Exhibit 99.1
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Press Release |
Investors:
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Media: | |
Parag Bhansali
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Michelle Kersch | |
(904) 854-8640
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(904) 854-5043 |
Lender Processing Services, Inc. Updates Outlook for Second Quarter 2011
JACKSONVILLE, Fla. — June 16, 2011 — Lender Processing Services, Inc. (NYSE:LPS), a leading
provider of integrated technology and services to the mortgage and real estate industries, today
announced that it now expects second quarter 2011 adjusted earnings to be in the range of 54-56
cents per diluted share. This updated outlook reflects further weakness in default volumes and
continued sluggish origination activity, in particular, in the refinancing marketplace. Lower
default volumes will in turn impact related revenues in LPS’s Other TD&A sub-segment. Also,
results are expected to be impacted by higher than expected regulatory and legal related expenses
in the quarter.
The Company noted that it will provide an outlook for the rest of 2011 on its second quarter
2011 earnings call, currently scheduled for late July.
For the second quarter, through June 16, 2011, the Company repurchased 2.04 million shares for
$53.0 million. Following these purchases, $34.5 million remained available under the previous
authorization. Also, the Company noted that its Board of Directors had authorized a new share
repurchase program of $100 million that replaced the previous authorization.
“While we are experiencing very difficult market conditions, our business model remains intact
and we continue to be well-positioned to gain additional market share. As a clear demonstration of
our strong client relationships and our clients’ trust in us, I am pleased to report that we
completed the conversion of a major financial institution on to our Desktop platform in early
June”, said Jeff Carbiener, President and CEO of LPS.
LPS will host a conference call with the investment community on Thursday, June 16, 2011 at
5:00 p.m. ET to discuss this update. Research analysts and institutional investors wishing to
participate via the conference call should dial 866-823-5035.
A replay of the teleconference will also be available from 8:00 p.m. on Thursday, June 16,
2011 through June 23, 2011 by dialing 888-203-1112 (access code: 1017767).
To access the live webcast of this conference call, go to the investor relations section on
LPS’ homepage at www.lpsvcs.com. A replay of the webcast will also be available on the website
shortly after the call.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology,
services and loan performance data and analytics to the mortgage, consumer lending, capital
markets and real estate industries. LPS offers solutions that span the mortgage continuum,
including lead generation, origination, servicing, workflow automation, portfolio retention and
default, augmented by the company’s award-winning customer support and professional services.
Almost half of all U.S. mortgages are serviced using LPS’ Mortgage Servicing Package (MSP). 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 (including among others, loan originations and foreclosures) 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; risks associated with federal and
state inquiries and examinations currently underway or that may be commenced in the future with
respect to our default management operations, and with civil litigation related to these matters;
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.
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