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DJSP Enterprises (DJSP) Reports Growth in Adjusted Net Income

DJSP Enterprises reported adjusted net income of $12.1 million for the fourth quarter of 2009. In comparison, the company reported adjusted net income of $7.2 million in the same quarter of 2008.

DJSP Enterprises also reported a large increase in revenues, reporting $70.5 million in the fourth quarter of 2009, up from $52.9 million in the same quarter of 2008. Revenues for the full year 2009 were reported at $260.3 million in 2009, an increase of 31% from the $199.2 million reported in 2008.

The company attributed the strong growth in revenues to a large increase in foreclosures and real estate owned (REO) activities in its home market of Florida.

David J. Stern, the CEO of DJSP Enterprises said, “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.”

DJSP Enterprises also affirmed its guidance for 2010, and indicated that it would earn adjusted net income of $49 million.

DJSP Enterprises provides software and services that enable the processing of transactions in the mortgage and real estate industries.

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