Lender Processing Services Inc. (LPS: News ) Monday reported a sharp decline in second-quarter profit due to lower revenues and one-time impairment charges. Nonetheless, excluding items, adjusted earnings topped estimates. Looking ahead to the third quarter, the company expects adjusted earnings to come in below the Street.
Lender Processing Services Inc. reported a 42.9 percent decline in adjusted net earnings in the second quarter, according to a company press release.
The mortgage technology and services company (NYSE: LPS) reported adjusted net earnings of $48 million, or 56 cents per diluted share, in the quarter that ended June 30, compared with $84 million, or 89 cents per diluted share, in the quarter ending June 30, 2010. The second quarter adjusted net earnings excluded 18 cents per diluted share for asset impairment charges relating to discontinued operations, 6 cents per diluted share primarily relating to cost reduction initiatives and 4 cents per diluted share for asset impairment charges relating to continuing operations. The adjusted earnings also included an adjustment for the purchase price amortization of 3 cents per diluted share, compared with an adjustment of 4 cents per diluted share in the second quarter 2010.
The writing is on the wall. All the analyst that believe this robo-sign and forging situation will self-correct are wrong. The state AGs represent the public (supposedly the auditors also represent the public), and the public will demand that criminal charges be filed. Then the state licensing requirements come into play.