DJSP Enterprises, Inc., one of the largest providers of processing services for the mortgage and real estate industries in the United States
David J. Stern, Chairman and Chief Executive Officer of DJSP Enterprises commented, "DJSP delivers unparalleled customer service by combining unique mortgage and foreclosure expertise with highly automated electronic processing. This efficiency has historically enabled us to significantly grow both our top and bottom-line results. As a public company we will be able to leverage our expertise, diversify our service offerings, and expand geographically in order to accelerate our growth and enhance our client relationships. Going forward, we are particularly excited about our REO business which will become an increasingly significant source of revenue and income growth in the coming years."
The Company reaffirms its previously announced guidance of approximately $42 million in adjusted net income and $67.8 million in adjusted EBITDA for Calendar 2009. For 2010, the Company expects to report adjusted net income of approximately $49 million and adjusted EBITDA of approximately $80.6 million, excluding any one time transaction expenses associated with the Business Combination.
Outstanding diluted shares ~ 30M
The call will also be accompanied live by webcast over the Internet and accessible athttp://viavid.net/dce.aspx?sid=000070E6.
Foreclosures are going to go through the roof because as we all know in the last decade many mortgages were financed to those who were unable to pay them. It is expected that there will be default rates of around 50% in some mortgage classes. If you really love the story, you can go straight for the warrants and buy DJSPW. Be careful, these expire Aug. 11, 2012, and convert at $5. I wouldn't recommend these for novice investors. The greatest news is that they are currently priced to shrink! I'll be laughing all the way to the bank on this one. Clock it -- I'm calling 100% return and more in the next year. (Day High at time of publication was $9.25)
By Glen Bradford