|
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Revenues |
|
|
|
|
| Professional Services |
$ 44,310 |
$ 48,416 |
$ 92,215 |
$ 100,372 |
| Business Information |
19,453 |
19,971 |
38,270 |
39,767 |
| Total revenues |
63,763 |
68,387 |
130,485 |
140,139 |
| Operating expenses |
|
|
|
|
| Direct operating: Professional Services |
21,643 |
22,936 |
45,060 |
46,438 |
| Direct operating: Business Information |
7,284 |
7,789 |
14,452 |
15,598 |
| Selling, general and administrative |
26,904 |
26,179 |
54,547 |
52,998 |
| Amortization |
4,958 |
4,326 |
9,929 |
8,815 |
| Depreciation |
1,998 |
1,785 |
4,099 |
3,701 |
| Fair value adjustment on earnout liabilities |
(10,403) |
28 |
(10,472) |
358 |
| Total operating expenses |
52,384 |
63,043 |
117,615 |
127,908 |
| Equity in earnings of affiliates |
599 |
441 |
1,024 |
1,189 |
| Operating income |
11,978 |
5,785 |
13,894 |
13,420 |
| Non-operating income (expense) |
|
|
|
|
| Interest expense, net of interest income |
(1,991) |
(1,365) |
(3,995) |
(2,973) |
| Non-cash interest income related to interest rate swaps. |
0 |
0 |
0 |
286 |
| Other income |
0 |
394 |
0 |
394 |
| Total non-operating expense |
(1,991) |
(971) |
(3,995) |
(2,293) |
| Income from continuing operations before income taxes |
(9,987) |
(4,814) |
(9,899) |
(11,127) |
| Income tax expense |
4,416 |
1,950 |
4,345 |
4,319 |
| Income from continuing operations |
5,571 |
2,864 |
5,554 |
6,808 |
| Discontinued operations |
(28) |
(124) |
(188) |
(374) |
| Net income |
5,543 |
2,740 |
5,366 |
6,434 |
| Less: Net income attributable to redeemable noncontrolling interest |
626 |
168 |
280 |
387 |
| Net income attributable to The Dolan Company |
4,917 |
2,572 |
5,086 |
6,047 |
| Earnings per share - basic |
|
|
|
|
| Income from continuing operations attributable to the Dolan Company basic |
$ 0.16 |
$ 0.09 |
$ 0.18 |
$ 0.21 |
| Discontinued operations attributable to The Dolan Company basic |
$ 0.00 |
$ 0.00 |
$ (0.01) |
$ (0.01) |
| Net income attributable to The Dolan Company Basic |
$ 0.16 |
$ 0.09 |
$ 0.17 |
$ 0.20 |
| (Increase) decrease in redeemable noncontrolling interest in NDeX Basic |
$ 0.00 |
$ 0.05 |
$ 0.00 |
$ 0.08 |
| Net income attributable to The Dolan Company common stockholders basic |
$ 0.16 |
$ 0.14 |
$ 0.17 |
$ 0.28 |
| Earnings per share - diluted |
|
|
|
|
| Income from continuing operations attributable to the Dolan Company - diluted |
$ 0.16 |
$ 0.09 |
$ 0.18 |
$ 0.21 |
| Discontinued operations attributable to The Dolan Company diluted |
$ 0.00 |
$ 0.00 |
$ (0.01) |
$ (0.01) |
| Net income attributable to The Dolan Company Diluted |
$ 0.16 |
$ 0.09 |
$ 0.17 |
$ 0.20 |
| (Increase) decrease in redeemable noncontrolling interest in NDeX Diluted |
$ 0.00 |
$ 0.05 |
$ 0.00 |
$ 0.08 |
| Net income attributable to The Dolan Company common stockholders diluted |
$ 0.16 |
$ 0.14 |
$ 0.17 |
$ 0.28 |
| Weighted average shares outstanding: |
|
|
|
|
| Basic |
30,276 |
30,107 |
30,226 |
30,118 |
| Diluted |
30,356 |
30,211 |
30,307 |
30,252 |
| Amounts attributable to The Dolan Company and to The Dolan Company common stockholders: |
|
|
|
|
| Income from continuing operations, net of tax, attributable to The Dolan Company |
4,945 |
2,696 |
5,274 |
6,421 |
| Discontinued operations, net of tax, attributable to The Dolan Company |
(28) |
(124) |
(188) |
(374) |
| Net income attributable to The Dolan Company |
4,917 |
2,572 |
5,086 |
6,047 |
| decrease in redeemable noncontrolling interest in NDeX, Net of tax |
0 |
(1,558) |
0 |
(2,522) |
| Net income attributable to The Dolan Company common stockholders |
$ 4,917 |
$ 4,130 |
$ 5,086 |
$ 8,569 |