Dolan more than doubles 3Q profit

MINNEAPOLIS (AP) — Dolan Media Co., a provider of legal and professional publications and services, said Friday its third-quarter profit more than doubled as revenue grew sharply in its mortgage default processing services business.

The company also raised its full-year guidance because of two acquisitions it announced after the end of the quarter.

The quarter's net income attributable to Dolan was $5.9 million, or 20 cents per share, up from a profit of $2.5 million, or 9 cents per share, in the same period a year earlier.

Earnings attributable to the company's common shareholders were 18 cents a share in the latest quarter, up from 9 cents in the year-ago period.

Revenue rose 30 percent to $62.3 million from $47.9 million.

Analysts, on average, were expecting a profit of 16 cents per share on sales of $61 million, according to a poll by Thomson Reuters.

The company said its mortgage default processing services revenues increased $14.7 million during the quarter due to the acquisition of Barrett-NDEx operations in 2008.

For the full year, Dolan expects net income attributable to Dolan in the range of $28 million to $29.4 million, or 94 cents to 98 cents per share, on sales of $260 million to $263 million.

Its earlier outlook was for earnings of 83 cents to 91 cents per share on sales of $254 million to $258.5 million.

Analysts expect a profit of 91 cents per share on sales of $258.4 million.