This just in from their earnings report:
“Deed-in-lieu and Mediation services were initiated in the second quarter and contributed a combined $0.7 million to our revenues during the quarter. Revenue from foreclosure services decreased by $1.5 million, or 8.3%, for the quarter to $16.6 million, compared to $18.1 million during the same period last year.”
Yep — you read that right — DJSP is reporting money from mediation services. Let’s mediate … with a firm owned by your mill.
This has to be one of the most disgusting thing I’ve ever seen, unless they’re referring to sending ppl on behalf of banks .. even then how would they have decision making authority. Also, he lumped the $$ in with his “deed in lieu” fees … so they “mediate” knowing they can make money if you deed the place over.
They’ve hit a new low w/ this one.
Michael O…
David J. Stern Chairman and CEO stated, “We are happy to announce that Kerry Propper will be taking Matthew Kayton’s seat on the board of directors. Mr. Kayton will transition roles with the company and will continue to work with us on a consulting basis in the areas of Title services, acquisitions and other strategic initiatives.”
Mr. Stern continued, “I am very thankful to Matthew for his service and I look forward to his continued contribution as a consultant. Kerry brings a great deal of public company experience to the board and I am pleased that he will be joining us.”
A Must See Link – Did David J. Stern DJSP Disclose that 1/3 Owner Kerry S. Propper was the Subject of DOJ Investigation and SBA Law Suit
Conference call Information:
Management will conduct a conference call at 8:30 a.m. Eastern Time on Wednesday, September 8, 2010, to discuss the second quarter and year-to-date 2010 results. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-312-5504. When prompted by the operator, mention conference ID 94593027. Participating in the call for DJSP will be David J. Stern, Chairman and Chief Executive Officer, Rick Powers, President and Chief Operating Officer, and Kumar Gursahaney, Executive Vice President and Chief Financial Officer.
If you are unable to participate in the call at this time, a replay will be available for one week starting on Wednesday, September 8, 2010, at 11:30 Eastern Time. To access the replay, dial 706-645-9291. Please use passcode 94593027. The call will also be carried live by webcast over the Internet and accessible at www.djspenterprises.com.
GET ON THE CALL!!
~
PLANTATION, Fla., Sep 7, 2010 (GlobeNewswire via COMTEX) — DJSP Enterprises, Inc. /quotes/comstock/15*!djsp (DJSP 3.36, +0.15, +4.75%) /quotes/comstock/15*!djsp.w/quotes/nls/djspw (DJSPW 0.73, +0.02, +2.57%) /quotes/comstock/15*!djsp.u/quotes/nls/djspu (DJSPU 4.59, 0.00, 0.00%) , one of the largest providers of processing services for the mortgage and real estate industries in the United States, today announced financial results for the three and six month periods ended June 30, 2010.
Second Quarter Financial Highlights
-- Total revenue for the second quarter 2010 decreased 9.1% to $56.1
million from $61.7 million in last year's comparable period.
-- Excluding client costs, total revenue for the second quarter 2010
decreased to $28.9 million from $30.9 million or 6.5% compared to the
same period last year.
-- Adjusted Net Income including noncontrolling interests was $5.5 million
for the second quarter 2010 or $0.28 per diluted share.*
-- Adjusted EBITDA for the second quarter 2010 was $6.7 million.
Year to Date Financial Highlights
-- Total revenue for the six months ended June 30, 2010 increased 9.3% to
$127.7 million from $116.8 million in last year's comparable period.
-- Excluding client costs, total revenue for the six months ended June 30,
2010 decreased to $59.7 million from $61.0 million or 2.1% compared to
the same period last year.
-- Adjusted Net Income including noncontrolling interests was $14.2 million
for the six months ended June 30, 2010 or $0.73 per diluted share.*
-- Adjusted EBITDA for the six months ended June 30, 2010 was $21.1
million.
*Calculated using treasury stock method assuming an average ordinary share price of $8.25 for the quarter ended June 30, 2010; assuming 19.5 million average diluted shares outstanding.
Second Quarter Results
Total revenue for second quarter 2010 decreased 9.1% to $56.1 million from $61.7 million in the same period last year. This was primarily due to a decrease in foreclosure referrals, title fees, and client reimbursed costs. Title fees decreased due to the decrease in foreclosure volume and the switch made by some clients to use their own title company. These decreases in revenue were partially offset by increases in REO closings, REO liquidation operations at Default Servicing, and eviction fees. Two new service offerings, Deed-in-lieu and Mediations, also contributed to offsetting these decreases. During the second quarter, client reimbursed costs decreased by 11.7% to $27.2 million from $30.8 million in the same quarter in 2009 as a result of a decrease in foreclosure volume. Our REO closing business became an increasingly significant source of revenue during the quarter, generating $3.5 million in revenue compared to $2.1 million in the same period last year. Our REO liquidation business, which emanates from a single customer, contributed $3.2 million in revenue in the second quarter compared to $2.9 million in the same quarter last year. Going forward, we intend to offer both REO closing and liquidation services to additional customers as a means of increasing revenues and profits. Deed-in-lieu and Mediation services were initiated in the second quarter and contributed a combined $0.7 million to our revenues during the quarter. Revenue from foreclosure services decreased by $1.5 million, or 8.3%, for the quarter to $16.6 million, compared to $18.1 million during the same period last year.
Our adjusted EBITDA decreased to $6.7 million for the three months ended June 30, 2010 from $17.7 million in the same period last year. This decrease was primarily due to three factors: the decrease in foreclosure volume; an increase in compensation expenses; and an increase in expenses related to becoming a public company, including $0.9 million in legal expenses. Our compensation expenses increased $2.6 million, on an adjusted basis, primarily as a result of staffing increases. Increases in staffing were made to address expressed client needs, expanding legacy files due to court delays, and necessary upgrades to the corporate management structure. A much smaller increment of the increase in staffing was due to the mandatory mediation requirement dictated by the Florida Supreme Court for foreclosure files.
During the second quarter 2010, our adjusted net income decreased to $3.5 million from $8.3 million in for the same period in 2009, due to the decrease in revenue and increase in our expenses stated above.
Year-to-Date Results
Total revenue for the six months ended June 30, 2010 increased $10.9 million, or 9.3%, to $127.7 million from $116.8 million in last year’s comparable period. The revenue resulted from an increase in client reimbursed costs, REO closings, REO liquidations, eviction services, and two new services, Deed-in-lieu and Mediation. These increases were offset by decreases in our foreclosure and title services fees. Excluding client reimbursed costs, our total revenues decreased by $1.3 million, or 2.1%, to $59.7 million compared to $61.0 million for the same period last year. Revenues from our REO closing and liquidation business increased by $2.4 million and $1.6 million, respectively, over the same period last year. As mentioned above we initiated two new services, Deed-in-lieu and Mediations, which contributed a combined $0.7 million to total revenue.
Compensation expenses, on an adjusted basis, increased by $5.9 million, or 30.7%, to $25.1 million for the six months in 2010 compared to $19.2 million during the same period in 2009.
General and administrative expenses, on an adjusted basis, increased by $5.1 million, or 60.7%, to $13.5 million from $8.4 million last year. Public company and nonrecurring expenses increased our expenses by approximately $2.5 million during the first six months of 2010. Other operating expenses, including rent, supplies, travel, mailing, and others, increased as a result of the increase in headcount.
During the first six months of 2010, our adjusted net income decreased to $7.8 million from $15.8 million in the same period in 2009.
We generated $17.1 million in cash from operating activities in the six months ended June 30, 2010, compared to $26.4 million in the six months ended June 30, 2009.
Our overall debt of $74.6 million bears an average interest rate of 2.9%. The senior note of $35 million bears no interest for the first six months.
Operating Discussion
As a result of management’s discussions with our largest client, The Law Offices of David J. Stern, P.A. (“DJSPA”) and with the major lenders and servicers for whom DJSPA processes foreclosure files, we believed file volume would increase in the third quarter and we previously decided to maintain current staffing levels. However, file volumes continue to be delayed and existing staffing levels are not sustainable indefinitely.
Rick Powers, President and COO commented, “While a large portion of our business can only be processed with human capital, we are identifying opportunities where technology and process change can be implemented to create efficiency. We are prepared to create efficiencies and make cuts where appropriate over the next three to six months.”
DJSP Enterprises continues to diversify our service offerings beyond default services. As part of our effort to grow our business, we are building business to address the new government initiatives. In this regard, we have expanded our national Deed-in-lieu and modification services. Our Deed-in-lieu business has been our fastest growing service offering in the third quarter. In addition, with the addition of Timios we are moving to expand our title services, which among other things, provides title work for refinancing, into the nation’s largest and hardest hit real estate market of California.
Timios, Inc.
As of August 1st, all Florida title operations have been consolidated under the common management of Timios, Inc. and have already adopted Timios’ best in class paperless operating system for all new orders. In addition we are in the process of licensing Timios in California, the nation’s largest real estate market. This is a major step in becoming a cyclical provider of services to the mortgage industry.
Rick Power added, “That we were able to accomplish this consolidation in such a short period of time speaks to the strong technology at Timios and the quality of both management teams. We are looking forward to entering the California market and expect continued strong performance from Timios.”
Management
David J. Stern Chairman and CEO stated, “We are happy to announce that Kerry Propper will be taking Matthew Kayton’s seat on the board of directors. Mr. Kayton will transition roles with the company and will continue to work with us on a consulting basis in the areas of Title services, acquisitions and other strategic initiatives.”
Mr. Stern continued, “I am very thankful to Matthew for his service and I look forward to his continued contribution as a consultant. Kerry brings a great deal of public company experience to the board and I am pleased that he will be joining us.”
Conference call Information:
Management will conduct a conference call at 8:30 a.m. Eastern Time on Wednesday, September 8, 2010, to discuss the second quarter and year-to-date 2010 results. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-312-5504. When prompted by the operator, mention conference ID 94593027. Participating in the call for DJSP will be David J. Stern, Chairman and Chief Executive Officer, Rick Powers, President and Chief Operating Officer, and Kumar Gursahaney, Executive Vice President and Chief Financial Officer.
If you are unable to participate in the call at this time, a replay will be available for one week starting on Wednesday, September 8, 2010, at 11:30 Eastern Time. To access the replay, dial 706-645-9291. Please use passcode 94593027. The call will also be carried live by webcast over the Internet and accessible at www.djspenterprises.com.
About DJSP Enterprises, Inc.
DJSP is the largest provider of processing services for the mortgage and real estate industries in Florida and one of the largest in the United States. We provide a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. Our principal customer is DJSPA, whose clients include all of the top 10 and 17 of the top 20 mortgage servicers in the United States, many of which have been DJSPA clients for more than 10 years. We have approximately 1,200 employees and contractors and are headquartered in Plantation, Florida, with additional operations in Louisville, Kentucky and San Juan, Puerto Rico. Our U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines that provides data entry and document preparation support for our U.S. operations.
Forward Looking Statements
This press release contains forward-looking statements about us within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), including but not limited to management’s expectations about efficiencies and expense reduction efforts. Mr. Kayton’s ongoing consulting role with us, our strategic growth initiatives and our ability to provide closing services in California. Additionally, words such as “anticipate,” “believe,” “estimate,” “expect” and “intend” and other similar expressions are forward-looking statements within the meaning of the Act. Such forward-looking statements are based upon the current beliefs and expectations of our management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions, changing interpretations of generally accepted accounting principles; outcomes of government or other regulatory reviews, particularly those relating to the regulation of the practice of law; the impact of inquiries, investigations, litigation or other legal proceedings involving us or our affiliates, which, because of the nature of our business, have happened in the past to us and the DJSPA; the impact and cost of continued compliance with government or state bar regulations or requirements; legislation or other changes in the regulatory environment, particularly those impacting the mortgage default industry; unexpected changes adversely affecting the businesses in which we are engaged; fluctuations in customer demand; our ability to manage growth and integrate acquisitions; intensity of competition from other providers in the industry; general economic conditions, including improvements in the economic environment that slows or reverses the growth in the number of mortgage defaults, particularly in the State of Florida; the ability to efficiently expand our operations to other states or to provide services we do not currently provide; the impact and cost of complying with applicable U.S. Securities and Exchange Commission (“SEC”) rules and regulations; geopolitical events and changes, as well as other relevant risks detailed in our filings with the SEC, including our Annual Report on Form 20-F for the period ended December 31, 2009, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this press release speak only as of the date of the press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.
Non-GAAP Financial Measures
The financial information and data contained in this press release are unaudited and do not conform to the SEC’s Regulation S-X. This press release includes certain estimated financial information and forecasts presented that are not derived in accordance with accounting principles generally accepted in the United States (“GAAP”), and which may be deemed to be non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC. Management believes that the presentation of these non-GAAP financial measures serves to enhance the understanding of the Company’s financial performance. Such measures are not recognized terms under GAAP, and should be considered in addition to, and not as substitutes for, or superior to, operating income, cash flows, revenues, or other measures of financial performance prepared in accordance with GAAP. Such measures are not a completely representative measure of either the historical performance or, necessarily, the future potential of the Company.
The adjusted EBITDA measure presented consists of income (loss) from continuing operations before (a) interest expense; (b) income tax expense; (c) depreciation and amortization; and (d) income and/or expense items that are expected to be at different levels in future periods. We are providing adjusted EBITDA, a non-GAAP financial measure, along with GAAP measures, as a measure of profitability because adjusted EBITDA helps us to evaluate and compare our performance on a consistent basis with the operating cost structure in place as a publicly traded operating company, reflecting the effects of that cost structure and our current fee schedule. In the calculation of adjusted EBITDA for the three and six months ended June 30, 2009, we exclude from expenses the compensation paid to Mr. Stern that exceeded the base compensation that he was entitled to receive after we became a publicly traded operating company (and prior to September 1, 2010), because the Company no longer has any arrangement with Mr. Stern that would require any payments to him at a comparable level. Mr. Stern does not have an incentive plan arrangement providing for pay above base compensation. In addition, we excluded the payroll taxes associated with such compensation, as well as travel expenses incurred on behalf of Mr. Stern in prior periods that are no longer provided since we became a publicly traded operating company. The adjustment to Fee to Processing reflects the additional fees DJS Processing, LLC would have received under the Services Agreement if the fee schedule under the Services Agreement had been determined in a fashion consistent with the current fee schedule. In the calculation of adjusted EBITDA for the three and six months ended June 30, 2010, we included additional fees due to DJS Processing, LLC as a result of a retroactive amendment to the fee schedule for the Services Agreement agreed to by DJS Processing, LLC and DJSPA to increase the fees payable to DJS Processing, LLC effective January 1, 2010.
In the calculation of the adjusted net income measure presented for the three and six months ended June 30, 2010, we deducted the actual GAAP interest, depreciation and amortization for the period from the adjusted EBITDA calculation and then subtracted assumed income tax expense, calculated at the expected going forward tax rate of 38.6% on pre-tax income after minority interest. For periods prior to our becoming a publicly traded operating company, we were not subject to income tax and therefore did not record income tax expense. We are providing adjusted net income, a non-GAAP financial measure, along with GAAP measures, as a measure of profitability because adjusted net income helps us to evaluate and compare our past performance on a consistent basis with the taxable structure in place after our becoming a publicly traded operating company, reflecting the effects of that taxable structure on profitability. In the calculation of adjusted net income measure presented for the three and six months ended June 30, 2010, we deducted the actual GAAP interest, depreciation, amortization and income taxes for the period from the adjusted EBITDA calculation. The following table provides reconciliations of net income (GAAP) to Adjusted EBITDA (Non-GAAP) and adjusted net income (Non-GAAP).
Reconciliations of Net Income (US GAAP) to Adjusted EBITDA (Non-GAAP) and
Adjusted Net Income (Non-GAAP)
Three months ended Six months ended
June 30, June 30,
---------------------- -----------------------
2010 2009 2010 2009
----------- --------- ----------- ----------
Net Income attributable to
DJSP Enterprises, Inc. $ 3,813 $ 14,113 $ 7,786 $ 27,455
Add-backs:
Income taxes 625 -- 4,892 --
Net income attributable to
noncontrolling interests 2,442 -- 6,394 --
Interest, depreciation &
amortization 1,004 255 2,022 510
----------- --------- ----------- ----------
EBITDA 7,884 14,368 21,094 27,965
----------- --------- ----------- ----------
Adjustments to EBITDA:
Adjustments to fee to
Processing (1,212) 1,099 -- 1,381
Compensation related -- 946 -- 3,648
Non-recurring travel -- 678 -- 1,246
Promotion -- 562 -- 562
Total adjustments to EBITDA (1,212) 3,285 -- 6,837
----------- --------- ----------- ----------
Adjusted EBITDA 6,672 17,653 21,094 34,802
----------- --------- ----------- ----------
Adjustment to net income:
Interest, depreciation &
amortization (1,004) (255) (2,022) (510)
Income taxes (201) (2,894) (4,892) (8,796)
----------- --------- ----------- ----------
Adjusted net income 5,467 14,504 14,180 25,496
----------- --------- ----------- ----------
Less net income attributable
to noncontrolling interests 2,011 6,175 6,394 9,728
----------- --------- ----------- ----------
Adjusted net income
attributable to DJSP
Enterprises, Inc. $ 3,456 $ 8,329 $ 7,786 $ 15,768
----------- --------- ----------- ----------
Adjusted net income per
ordinary share:
Basic $0.32 $0.73
=========== ===========
Diluted $0.28 $0.73
=========== ===========
Weighted Average number of
shares outstanding:
Basic 10,663,866 10,663,866
=========== ===========
Diluted 19,495,865 19,495,865
=========== ===========
DJSP Enterprises, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)
December
June 30, 31,
2010 2009
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 6,133 $ 763
Accounts receivable:
Client reimbursed costs 3,198 6,047
Fee income, net 24,510 15,637
Unbilled receivables 6,738 10,592
----------- -----------
Total related party
accounts receivable 34,446 32,276
Fee income receivable, net 498 798
----------- -----------
Total accounts receivable,
net 34,944 33,074
----------- -----------
Prepaid expenses and other
current assets 463 87
----------- -----------
Total current assets 41,540 33,924
Property and equipment, net 5,128 4,692
----------- -----------
Total assets 46,668 38,616
=========== ===========
Liabilities
Current liabilities:
Line of credit 14,930 10,656
Accounts payable 4,671 1,506
Income taxes payable 2,199 --
Accounts payable - client
reimbursed costs 3,198 6,047
Deferral notes payable 3,000 --
Accrued compensation 3,902 1,863
Accrued expenses and other
current liabilities 930 1,857
Note payable -- 2,307
----------- -----------
Total current liabilities 32,830 24,236
Senior note payable 35,000 --
Sellers note payable 47,869 --
Deferral notes payable 6,850 --
Equipment note payable 2,000 --
Deferred rent 1,150 1,098
Other liabilities 519 262
----------- -----------
Total liabilities 126,218 25,596
=========== ===========
Shareholders' equity
Common Stock -- $0.0001 par
value; 60,000,000
authorized,
10,663,866 and 9,166,666
shares issued and
outstanding at
June 30, 2010 and December
31, 2009, respectively 1 1
Additional paid-in-capital 30,950 8,671
Retained earnings (81,191) 4,348
----------- -----------
Total DJSP Enterprises,
Inc. equity (50,240) 13,020
----------- -----------
Noncontrolling interest (29,310) --
Total equity (79,550) 13,020
----------- -----------
Total liabilities and
shareholders' equity $ 46,668 $ 38,616
=========== ===========
DJSP Enterprises, Inc.
Unaudited Condensed Consolidated Statement of Operations
(in thousands, except share and per share amounts)
Three months ended Six months ended
June 30, June 30,
----------------------- -----------------------
2010 2009 2010 2009
----------- ---------- ----------- ----------
Revenue:
Fee income
Foreclosure $ 16,620 $ 18,093 $ 36,213 $ 36,002
Title 2,913 6,207 6,738 13,209
Closing 3,505 2,056 6,152 3,758
REO liquidation 3,209 2,937 6,488 4,872
Bankruptcy 921 1,017 1,752 1,907
Eviction 726 371 1,247 897
Litigation/Monitor 294 224 427 324
Deed-in-Lieu 227 -- 227 --
Mediation 467 -- 467 --
----------- ---------- ----------- ----------
Total fee income 28,882 30,905 59,711 60,969
Client reimbursed
costs 27,188 30,817 67,980 55,797
----------- ---------- ----------- ----------
Total revenue 56,070 61,722 127,691 116,766
----------- ---------- ----------- ----------
Operating expenses:
Client reimbursed
costs 27,188 30,817 67,980 55,797
Compensation related
expenses 12,858 11,245 25,126 22,825
General and
administrative 8,160 5,292 13,511 10,179
Depreciation 413 255 806 510
----------- ---------- ----------- ----------
Total operating
expenses 48,619 47,609 107,423 89,311
----------- ---------- ----------- ----------
Income from
operations 7,451 14,113 20,268 27,455
----------- ---------- ----------- ----------
Non-operating
expense:
Interest expense 571 -- 1,196 --
Income before income
taxes 6,880 14,113 19,072 27,455
Income taxes 625 -- 4,892 --
----------- ---------- ----------- ----------
Net Income 6,255 14,113 14,180 27,455
Less: Net income
attributable to
noncontrolling
interest 2,442 -- 6,394 --
----------- ---------- ----------- ----------
Net income
attributable to DJSP
Enterprises, Inc. $ 3,813 $ 14,113 $ 7,786 $ 27,455
=========== ========== =========== ==========
Earnings per share
Basic $0.36 $0.73
=========== ===========
Diluted $0.32 $0.73
=========== ===========
Weighted Average
number of shares
outstanding
Basic 10,663,866 10,663,866
=========== ===========
Diluted 19,495,865 19,495,865
=========== ===========
Reconciliations of Net Income (US GAAP) to Adjusted EBITDA (Non-GAAP) and
Adjusted Net Income (Non-GAAP)
Three months ended Six months ended
June 30, June 30,
---------------------- -----------------------
2010 2009 2010 2009
----------- --------- ----------- ----------
Net Income attributable to
DJSP Enterprises, Inc. $ 3,813 $ 14,113 $ 7,786 $ 27,455
Add-backs:
Income taxes 625 -- 4,892 --
Net income attributable to
noncontrolling interests 2,442 -- 6,394 --
Interest, depreciation &
amortization 1,004 255 2,022 510
----------- --------- ----------- ----------
EBITDA 7,884 14,368 21,094 27,965
----------- --------- ----------- ----------
Adjustments to EBITDA:
Adjustments to fee to
Processing (1,212) 1,099 -- 1,381
Compensation related -- 946 -- 3,648
Non-recurring travel -- 678 -- 1,246
Promotion -- 562 -- 562
Total adjustments to EBITDA (1,212) 3,285 -- 6,837
----------- --------- ----------- ----------
Adjusted EBITDA 6,672 17,653 21,094 34,802
----------- --------- ----------- ----------
Adjustment to net income:
Interest, depreciation &
amortization (1,004) (255) (2,022) (510)
Income taxes (201) (2,894) (4,892) (8,796)
----------- --------- ----------- ----------
Adjusted net income 5,467 14,504 14,180 25,496
----------- --------- ----------- ----------
Less net income attributable
to noncontrolling interests 2,011 6,175 6,394 9,728
----------- --------- ----------- ----------
Adjusted net income
attributable to DJSP
Enterprises, Inc. $ 3,456 $ 8,329 $ 7,786 $ 15,768
----------- --------- ----------- ----------
Adjusted net income per
ordinary share:
Basic $0.32 $0.73
=========== ===========
Diluted $0.28 $0.73
=========== ===========
Weighted Average number of
shares outstanding:
Basic 10,663,866 10,663,866
=========== ===========
Diluted 19,495,865 19,495,865
=========== ===========
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: DJSP Enterprises, Inc.
CONTACT: DJSP Enterprises, Inc. Investor Contact: Chris Simmons, Investor Relations Manager 954-233-8000, ext. 1744 cbsimmons@dstern.com ~
One question how much is Fannie Mae paying their “Attorney of the Year” per case/ mandated mediation in Florida? Not much and at earnings of $700,000.00 that’s allot of talkin round the clock in a few short months with “staffing problems”… Well guess it is obvious now who their “main client” unidentified in the IPO was… Fannie Mae.
A few views of what they say to investors and what we know
“However, file volumes continue to be delayed and existing staffing levels are not sustainable indefinitely.”
The slam dunk summary judgment are in non-defense cases only . The honest defense lawyer’s are asking for evidence of ownership . We need a large staff to make up the BS we use .
“While a large portion of our business can only be processed with human capital, we are identifying opportunities where technology and process change can be implemented to create efficiency. ”
We need human,s to create fraudulent docs. But we are working on the software that will uphold the integrity of our designed to fail loans . Then we will let the staff go , and we will be able to hire low wage temps . Good for 40 to 60 % to the bottom line .
“we have expanded our national Deed-in-lieu and modification services. Our Deed-in-lieu business has been our fastest growing service offering in the third quarter. In addition, with the addition of Timios we are moving to expand our title services, which among other things, provides title work for refinancing, into the nation’s largest and hardest hit real estate market of California.”
You greedy SOB’s .
This should make those of you that bought in @ 13.00 a share feel a lot better now , although were @ 3.50 a share, there’s a lot of gold in them there hills . How’s come were in debt for 75 million ? We have to pay income taxes now , WHAT – REALLY ….
E F