POWAY, Calif., Oct. 28 /PRNewswire-FirstCall/ -- First Advantage
Corporation (NASDAQ:FADV) ("the Company"), a global risk mitigation
and business solutions provider, today announced operating results
for the third quarter ended Sept. 30, 2009. First Advantage
reported income from continuing operations of $11.4 million for the
quarter ended Sept. 30, 2009, compared to $12.3 million for the
quarter ended Sept. 30, 2008. Net income attributable to First
Advantage shareholders was $11.5 million (19 cents per share) in
the quarter ended Sept. 30, 2009, compared to $12.6 million in the
quarter ended Sept. 30, 2008 (21 cents per share). Results of
operations for the quarter ended Sept. 30, 2008 included a
restructuring charge of $2.8 million ($1.6 million after tax or 3
cents per diluted share), primarily relating to consolidation of
facilities in the Credit Services segment. Service revenue for the
Company was $156 million and $174.7 million for the quarters ended
Sept. 30, 2009 and 2008, respectively. Earnings before interest,
taxes, depreciation and amortization (EBITDA) were $29.5 million
and $34.7 million for the quarters ended Sept. 30, 2009 and 2008,
respectively. "Despite lackluster auto sales, Credit Services
posted improved results compared to a year ago, driven by stronger
performance in the Mortgage and Direct to Consumer businesses.
Current macro-economic conditions continued to pose challenges for
our Employer Services and Investigative and Litigation Support
Services segments during the third quarter. Service revenues and
operating margins were negatively impacted," stated Anand
Nallathambi, president and chief executive officer. "We continue to
emphasize operating efficiencies and enhancing market share in our
major business lines." Summary Consolidated Income Statement
(Unaudited) (In thousands, except per share amounts) Three Months
Ended Nine Months Ended September 30, September 30, 2009 2008 2009
2008 ---- ---- ---- ---- Service revenue $155,980 $174,664 $510,688
545,341 Reimbursed government fee revenue 13,586 13,633 39,905
40,780 ------ ------ ------ ------ Total revenue 169,566 188,297
550,593 586,121 Cost of service revenue 51,429 53,520 191,030
160,723 Government fees paid 13,586 13,633 39,905 40,780 ------
------ ------ ------ Total cost of service 65,015 67,153 230,935
201,503 Gross margin 104,551 121,144 319,658 384,618 -------
------- ------- ------- Salaries and benefits 49,920 59,113 151,217
188,489 Facilities and telecommunications 6,741 7,789 20,265 24,073
Other operating expenses 18,453 19,899 56,397 65,642 Depreciation
and amortization 10,993 10,898 32,574 31,520 Impairment loss --
1,720 -- 2,017 ----- ----- ----- ----- Total operating expenses
86,107 99,419 260,453 311,741 ------ ------ ------- ------- Income
from operations 18,444 21,725 59,205 72,877 ------ ------ ------
------ Other (expense) income: Interest expense (234) (640) (903)
(2,140) Interest income 103 155 387 746 --- --- --- --- Total other
(expense), net (131) (485) (516) (1,394) ---- ---- ---- ------
Income from continuing operations before income taxes 18,313 21,240
58,689 71,483 Provision for income taxes 6,898 8,932 23,856 29,582
----- ----- ------ ------ Income from continuing operations 11,415
12,308 34,833 41,901 Loss from discontinued operations, net of tax
-- -- -- (4,241) ------ ------ ------ ------ Net income $11,415
$12,308 $34,833 $37,660 ------- ------- ------- ------- Less: Net
loss attributable to non-controlling interest (35) (323) (202)
(648) --- ---- ---- ---- Net income attributable to First Advantage
Corporation ("FADV") $11,450 $12,631 $35,035 $38,308 -------
------- ------- ------- Basic earnings per share: Income from
continuing operations attributable to FADV shareholders $0.19 $0.21
$0.59 $0.72 Loss from discontinued operations, attributable to FADV
shareholders, net of tax -- -- -- (0.07) ----- ----- ----- -----
Net income attributable to FADV shareholders $0.19 $0.21 $0.59
$0.65 ----- ----- ----- ----- Diluted income per share: Income from
continuing operations attributable to FADV shareholders $0.19 $0.21
$0.59 $0.72 Loss from discontinued operations attributable to FADV
shareholders, net of tax -- --- -- (0.08) ----- ----- ----- -----
Net income attributable to FADV shareholders $0.19 $0.21 $0.59
$0.64 ----- ----- ----- ----- Weighted-average common shares
outstanding: Basic 59,803 59,478 59,722 59,358 Diluted 60,086
59,529 59,867 59,446 Amounts attributable to FADV shareholders:
Income from continuing operations, net of tax $11,450 $12,631
$35,035 $42,549 Loss from discontinued operations, net of tax -- --
-- (4,241) ------ ------ ------ ------ Net income $11,450 $12,631
$35,035 $38,308 ------- ------- ------- ------- EBITDA calculation:
Net income attributable to First Advantage Corporation $11,450
$12,631 $35,035 $38,308 Provision for income taxes 6,898 8,932
23,856 29,582 Interest expense 131 485 516 1,394 Loss from
discontinued operations, net of tax -- -- -- 4,241 Depreciation and
amortization 10,993 10,898 32,574 31,520 Impairment loss -- 1,720
-- 2,017 ----- ----- ----- ----- Earnings before interest, taxes,
depreciation and amortization (EBITDA)* $29,472 $34,666 $91,981
$107,062 ------- ------- ------- -------- *EBITDA is not a measure
of financial performance under generally accepted accounting
principles. EBITDA is used by certain investors to analyze and
compare companies. Segment Financial Information (Unaudited) Three
Months Ended Nine Months Ended Sept. 30, Sept. 30, (In thousands,
except percentages) 2009 2008 2009 2008 Service revenue Credit
Services $59,443 $60,837 $191,567 $202,723 Data Services 25,514
21,922 113,456 60,422 Employer Services 41,731 54,199 119,350
163,397 Multifamily Services 19,879 19,702 57,467 58,037
Investigative & Litigation Support Services 9,804 18,600 30,224
63,281 Corporate (391) (596) (1,376) (2,519) ---- ---- ------
------ Consolidated $155,980 $174,664 $510,688 $545,341 --------
-------- -------- -------- Income (Loss) from operations Credit
Services $12,489 $7,063 $44,820 $35,371 Data Services 3,590 3,680
11,389 11,214 Employer Services 3,929 6,644 6,110 13,119
Multifamily Services 7,268 6,654 20,521 17,995 Investigative &
Litigation Support Services 1,337 6,347 2,753 23,407 Corporate
(10,169) (8,663) (26,388) (28,229) ------- ------ ------- -------
Consolidated $18,444 $21,725 $59,205 $72,877 ------- -------
------- ------- Operating margin percentage of service revenue
Credit Services 21.01% 11.61% 23.40% 17.45% Data Services 14.07%
16.79% 10.04% 18.56% Employer Services 9.42% 12.26% 5.12% 8.03%
Multifamily Services 36.56% 33.77% 35.71% 31.01% Investigative
& Litigation Support Services 13.64% 34.12% 9.11% 36.99%
Corporate N/A N/A N/A N/A ---------- ---------- ----------
---------- Consolidated 11.82% 12.44% 11.59% 13.36% ----- -----
----- ----- About First Advantage Corporation First Advantage
Corporation (NASDAQ:FADV) combines industry expertise with
information to create products and services that organizations
worldwide use to make smarter business decisions. First Advantage
is a leading provider of consumer credit information in the
mortgage, automotive and specialty finance markets; business credit
information in the transportation industry; lead generation
services; motor vehicle record reports; employment background
screening; occupational health services; applicant tracking
systems; recruiting solutions; skills and behavioral assessments;
business tax consulting services; corporate and litigation
investigations; computer forensics; electronic discovery; data
recovery; due diligence reporting; resident screening; property
management software and renters insurance. First Advantage ranks
among the top companies in all of its major business lines. First
Advantage is headquartered in Poway, Calif., and has offices
throughout the United States and abroad. More information about
First Advantage can be found at http://www.fadv.com/. First
Advantage is a majority-owned subsidiary of The First American
Corporation (NYSE:FAF), a FORTUNE 500® company that traces its
history to 1889. First American is America's largest provider of
business information, supplying businesses and consumers with
valuable information products to support the major economic events
of people's lives. Additional information about the First American
Family of Companies can be found at http://www.firstam.com/.
Certain statements in this press release including those related to
cost reduction initiatives and impact on improved efficiencies in
the future quarters, product expansion and enhanced operational
efficiencies are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Risks and
uncertainties exist that may cause results to differ materially
from those set forth in these forward-looking statements. Factors
that could cause the anticipated results to differ from those
described in the forward-looking statements include: risks relating
to the First American Corporation's ("First American") exchange
offer (the "Offer") to acquire all of the outstanding shares of the
Company's Class A common stock ("Class A Shares") not owned or
controlled by First American at an exchange ratio of 0.58 of a
First American common share per Class A Share, including the risks
described in the Offer to Exchange and related materials filed by
First American on a Registration Statement on Form S-4 with the
Securities and Exchange Commission and which may be amended from
time to time by First American; general volatility of the capital
markets and the market price of the Company's Class A common stock;
interest rate fluctuations; changes in the real estate market;
changes in employment trends; limit on access to public records;
the Company's ability to successfully raise capital; the Company's
ability to identify and complete acquisitions and successfully
integrate businesses it acquires; changes in applicable government
regulations; heightened regulations and regulatory scrutiny; the
degree and nature of the Company's competition; increases in the
Company's expenses; inability to realize the benefits of offshore
strategy; continued consolidation among the Company's competitors
and customers; unanticipated technological changes and
requirements; the Company's ability to identify suppliers of
quality and cost-effective data; and other risks identified from
time-to-time in the Company's SEC filings. The forward-looking
statements speak only as of the date they are made. The Company
does not undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made. Investors are advised to
consult the Company's filings with the SEC, including its 2008
Annual Report on Form 10-K, 2008 Third Quarter Report on Form 10-Q
and any subsequent amendments, for a further discussion of these
and other risks. Notice to Stockholders of Exchange Offer by First
American: On October 8, 2009, The First American Corporation
("First American") commenced an exchange offer (the "Offer") to
acquire all of the outstanding shares of the Company's Class A
common stock ("Class A Shares") not owned or controlled by First
American at an exchange ratio of 0.58 of a First American common
share per Class A Share. In connection with the Offer, First
American filed an Offer to Exchange and related materials with the
Securities and Exchange Commission ("SEC") on a Registration
Statement on Form S-4. On October 8, 2009, the Company filed with
the SEC a Solicitation/ Recommendation Statement on Schedule 14D-9
pursuant to which the Special Committee of the Board of Directors
of the Company (the "Special Committee") recommended, on behalf of
the Board of Directors of the Company, that the stockholders of the
Company accept the Offer and tender their shares pursuant to the
Offer. Stockholders are urged to read the Offer to Exchange and
related materials and the Solicitation/ Recommendation Statement
and any amendments thereto filed from time to time, because they
will contain important information. Stockholders will be able to
obtain a free copy of the Offer to Exchange and related materials
and the Solicitation/Recommendation Statement at the SEC's Web site
at http://www.sec.gov/ . In addition, the
Solicitation/Recommendation Statement, as well as the Company's
other public SEC filings, can be obtained at http://www.fadv.com/.
You may also read and copy any reports, statements and other
information filed by First American or the Company with the SEC at
the SEC public reference room at 100 F Street N.E., Washington,
D.C. 20549. Please call the SEC at 800.732.0330 or visit the SEC's
Web site for further information on its public reference room.
Contacts: Henri Van Parys Cindy Williams Corporate Communications
Manager Director - Investor Relations 727.214.1072 727.214.3438
DATASOURCE: First Advantage Corporation CONTACT: Henri Van Parys,
Corporate Communications Manager, +1-727-214-1072, , Cindy
Williams, Director - Investor Relations, +1-727-214-3438, Web Site:
http://www.fadv.com/
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