DJSP Reports Decline in Net Income; Sales Rise
Posted March 12, 2010 1:57PM PST

Mortgage processing company DJSP Enterprises Inc.'s fourth-quarter net income declined by 52% as expenses rose. The former SPAC reported higher sales, however, and said it would have had a higher profit excluding some merger-related and other costs.

Net income declined to $4 million from $8.2 million in the year-earlier quarter. Revenue, however, rose by 33% to $70.5 million as DJSP collected processing fees on home foreclosure transactions in Florida, where the company does most of its business.

DJSP reported non-GAAP "adjusted net income" of $12.1 million, up 68% from the year-earlier quarter. The adjusted figure factors out merger expenses, including a $3.7 million travel bill for the Plantation, Fla.-based company, which went public in January through a merger with the SPAC Chardan 2008 China Acquisition Corp.

Chardan 2008 was sponsored and headed up by Chardan Capital Markets and its CEO Kerry Propper. The SPAC was the first China-focused blank check company to end up merging with a U.S. company.

Thus far, shareholders have little to complain about the change in focus. DJSP stock has risen 22% since the merger was completed in late January.

Source: Press Release


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