Dolan Media Co.'s fourth-quarter profit more than doubled as the legal newspaper publisher's recent acquisitions ushered in more business from law firms dealing with soured mortgages and other problems.
The company said Tuesday that it earned $8.1 million, or 27 cents per share, during the final three months of 2009. That compared with income of $3.4 million, or 12 cents per share, in the same 2008 period.
Revenue increased 18 percent to $69.6 million.
Analysts surveyed by Thomson Reuters had forecast earnings of 20 cents per share on revenue of $68.5 million. Forecasts typically exclude items.
Dolan Media attributed most of its fourth-quarter gains to its recently completed takeovers of DiscoverReady and Albertelli. Those deals brought in more work from law firms.
Albertelli helped Dolan boost its revenue from processing defaulted mortgages by 8 percent to $36.3 million in the fourth quarter.
DiscoverReady lifted Dolan Media's legal services division by bringing in more revenue from companies and attorneys who need help reviewing legal documents.
Besides these services, Dolan Media also publishes legal and business newspapers, including The Daily Record in Baltimore and Massachusetts Lawyers Weekly.
For all of 2009, Dolan Media earned $30.8 million, or $1.03 per share, on revenue of $262.9 million. That compared with income of $14.3 million, or 53 cents per share, on revenue of $189.9 million in 2008.
For the upcoming year, Dolan expects its earnings per share to range from $1.11 to $1.18 on revenue of $307 million to $310 million.
Analysts surveyed by Thomson Reuters had been expecting earnings of $1.14 per share on revenue of $306 million.
Dolan shares were unchanged in extended trading after gaining 15 cents to finish Tuesday's regular session at $10.90.