NEW YORK, July 31, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Altisource
Portfolio Solutions S.A. (NASDAQ: ASPS). Select highlights from
the internally released reports are being made available to the
general public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=ASPS
Highlights from our ASPS Report include:
- Strong Sequential Growth - On July 23, 2015, Altisource Portfolio Solutions
S.A. released results for the second quarter of 2015. Service
revenue increased 14% QoQ to $236.6
million during the quarter. Moreover, net income
attributable to Altisource surged to $46.0
million or $2.22 per diluted
share from $3.7 million or
$0.18 per diluted share in the first
quarter 2015. Further, adjusted net income attributable to
Altisource came in at $54.2 million,
up from $11.8 million in the first
quarter 2015.
- Year-over-Year Performance - The Company generated total
revenue of $268.3 million during the
quarter, lower than $296.1 million in
Q2 2014. Meanwhile, service revenue also decreased by 10% YoY from
$263.2 million in previous year. The
mortgage service contributed $165.7
million in the total service revenue, whereas, financial
services and technology services contributed $23.4 million and $56.0
million, respectively. Net income attributable to Altisource
amounted declined 15% YoY, while diluted EPS was down c. 1% from
the prior year quarter.
- Operational Highlights - During the
quarter, the number of houses sold on Hubzu, the Company's online
real estate auction platform, for customers other than Ocwen was
1,168, up 33% YoY and 39 times higher than Q2 2014. Further, the
Company repurchased 1.4 million shares of common stock during the
quarter at an average price of $28.57
per share. In addition, the Company repurchased a portion of the
senior secured term loan with a par value of $16.0 million at a 9% discount. In line with its
strategy to continue helping the mortgage banking industry safely
and securely increase production, the Company acquired CastleLine
Holdings, LLC, a specialty risk management and insurance services
firm, subsequent to the close of the second quarter.
- Views of Management - Commenting in the second quarter
results, William B. Shepro, CEO of
Altisource, said, "Altisource had a very strong quarter, marking
the third highest service revenue quarter and the second highest
net income quarter in the Company's history. I am very proud of our
team that came together over the last two quarters to align the
Company's costs with our revenue, accomplishing the objectives we
established in the fourth quarter of last year."
To find out how this influences our rating on Altisource
Portfolio Solutions S.A. read the full report in its entirety here:
http://www.aciassociation.com/?c=ASPS
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