|By PR Newswire||
|February 21, 2014 04:20 PM EST||
IRVINE, Calif., Feb. 21, 2014 /PRNewswire/ -- CoreLogic (NYSE:CLGX), a leading residential property information, analytics and services provider, today announced the completion of several important milestones in its previously announced strategic business plan. These operating enhancements are summarized below.
In line with the Company's long-term strategic plan, core business operations have been reorganized into two operating segments – Data and Analytics (D&A) and Technology and Processing Solutions (TPS).
The operations comprising the Company's Property Information and Analytics, Insurance and Spatial Solutions and Multifamily and Specialty Services businesses will continue to be reported within the D&A segment as of December 31, 2013. In addition, the D&A segment has been expanded through the acquisition of EQECAT, Inc., a leading global catastrophe modeling firm. EQECAT provides state-of-the-art catastrophe risk management models and services that quantify exposure to a range of natural and man-made catastrophic risks to the global property and casualty insurance, reinsurance and financial markets. EQECAT will be integrated into Insurance and Spatial Solutions.
CoreLogic's Residential and Commercial Property Tax Processing, Originations and Underwriting Services (Credit and Verification Services and Flood Zone Determination) and Technology and Outsourcing Solutions businesses, previously reported in our former Mortgage Origination Services segment, will be reported within the TPS segment as of December 31, 2013. In addition, the TPS segment will also include the Company's document processing, retrieval and loan file review operations previously reported as part of the D&A segment. This transition is expected to capture operational synergies with the Company's payment processing and workflow solutions operations reported in the TPS segment.
The Company also announced today its intention to pursue the divestiture of its Asset Management and Processing Solutions (AMPS) segment. As a result, the businesses comprising the AMPS segment will be classified as held for sale as of December 31, 2013. Full-year 2013 revenues and operating income for the AMPS segment aggregated $266.9 million and $2.2 million, respectively. For the fourth quarter, AMPS revenues and operating loss were $55.9 million and $42.2 million, respectively. The fourth quarter operating loss includes a non-cash goodwill impairment charge of $51.8 million.
"CoreLogic is continuing to execute against the strategic business plan we outlined just over two years ago," said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. "We are taking aggressive actions to further sharpen our focus on CoreLogic's core businesses, which are uniquely positioned to capitalize on our competitive strengths in data and analytics, payment processing and data-enabled services. These businesses benefit from their leading market presence, unique data assets, intellectual property and world-class domain expertise."
"The actions announced today position CoreLogic to continue to drive scale and operating leverage in our core operations," added Frank Martell, Chief Financial Officer of CoreLogic. "Despite lower mortgage origination volumes in 2014, we expect to continue to make progress toward our imperative of growing our D&A segment to over 50% of our total revenues and our TPS operations are well-positioned to outperform their respective markets."
CoreLogic management will host a live webcast and conference call on Wednesday, February 26, 2014 at 8:00 a.m. Pacific time (11:00 a.m. Eastern Time) to discuss fourth quarter and full year 2013 financial results. All interested parties are invited to listen to the event via webcast on the CoreLogic website at http://investor.corelogic.com. Alternatively, participants may use the following dial-in numbers: 1- 877-280-4953 for U.S./Canada callers or 857-244-7310 for international callers. The Conference ID for the call is 29135227.
Additional detail on the Company's fourth quarter results will be included in the quarterly financial supplement, available on the Investor Relations page at http://investor.corelogic.com after the release of fourth quarter and full year 2013 financial results on Tuesday, February 25.
A replay of the webcast will be available on the CoreLogic investor website for 30 days and also through the conference call number 1-888-286-8010 for U.S./Canada participants or 617-801-6888 for international participants using Conference ID 53543460.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The Company's combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in eight countries. For more information, visit www.corelogic.com.
Safe Harbor / Forward Looking Statements
Certain statements made in this press release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements related to the Company's ability to meet business, strategic growth and financial objectives; expected non-recurring cash and non-cash charges. Risks and uncertainties exist that may cause the 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 failure to consummate or delay in consummating the disposition of AMPS and the additional risks and uncertainties set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K, as amended or updated by our Quarterly Reports on Form 10-Q. These additional risks and uncertainties include but are not limited to: government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including the Consumer Financial Protection Bureau; difficult conditions in the mortgage and consumer lending industries and the economy generally; our growth strategy and cost reduction plan and our ability to significantly decrease future allocated costs and other amounts in connection therewith; and impairments in our goodwill or other intangible assets. 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.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Sep. 2, 2015 01:30 PM EDT Reads: 931
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Sep. 2, 2015 01:30 PM EDT Reads: 1,628
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Sep. 2, 2015 01:30 PM EDT Reads: 616
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
Sep. 2, 2015 01:15 PM EDT Reads: 1,614
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
Sep. 2, 2015 01:00 PM EDT Reads: 1,567
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Sep. 2, 2015 12:45 PM EDT Reads: 201
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Sep. 2, 2015 12:45 PM EDT Reads: 1,556
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Sep. 2, 2015 12:45 PM EDT Reads: 191
Moving an existing on-premise infrastructure into the cloud can be a complex and daunting proposition. It is critical to understand the benefits as well as the challenges associated with either a full or hybrid approach. In his session at 17th Cloud Expo, Richard Weiss, Principal Consultant at Pythian, will present a roadmap that can be leveraged by any organization to plan, analyze, evaluate and execute on a cloud migration solution. He will review the five major cloud transformation phases a...
Sep. 2, 2015 12:21 PM EDT
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Sep. 2, 2015 12:15 PM EDT Reads: 410
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Sep. 2, 2015 12:00 PM EDT Reads: 813
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...
Sep. 2, 2015 12:00 PM EDT Reads: 270
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
Sep. 2, 2015 12:00 PM EDT Reads: 121
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Sep. 2, 2015 11:45 AM EDT Reads: 616
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
Sep. 2, 2015 11:45 AM EDT Reads: 1,546