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Altisource Portfolio Solutions S.A. (ASPS) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Altisource Portfolio Solutions S.A.

CIK: 1462418 Ticker: ASPS

Exhibit 99.1

 

GRAPHIC

 

FOR IMMEDIATE RELEASE

 

FOR FURTHER INFORMATION CONTACT:

 

 

 

 

 

Michelle D. Esterman

 

 

Chief Financial Officer

 

 

T:  +352 2469 7950

 

 

E:  michelle.esterman@altisource.lu

 

ALTISOURCE ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS

 

Luxembourg, Luxembourg, 13 February 2013

 

Altisource™ (NASDAQ: ASPS) today reported net income attributable to Altisource of $110.6 million or $4.43 per diluted share for the year ended December 31, 2012, an increase in net income and diluted earnings per share from the year ended December 31, 2011 of 56% and 60%, respectively.  Service revenue was $466.9 million for the year ended December 31, 2012, a 39% increase when compared to the year ended December 31, 2011.

 

“2012 was a very strong year for Altisource.  We focused on providing high quality services to our largest customer, Ocwen Financial Corporation (“Ocwen”), while intensifying our efforts on our strategic initiatives to diversify and expand our revenue base” said William Shepro, Chief Executive Officer of Altisource.

 

Net income attributable to Altisource was $30.3 million or $1.20 per diluted share for the quarter ended December 31, 2012, an increase in net income and diluted earnings per share from the quarter ended September 30, 2012 of 12% and 11%, respectively.  Fourth quarter 2012 operating profit margins increased from 26% in the third quarter of 2012 to 27%.

 

William Erbey, Chairman of the Board of Directors, commented “We are very pleased with the fourth quarter margin expansion particularly given that we incurred $2.7 million of costs in the fourth quarter related to the creation and separation of the residential asset businesses and we were growing the staff required to support the approximate doubling of Ocwen’s private label servicing portfolio.”

 

Highlights for the year ended December 31, 2012 include:

 

·                  Capitalized Altisource Residential Corporation (“Residential”) and Altisource Asset Management Corporation (“AAMC”) with $100.0 million and $5.0 million, respectively, and distributed ownership in these entities to Altisource shareholders;

 

·                  Relaunched the consumer real estate portal under the new HubzuTM brand; over 25,000 real estate owned (“REO”) assets were sold through Hubzu during the year;

 

·                  Recognized origination related service revenue of $37.8 million, representing a 72% increase over the year ended December 31, 2011;

 

1


The following information was filed by Altisource Portfolio Solutions S.A. (ASPS) on Wednesday, February 13, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Accounts Payable, Accrued Expenses And Other Current Liabilities
Accounts Payable, Accrued Expenses And Other Current Liabilities (details 3)
Accounts Payable, Accrued Expenses And Other Current Liabilities (details)
Accounts Payable, Accrued Expenses And Other Current Liabilities (details) (calc 2)
Accounts Payable, Accrued Expenses And Other Current Liabilities (tables)
Accounts Receivable, Net
Accounts Receivable, Net (details 2)
Accounts Receivable, Net (details)
Accounts Receivable, Net (tables)
Acquisitions
Acquisitions (details 2)
Acquisitions (details)
Acquisitions (tables)
Commitments And Contingencies
Commitments And Contingencies (details 2)
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Cost Of Revenue
Cost Of Revenue (details)
Cost Of Revenue (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (details 2)
Goodwill And Intangible Assets, Net (details)
Goodwill And Intangible Assets, Net (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details)
Income Taxes (tables)
Investment In Equity Affiliate
Investment In Equity Affiliate (details)
Investment In Equity Affiliate (tables)
Long-term Debt
Long-term Debt (details 2)
Long-term Debt (details)
Long-term Debt (tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (details)
Other (expense) Income, Net
Other (expense) Income, Net (details)
Other (expense) Income, Net (tables)
Other Assets
Other Assets (details)
Other Assets (tables)
Premises And Equipment, Net
Premises And Equipment, Net (details)
Premises And Equipment, Net (tables)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (details)
Prepaid Expenses And Other Current Assets (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Selling, General And Administrative Expenses
Selling, General And Administrative Expenses (details)
Selling, General And Administrative Expenses (tables)
Separation Of Residential Asset Businesses
Separation Of Residential Asset Businesses (details)
Separation Of Residential Asset Businesses (tables)
Stockholders' Equity And Share-based Compensation
Stockholders' Equity And Share-based Compensation (details 2)
Stockholders' Equity And Share-based Compensation (details 3)
Stockholders' Equity And Share-based Compensation (details 4)
Stockholders' Equity And Share-based Compensation (details 5)
Stockholders' Equity And Share-based Compensation (details)
Stockholders' Equity And Share-based Compensation (tables)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Transactions With Related Parties
Transactions With Related Parties (details)
Transactions With Related Parties (tables)
Ticker: ASPS
CIK: 1462418
Form Type: 10-K Annual Report
Accession Number: 0001104659-13-009969
Submitted to the SEC: Wed Feb 13 2013 10:02:03 AM EST
Accepted by the SEC: Wed Feb 13 2013
Period: Monday, December 31, 2012
Industry: Miscellaneous Business Services

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