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Altisource Portfolio Solutions: Altisource Announces Third Quarter Financial Results

The following excerpt is from the company's SEC filing.

Luxembourg, October 22, 2015 -

Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS) today reported strong third quarter results.

Third Quarter 2015 Results Compared to Third Quarter 2014:

Service revenue of $245.5 million, a 1% decrease

Net income attributable to Altisource of $37.0 million, a 12% decrease

Adjusted net income attributable to Altisource

of $46.4 million, a 10% decrease

Diluted earnings per share of $1.82, a 2% increase

Adjusted diluted earnings per share

of $2.27, a 4% increase

“We remain focus ed on providing high quality, compliant services to our customers and positioning the Company, through our strategic initiatives, for long term growth. We continue to execute with existing customers, on-board new customers and receive very good feedback on our offerings from the market. We believe we have the right strategic initiatives, with each addressing very large markets, in line with our core competencies and our competitive advantages,” said William B. Shepro, Chief Executive Officer.

Shepro further commented, “I am pleased with the financial results for the quarter. Compared to the third quarter of 2014, growth in our asset management business largely offset lost revenue from the November 2014 discontinuation of the lender placed insurance brokerage business, the full amortization of the Equator acquisition deferred revenue in November 2014 and fewer third quarter 2015 property valuation referrals. With a focus on growth through our four strategic initiatives, we have increased our investments in sales and marketing in 2015, primarily accounting for the lower net income.”

Third quarter 2015 highlights include:

The average number of loans serviced by Ocwen on REALServicing was 1.9 million for the third quarter 2015, a 15% decrease compared to the third quarter 2014

The Company repurchased 0.2 million shares of common stock at an average price of $26.88 per share

The Company repurchased a portion of the senior secured term loan with a par value of $11.0 million at an 11% discount; net income included an after-tax gain of $0.8 million on the early extinguishment of debt

The Company acquired CastleLine Holdings, LLC and its subsidiaries for $12.3 million in cash at closing, $10.5 million of cash payable over four years from the acquisition date and $14.4 million of restricted common shares of the Company (495 thousand shares)

__________________________

This is a non-GAAP measure that is defined and reconciled to the corresponding GAAP measure herein.

Subsequent to the close of the third quarter, we acquired GoldenGator, LLC (doing business as RentRange

), REIsmart, LLC (doing business as Investability

) and Onit Solutions, LLC, a support company for RentRange and Investability. RentRange is a leading provider of rental home data and information to the financial services and real estate industries, delivering a wide assortment of address and geography level data, analytics and rent-based valuation solutions for single and multi-family properties. Investability is an online residential real estate search and acquisition platform that utilizes data and analytics to allow real estate investors to access the estimated cash flow, capitalization rate, net yield and market value of properties for sale in the United States.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “seek,” “believe,”...


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