 18 cents per share, up from $4 million, or 16 cents per share in the year ago quarter.
“Dolan Media publishes business newspapers and other publications, but much of its growth has come from its professional services division, which helps law firms process residential mortgage defaults. That has been a strong business lately, as mortgage defaults have soared.
“‘Compared to fourth quarter 2008, we achieved an increase in mortgage default file volume as, we believe, lenders began to address the backlog of seriously delinquent mortgages. We expect this trend to continue over the next few quarters,’ said James Dolan, the companyâ€™s chairman and CEO said in a statement.”
Read more here. Dolan MediaÂ ownsÂ the Long Island Business News, Mississippi Business Journal,Â the Colorado Springs Business Journal, the Idaho Business Review and the Daily Journal of Commerce in Portland, Ore., among others.