Dolan Media Company (DM), Tuesday said its profit for the fourth quarter increased from the same quarter last year, as revenues increased 44.2%. The company also provided 2009 guidance.
Minneapolis, Minnesota-based company's net income for the fourth quarter increased to $3.446 million or $0.12 per share from $3.125 million or $0.12 per share in the corresponding quarter a year ago. Earnings per share were flat with last year due to a higher share count for the 2008 quarter.
Operating income for the fourth quarter increased to $9.951 million from $8.001 million in the same quarter a year ago.
Total operating expenses for the fourth quarter increased to $50.338 million from $34.472 million in the same quarter a year ago.
Adjusted EBITDA for the fourth quarter increased to $17.098 million from $10.687 million in the same quarter a year ago.
Total revenues for the fourth quarter increased 44.2% to $58.998 million from $40.915 million in the same quarter last year, primarily helped by acquisitions of NDEx and the Minnesota mortgage default processing services business of Wilford & Geske.
For the full year, net income was $14.303 million or $0.53 per share, compared to a net loss of $54.034 million or $3.41 per share last year.
Revenues for the full year increased to $189.946 million from $151.989 million a year ago.
Looking forward to the full year 2009, the company expects net income in the range of $15.5 million to $18.0 million.
Revenues for the full year 2009 are expected in the range of $236.0 million to $240.0 million.
DM closed Tuesday's trading session at $5.84, up $0.80 or 15.87% on a volume of 158k shares on the NYSE.
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