Lender Processing Services, Inc. Reports Strong Third Quarter 2010 Earnings

Year-over-year revenues increase 1.1%

Year-over-year adjusted EPS increases 7.2% to 89 cents per diluted share

News provided by

Oct 28, 2010, 04:32 ET

JACKSONVILLE, Fla., Oct. 28 /PRNewswire-FirstCall/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, today reported consolidated revenues of $626.0 million for the third quarter of 2010, an increase of 1.1% compared to the third quarter of 2009, while net earnings of $78.7 million or 85 cents per diluted share in the third quarter of 2010 increased from $75.5 million or 78 cents per diluted share in the prior year quarter.

Adjusted net earnings for the third quarter of 2010 were $82.2 million, or 89 cents per diluted share, compared to $80.2 million, or 83 cents per diluted share in the third quarter of 2009 and, were higher primarily due to growth in operating income, reduced interest expense and a lower share count. Adjusted net earnings in the current quarter include an adjustment for purchase price amortization of 4 cents per diluted share and the prior year quarter included a similar adjustment of 5 cents per diluted share.

"LPS delivered a strong third quarter despite a very difficult environment in the origination market, sluggish conditions in the default market and an ongoing challenging business environment. LPS, with its technology driven, broad-based end-to-end solutions for the mortgage and real estate industries remains well positioned for the fourth quarter and to continue to grow profitably in the years ahead," said Lee A. Kennedy, Executive Chairman of LPS. "Our Other TD&A segment reflected robust growth from continued market share gains. While our Default Services business was impacted by a challenging business environment, our Loan Facilitation business delivered strong results in a difficult market," added Jeff Carbiener, President and CEO of LPS.

Operating income of $144.3 million in the quarter increased from $143.6 million in the third quarter of 2009.

Year-to-date adjusted free cash flow (net cash provided by operating activities minus certain non-recurring expenses and additions to property, equipment and computer software) for 2010 was $207.6 million compared to $231.6 million for the first nine months of 2009 primarily due to higher capital expenditures as well as from changes in working capital.

Technology, Data and Analytics (TD&A)

Revenues for the segment were $196.9 million compared to $186.3 million in the third quarter of 2009, while operating income of $67.4 million compared to $62.4 million in the prior year quarter. Mortgage Processing revenues of $102.4 million compared to $103.0 million in the same period last year. Other TD&A revenues of $94.6 million were 13.5% above the third quarter of 2009 primarily due to higher Desktop revenues as well as strong growth in our Other Software and Services offerings. Overall operating income for TD&A grew 8.0% over the prior year period primarily due to higher contributions from Mortgage Processing, Other Software and Services and Desktop, somewhat offset by lower contributions from our Data & Analytics businesses.

Loan Transaction Services (LTS)

Revenues for the segment were $431.1 million compared to $440.5 million in the third quarter of 2009, and operating income of $96.7 million compared to $101.6 million in the prior year period. Loan Facilitation Services revenues of $165.5 million increased 21.1% year-over-year, and compared very favorably to the Mortgage Bankers Association's (MBA) estimate of overall originations being lower by 19% year-over-year. This positive variance was primarily due to continued market share gains in our settlement services and appraisal offerings. Default Services revenues of $265.6 million declined 12.6% compared to the third quarter of 2009 driven by a continued broader industry slowdown. Overall operating income for LTS was lower mainly due to lower contributions from Default Services partly offset by higher income in Loan Facilitation services.

Corporate and Other

Net corporate expenses in the third quarter of 2010 were $19.8 million compared to $20.3 million in the prior year quarter.

The company noted that it had repurchased 2.3 million shares for $70.3 million in the third quarter. Following these purchases, $79.8 million remained available under the previous authorization. Also, the company announced that its Board of Directors had authorized a new share repurchase program of $250 million that replaced the previous authorization.

Outlook

"Third quarter and year-to-date 2010 results were strong and, while the broader economic environment remains difficult and some of our markets continue to present challenges, LPS with its solid market presence remains well positioned for a strong finish in 2010 and to continue to grow revenue and earnings in 2011," said Jeff Carbiener. "Based on year-to-date trends and the outlook for the fourth quarter for the origination and default markets, we expect fourth quarter adjusted earnings to be in the range of 90-92 cents per diluted share. For full year 2010, we expect revenues to grow 3-4% compared to 2009 and adjusted earnings to be in the $3.48-$3.50 per diluted share range."

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, LPS reports several non-GAAP measures, including "adjusted net earnings" (GAAP net earnings adjusted for the impact of certain non-recurring adjustments, if applicable, plus the after-tax purchase price amortization of intangible assets added through acquisitions), "adjusted net earnings per diluted share" (adjusted net earnings divided by diluted weighted average shares), and "adjusted free cash flow" (net cash provided by operating activities less additions to property, equipment and computer software, as well as non-recurring adjustments, if applicable). LPS provides these measures because it believes that they are helpful to investors in comparing year-over-year performance in light of certain non-recurring charges, and to better understand our financial performance, competitive position and future prospects. Non-GAAP measures should be considered in conjunction with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. A reconciliation of these non-GAAP measures to related GAAP measures is included in the attachments to this release.

Conference Call and Webcast

LPS will host a conference call to discuss these results on Friday, October 29, 2010, at 8:00 a.m. EDT. Interested parties are invited to listen to the live webcast by logging on to the Investor Relations section at www.lpsvcs.com. Supplemental materials will be available on the website. Those wishing to participate via the conference call may do so by calling 866-823-5035. A replay of the webcast will be available on the website shortly after the call where it will be archived for one month. A replay of the conference call will be available through November 5, 2010 by dialing 888-203-1112 (access code: 2974079).

To access a printer friendly version of this release and accompanying exhibits, go to http://www.lpsvcs.com/investor.

About Lender Processing Services

Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, workflow automation (Desktop), servicing, portfolio retention and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS's Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical facts, including statements about our beliefs and expectations. Forward-looking statements are based on management's beliefs, as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: our ability to adapt our services to changes in technology or the marketplace; the impact of adverse changes in the level of real estate activity on demand for certain of our services; our ability to maintain and grow our relationships with our customers; the effects of our substantial leverage on our ability to make acquisitions and invest in our business; the level of scrutiny being placed on participants in the foreclosure process; changes to the laws, rules and regulations that regulate our businesses as a result of the current economic and financial environment; changes in general economic, business and political conditions, including changes in the financial markets; the impact of any potential defects, development delays, installation difficulties or system failures on our business and reputation; risks associated with protecting information security and privacy; and other risks and uncertainties detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K, the Company's subsequent reports on Form 10-Q and other filings with the Securities and Exchange Commission.

						Exhibit A


LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)



			Three months ended September 30,		Nine months ended September 30,
			2010	2009	2010	2009
			(In thousands, except per share data)

Processing and services revenues			$ 626,040	$ 619,427	$ 1,817,515	$ 1,762,415

Cost of revenues			417,243	409,113	1,204,112	1,167,829

	Gross profit		208,797	210,314	613,403	594,586

Selling, general and administrative expenses			64,516	66,671	185,051	203,280

	Operating income		144,281	143,643	428,352	391,306

Other income (expense):
	Interest income		147	283	1,070	1,249
	Interest expense		(17,073)	(21,195)	(54,533)	(64,734)
	Other expense, net		79	(203)	202	(217)
		Total other income (expense)	(16,847)	(21,115)	(53,261)	(63,702)


	Earnings from continuing operations before income taxes and equity in losses of unconsolidated entity		127,434	122,528	375,091	327,604

Provision for income taxes			48,743	46,867	143,471	125,308


	Earnings from continuing operations before equity in losses of unconsolidated entity		78,691	75,661	231,620	202,296

Equity in losses of unconsolidated entity			-	-	-	(37)

	Earnings from continuing operations		78,691	75,661	231,620	202,259

	Discontinued operation, net of tax		-	-	-	(504)

		Net earnings	78,691	75,661	231,620	201,755

Noncontrolling minority interest			-	(119)	-	(927)

		Net earnings attributable to Lender Processing Services, Inc.	$ 78,691	$ 75,542	$ 231,620	$ 200,828


Net earnings per share - diluted from continuing operations			$ 0.85	$ 0.78	$ 2.45	$ 2.09
Net earnings per share - diluted from discontinued operation			-	-	-	-

Net earnings per share - diluted			$ 0.85	$ 0.78	$ 2.45	$ 2.09

Weighted average shares outstanding - diluted			92,682	96,399	94,658	95,941

				Exhibit B


LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)

			September 30, 2010	December 31, 2009
			(In thousands)
Assets
Current assets:

	Cash and cash equivalents		$ 72,518	$ 70,528
	Trade receivables, net of allowance for doubtful accounts		418,558	401,333
	Other receivables		2,747	3,770
	Prepaid expenses and other current assets		36,397	26,985
	Deferred income taxes		43,993	47,528

		Total current assets	574,213	550,144

Property and equipment, net of accumulated depreciation			123,905	113,108
Computer software, net of accumulated amortization			210,770	185,376
Other intangible assets, net of accumulated amortization			55,455	72,796
Goodwill			1,166,142	1,166,142
Other non-current assets			120,106	109,738

		Total assets	$ 2,250,591	$ 2,197,304


Liabilities and Equity
Current liabilities:

	Current portion of long-term debt		$ 145,100	$ 40,100
	Trade accounts payable		45,006	38,166
	Accrued salaries and benefits		45,784	54,376
	Recording and transfer tax liabilities		13,412	15,208
	Due to affiliates		-	3,321
	Other accrued liabilities		139,604	151,601
	Deferred revenues		52,259	66,602
		Total current liabilities	441,165	369,374

Deferred revenues			36,553	37,681
Deferred income taxes, net			81,326	65,215
Long-term debt, net of current portion			1,140,425	1,249,250
Other non-current liabilities			21,616	19,926
		Total liabilities	1,721,085	1,741,446

Equity:
			-	-
	Preferred stock $0.0001 par value; 50 million shares authorized, none issued at September 30, 2010 or December 31, 2009, respectively
	Common stock $0.0001 par value; 500 million shares authorized, 97.4 million and 97.0 million shares issued at September 30, 2010 and December 31, 2009, respectively		10	10
	Additional paid-in capital		207,625	173,424
	Retained earnings		534,423	330,963
	Accumulated other comprehensive loss		(1,803)	(7,630)

	Treasury stock $0.0001 par value; 6.1 million and 1.2 million shares at September 30, 2010 and December 31, 2009, respectively		(210,749)	(40,909)
		Total equity	529,506	455,858

		Total liabilities and equity	$ 2,250,591	$ 2,197,304

						Exhibit C

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)

					Nine months ended September 30,
					2010	2009
					(In thousands)
Cash flows from operating activities:
	Net earnings attributable to Lender Processing Services, Inc.				$ 231,620	$ 200,828


	Adjustments to reconcile net earnings to net cash provided by operating activities:
		Depreciation and amortization			71,814	72,623
		Amortization of debt issuance costs			3,506	3,968
		Gain on sale of discontinued operation			-	(2,574)
		Deferred income taxes, net			16,604	(651)
		Stock-based compensation cost			22,052	20,364
		Tax expense (benefit) associated with equity compensation			205	(2,625)
		Equity in losses of unconsolidated entity			-	37
		Noncontrolling minority interest			-	927

		Changes in assets and liabilities, net of effects of acquisitions:
			Trade receivables		(17,224)	(76,642)
			Other receivables		1,023	13,321
			Prepaid expenses and other assets		(17,272)	(7,798)
			Deferred revenues		(15,471)	(2,922)
			Accounts payable and other liabilities		(5,140)	76,281

				Net cash provided by operating activities	291,717	295,137

Cash flows from investing activities:
	Additions to property and equipment				(32,601)	(24,896)
	Additions to capitalized software				(51,505)	(42,966)
	Purchases of investments				(10,856)	-
	Acquisition of title plants				(1,840)	(14,319)
	Acquisitions, net of cash acquired				(271)	(16,403)
	Proceeds from sale of discontinued operation, net of cash distributed				-	(32,638)

				Net cash used in investing activities	(97,073)	(131,222)
Cash flows from financing activities:
	Debt service payments				(3,825)	(180,455)
	Stock options exercised				10,505	2,002
	Tax (expense) benefit associated with equity compensation				(205)	2,625
	Cash dividends paid				(28,160)	(28,723)
	Repurchase of minority interests in subsidiary				-	(2,600)
	Treasury stock purchases				(167,991)	(9,883)
	Bond repurchases				-	(8,000)
	Contingent payments related to acquisitions				(2,978)	-

				Net cash used in financing activities	(192,654)	(225,034)

				Net increase (decrease) in cash and cash equivalents	1,990	(61,119)

Cash and cash equivalents, beginning of period					70,528	125,966

Cash and cash equivalents, end of period					$ 72,518	$ 64,847


Supplemental disclosures of cash flow information:
	Cash paid for interest				$ 60,631	$ 69,882

	Cash paid for taxes				$ 116,955	$ 107,709

	Non-cash redistribution of assets to FIS				$ -	$ 434

	Non-cash consideration received from sale of discontinued operation				$ -	$ 40,310

	Non-cash consideration issued in acquisition of business				$ -	$ (5,162)

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES												Exhibit D
SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED
(In thousands)




				Nine months ended September 30,		Quarter ended
				2010	2009	9/30/2010	6/30/2010	3/31/2010	12/31/2009	9/30/2009	6/30/2009	3/31/2009

1.	Revenues - Continuing Operations

	Technology, Data and Analytics (TD&A):
		Mortgage Processing		$ 302,352	$ 283,690	$ 102,362	$ 102,356	$ 97,634	$ 104,184	$ 102,973	$ 89,567	$ 91,150
		Other TD&A		259,235	234,364	94,555	82,852	81,828	85,247	83,313	82,322	68,729
			Total	561,587	518,054	196,917	185,208	179,462	189,431	186,286	171,889	159,879

	Loan Transaction Services:
		Loan Facilitation Services		452,575	404,381	165,490	140,471	146,614	142,919	136,657	148,510	119,214
		Default Services		809,289	858,666	265,572	275,046	268,671	278,647	303,823	299,534	255,309
			Total	1,261,864	1,263,047	431,062	415,517	415,285	421,566	440,480	448,044	374,523

	Corporate and Other			(5,936)	(18,686)	(1,939)	(1,644)	(2,353)	(2,864)	(7,339)	(6,762)	(4,585)

		Total Revenue		$ 1,817,515	$ 1,762,415	$ 626,040	$ 599,081	$ 592,394	$ 608,133	$ 619,427	$ 613,171	$ 529,817

	Revenue Growth from Prior Year Period

	Technology, Data and Analytics:
		Mortgage Processing		6.6%	15.4%	-0.6%	14.3%	7.1%	17.9%	23.2%	9.1%	13.7%
		Other TD&A		10.6%	37.3%	13.5%	0.6%	19.1%	40.3%	50.5%	37.9%	23.5%
			Total	8.4%	24.4%	5.7%	7.7%	12.2%	27.0%	34.1%	21.3%	17.7%

	Loan Transaction Services:
		Loan Facilitation Services		11.9%	16.3%	21.1%	-5.4%	23.0%	70.3%	55.9%	25.8%	-16.1%
		Default Services		-5.8%	41.2%	-12.6%	-8.2%	5.2%	14.3%	25.6%	51.9%	51.0%
			Total	-0.1%	32.1%	-2.1%	-7.3%	10.9%	28.7%	33.7%	42.1%	20.4%

	Corporate and Other			n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m

		Total Revenue		3.1%	29.2%	1.1%	-2.3%	11.8%	28.3%	32.7%	35.3%	19.4%


2.	Depreciation and Amortization - Continuing Operations

	Depreciation and Amortization			$ 47,915	$ 45,399	$ 17,142	$ 15,780	$ 14,993	$ 15,932	$ 15,894	$ 15,431	$ 14,074
	Purchase Price Amortization			18,312	23,095	5,710	5,884	6,718	7,654	7,608	7,404	8,083
	Other Amortization			5,587	4,124	1,668	1,976	1,943	1,713	1,542	753	1,829
		Total Depreciation and Amortization		$ 71,814	$ 72,618	$ 24,520	$ 23,640	$ 23,654	$ 25,299	$ 25,044	$ 23,588	$ 23,986


3.	Stock Compensation Expense

	Stock Compensation Expense, Excluding Acceleration Charges			$ 22,052	$ 19,565	$ 8,215	$ 7,280	$ 6,557	$ 7,678	$ 7,062	$ 6,459	$ 6,044
	Stock Acceleration Expense			-	799	-	-	-	-	-	-	799
		Total Stock Compensation Expense		$ 22,052	$ 20,364	$ 8,215	$ 7,280	$ 6,557	$ 7,678	$ 7,062	$ 6,459	$ 6,843

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES															Exhibit E
NON-GAAP FINANCIAL INFORMATION - UNAUDITED
(In thousands, except per share data)


							Nine months ended September 30,		Quarter ended
							2010	2009	9/30/2010	6/30/2010	3/31/2010	12/31/2009	9/30/2009	6/30/2009	3/31/2009
1.	EBIT - Continuing Operations

	Consolidated
		Revenue					$ 1,817,515	$ 1,762,415	$ 626,040	$ 599,081	$ 592,394	$ 608,133	$ 619,427	$ 613,171	$ 529,817

		Cost of Sales					1,204,112	1,167,829	417,243	390,847	396,022	403,174	409,113	404,014	354,702

		Selling, General and Administrative Expenses					185,051	203,280	64,516	59,815	60,720	64,059	66,671	65,431	71,178

			Operating Income				428,352	391,306	144,281	148,419	135,652	140,900	143,643	143,726	103,937

		Less Non-recurring Charges:
			Restructuring Costs				-	8,186	-	-	-	-	-	-	8,186
			Acceleration of Performance-Based Shares				-	799	-	-	-	-	-	-	799

		EBIT, as adjusted					$ 428,352	$ 400,291	$ 144,281	$ 148,419	$ 135,652	$ 140,900	$ 143,643	$ 143,726	$ 112,922

		EBIT Margin, as adjusted					23.6%	22.7%	23.0%	24.8%	22.9%	23.2%	23.2%	23.4%	21.3%

		Depreciation and Amortization					$ 71,814	$ 72,618	$ 24,520	$ 23,640	$ 23,654	$ 25,299	$ 25,044	$ 23,588	$ 23,986

	Technology, Data and Analytics
		Revenue					$ 561,587	$ 518,054	$ 196,917	$ 185,208	$ 179,462	$ 189,431	$ 186,286	$ 171,889	$ 159,879

		Cost of Sales					314,533	295,043	108,421	100,317	105,795	107,368	105,651	98,929	90,463

		Selling, General and Administrative Expenses					60,985	52,146	21,108	20,066	19,811	18,571	18,256	17,824	16,066

			Operating Income				186,069	170,865	67,388	64,825	53,856	63,492	62,379	55,136	53,350

		Less Non-recurring Charges:
			Restructuring Costs				-	-	-	-	-	-	-	-	-
			Acceleration of Performance-Based Shares				-	-	-	-	-	-	-	-	-

		EBIT, as adjusted					$ 186,069	$ 170,865	$ 67,388	$ 64,825	$ 53,856	$ 63,492	$ 62,379	$ 55,136	$ 53,350

		EBIT Margin, as adjusted					33.1%	33.0%	34.2%	35.0%	30.0%	33.5%	33.5%	32.1%	33.4%

		Depreciation and Amortization					$ 49,117	$ 51,411	$ 16,532	$ 16,047	$ 16,538	$ 18,066	$ 17,595	$ 16,441	$ 17,375

	Loan Transaction Services
		Revenue					$ 1,261,864	$ 1,263,047	$ 431,062	$ 415,517	$ 415,285	$ 421,566	$ 440,480	$ 448,044	$ 374,523

		Cost of Sales					895,496	891,515	310,780	292,107	292,609	298,723	311,230	311,349	268,936

		Selling, General and Administrative Expenses					69,216	82,088	23,561	21,798	23,857	25,681	27,665	27,064	27,359

			Operating Income				297,152	289,444	96,721	101,612	98,819	97,162	101,585	109,631	78,228

		Less Non-recurring Charges:
			Restructuring Costs				-	-	-	-	-	-	-	-	-
			Acceleration of Performance-Based Shares				-	-	-	-	-	-	-	-	-

		EBIT, as adjusted					$ 297,152	$ 289,444	$ 96,721	$ 101,612	$ 98,819	$ 97,162	$ 101,585	$ 109,631	$ 78,228

		EBIT Margin, as adjusted					23.5%	22.9%	22.4%	24.5%	23.8%	23.0%	23.1%	24.5%	20.9%

		Depreciation and Amortization					$ 17,087	$ 15,029	$ 6,152	$ 5,749	$ 5,186	$ 5,281	$ 5,295	$ 5,126	$ 4,608

	Corporate and Other
		Revenue					$ (5,936)	$ (18,686)	$ (1,939)	$ (1,644)	$ (2,353)	$ (2,864)	$ (7,339)	$ (6,762)	$ (4,585)

		Cost of Sales					(5,917)	(18,729)	(1,958)	(1,577)	(2,382)	(2,917)	(7,768)	(6,264)	(4,697)

		Selling, General and Administrative Expenses					54,850	69,046	19,847	17,951	17,052	19,807	20,750	20,543	27,753

			Operating Income				(54,869)	(69,003)	(19,828)	(18,018)	(17,023)	(19,754)	(20,321)	(21,041)	(27,641)

		Less Non-recurring Charges:
			Restructuring Costs				-	8,186	-	-	-	-	-	-	8,186
			Acceleration of Performance-Based Shares				-	799	-	-	-	-	-	-	799

		EBIT, as adjusted					$ (54,869)	$ (60,018)	$ (19,828)	$ (18,018)	$ (17,023)	$ (19,754)	$ (20,321)	$ (21,041)	$ (18,656)

		Depreciation and Amortization					$ 5,610	$ 6,178	$ 1,836	$ 1,844	$ 1,930	$ 1,952	$ 2,154	$ 2,021	$ 2,003

2.	Net Earnings - Reconciliation
		Net Earnings					$ 231,620	200,828	$ 78,691	$ 80,413	$ 72,516	$ 74,901	$ 75,542	$ 75,240	$ 50,046

		Less Non-recurring Charges:
			Restructuring Costs, net of tax				-	5,055	-	-	-	-	-	-	5,055
			Acceleration of Performance-Based Shares, net of tax				-	493	-	-	-	-	-	-	493
				Net Earnings, as adjusted			231,620	206,376	78,691	$ 80,413	72,516	74,901	75,542	75,240	55,594

		Purchase Price Amortization, net of tax (1)					11,307	14,261	3,526	3,633	4,148	4,726	4,698	4,572	4,991

		Adjusted Net Earnings					$ 242,927	$ 220,637	$ 82,217	$ 84,046	$ 76,664	$ 79,627	$ 80,240	$ 79,812	$ 60,585

		Adjusted Net Earnings Per Diluted Share					$ 2.57	$ 2.30	$ 0.89	$ 0.89	$ 0.80	$ 0.82	$ 0.83	$ 0.83	$ 0.64

		Diluted Weighted Average Shares					94,658	95,941	92,682	94,910	96,416	96,781	96,399	96,133	95,284

3.	Cashflow - Reconciliation
		Cash Flows from Operating Activities:

			Net Earnings				$ 231,620	$ 200,828	$ 78,691	$ 80,413	$ 72,516	$ 74,901	$ 75,542	$ 75,240	$ 50,046

			Less Non-recurring Charges:
				Restructuring Costs, net of tax			-	4,304	-	-	-	-	-	-	4,304
					Net Earnings, as adjusted		231,620	205,132	78,691	80,413	72,516	74,901	75,542	75,240	54,350


			Adjustments to reconcile net earnings to net cash provided by operating activities:
					Non-cash adjustments		114,181	92,069	41,548	34,591	38,042	60,281	32,279	31,700	28,090
					Working capital adjustments		(54,084)	2,240	(35,191)	(17,375)	(1,518)	13,369	(16,954)	21,957	(2,763)

						Net cash provided by operating activities	291,717	299,441	85,048	97,629	109,040	148,551	90,867	128,897	79,677


			Capital expenditures included in investing activities				(84,106)	(67,862)	(26,940)	(29,122)	(28,044)	(30,913)	(19,455)	(25,836)	(22,571)

			Adjusted Net Free Cash Flow				$ 207,611	$ 231,579	$ 58,108	$ 68,507	$ 80,996	$ 117,638	$ 71,412	$ 103,061	$ 57,106

Notes:

(1)			Purchase price amortization, net of tax, represents the periodic amortization of intangible assets acquired through business acquisitions primarily relating to customer lists, trademarks and non-compete agreements.

SOURCE Lender Processing Services, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED

Browse News Releases

News Releases Overview

Multimedia Gallery

Multimedia Gallery Overview

Trending Topics

Lender Processing Services, Inc. Reports Strong Third Quarter 2010 Earnings

News provided by

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

Contact PR Newswire

Products

About

My Services