Dolan Company Reports Q3 Loss

(RTTNews) - The Dolan Company (DM), a provider of business information and professional services to legal, financial and real estate sectors, Tuesday reported a third-quarter loss, that narrowed from last year, as the company had registered a considerably higher loss from discontinued operations a year ago. The company said the latest-quarter loss included a goodwill impairment charge of $35.4 million because of the continuing trends of declining public notice advertising revenue. "The third quarter was a period of change as we work on building for the future," said James Dolan, CEO. The Minnesota-based company posted a lesser loss of $27.5 million than a loss of $103.5 million, a year earlier. Loss from discontinued operations declined to $1 million from $111.1 million a year ago.

Cash earnings per share of the company declined to $0.02 from $0.13 a year ago. Four analysts polled by Thomson Reuters estimated the company's profit to be $0.03 for the quarter. Analysts' estimates typically exclude one-time items.

For the three months to September, the company posted EBITDA of $5.6 million compared with $11.3 million a year earlier.

Predominantly on account of lower revenues from the Professional Services division, total revenues of the company declined to $35.5 million from $44.7 million a year earlier.

At the end of the third quarter, The Dolan Company held cash and cash equivalents of $2.8 million, down from $15.6 million a year ago.

For the full-year 2013, the company forecasted total revenues of $150 million to $154 million and adjusted EBITDA of $26 million to $28 million.

Monday, the stock closed at $2.08 on the NYSE.