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March 09, 2012 at 05:00 AM EST
The Dolan Company Reports Fourth Quarter and Year-End 2011 Results

The Dolan Company (NYSE: DM), a leading provider of professional services and business information to legal, financial and real estate sectors in the United States, today announced financial results for the three months and year ended December 31, 2011.

“Our two largest processing businesses had very different experiences,” said James P. Dolan, chairman, chief executive officer, and president. “In the fourth quarter our e-discovery business more than doubled as a result of strong organic growth and the recent acquisition of ACT Litigation Services. At the same time, the reduced pace of referrals suppressed our mortgage default processing business for yet another quarter,” Dolan said.

“For the year, our e-discovery business grew revenue by more than 40% while our default-related businesses declined by more than 20%. As it has in the past, the default slowdown rippled through our Business Information Division, where default-related public notice advertising is an important revenue source.

“We have viewed the default referral situation as deferred business, since there continues to be a substantial backlog of pending and future mortgage foreclosures that must be processed. The recently announced legal settlement among mortgage servicers, state attorneys general and federal banking regulators we believe clears the way for a resumption of default referrals that will occur under strict new procedures. Our National Default Exchange, or NDeX, has worked hard with its law firm affiliates and with the law firms’ clients to prepare for this. We have positioned NDeX to gain market share and be the leading provider of mortgage default services as the pace of default referrals improves,” Dolan said.

“Meanwhile we experienced strong growth in our other processing segment, Litigation Support Services. Segment revenues grew by 70% during the fourth quarter, including organic growth of 25% in our e-discovery business and revenues generated by recently acquired ACT Litigation Services. Assuming we had owned ACT during the entire fourth quarters of 2010 and 2011, the Litigation Support Services segment would have grown by 16%. We are very pleased with the growth opportunities for this business and with our progress in expanding DiscoverReady’s footprint from managed review into technology services. We expect continued growth in both areas as we strive to reach our next milestone of building our e-discovery subsidiary into a $100 million operation,” Dolan said.

“Within our Business Information Division we have made good progress in terms of reorganizing and centralizing some parts of the division to reduce costs and improve margins, and we are seeing some benefit. We are seeing some signs of near-term improvement in this segment and we are working hard to migrate towards a subscription-based business model and into new services developed for the public affairs markets,” Dolan said.

“We have taken important steps to position ourselves for a much better future in every part of our business. We are very well prepared for a recovery in the default processing business, and we have made excellent progress in growing our Litigation Support Services segment. We are developing a better balance in these two business lines. The 2011 investments will pay dividends for years to come,” Dolan said.

“Due primarily to purchase accounting adjustments related to previous acquisitions, in the fourth quarter, our total operating expense was reduced by roughly $16 million on a non-recurring basis to $50.9 million. Excluding these adjustments, total operating expense would have been approximately $66.1 million,” Dolan noted.

Full Year 2012 Guidance

Based on the outlook for 2012, the company is providing full-year financial guidance as follows:

2012 Financial Guidance

(dollars in millions, except per share)

Total revenues $301-$318
Adjusted EBITDA $61-$68
Net income attributable to The Dolan Company per diluted share $0.38-$0.50
Cash earnings per diluted share $0.89-$1.02

This guidance presumes the following: 1) a gradual improvement in foreclosure referrals for the second half of 2012; 2) non-controlling interest of $0.15 to $0.65 million; 3) interest expense of $7.0 to $7.3 million; 4) the tax rate between 39.0% to 39.5%; 5) amortization of intangible assets of $20 to $21 million; and 6) fully diluted shares outstanding of approximately 30.3 million.

This guidance excludes the effect of any other businesses that may be acquired in the remainder of 2012. It also assumes that there will be no additional material effect on results of operations from current or future foreclosure-related government legislation, programs or investigations, or from lender-based programs or moratoria. These include, but are not limited to, programs, legislation, investigations and moratoria detailed in “Regulatory Environment” and “Risk Factors” in the company’s 2011 10-K, filed today with the U.S. Securities and Exchange Commission.

Fourth Quarter 2011

Financial results for the three months ended Dec. 31, 2011, and 2010 are as follows:

Dollars in thousands, except per share dataThree MonthsThree MonthsYear-over-
EndedEndedYear %
Dec. 31, 2011Dec. 31, 2010Change

(unaudited)

(unaudited)

Total revenues $ 71,213 $ 75,470

(5.6

)

%

Professional Services Division revenues 51,302 54,252

(5.4

)

%

Business Information Division revenues 19,911 21,218

(6.2

)

%

Operating income (1) 20,880 12,706 64.3 %
Net income attributable to The Dolan Company 10,357 5,526 87.4 %
Adjusted EBITDA * 14,270 19,817

(28.0

)

%

Net income attributable to The Dolan Company

per diluted share

$

0.34

$

0.18

88.9

%

Cash earnings * 5,426 8,629

(37.1

)

%

Cash earnings per diluted share * $ 0.18 $ 0.28

(35.7

)

%

* Please refer to the “Non-GAAP Financial Measures” below for a reconciliation of these non-GAAP financial measures to GAAP and why the company believes these are important measures of its performance.

(1) 2011 includes fair value adjustments on earnout liabilities in the amount of $16.4 million

Professional Services Division Results

The Professional Services Division provides specialized processing services to the legal profession through its subsidiaries, NDeX, Counsel Press, and DiscoverReady. NDeX is a leading provider of mortgage default processing services in the United States. Together, Counsel Press and DiscoverReady comprise the company’s litigation support services segment. Counsel Press is the largest provider of appellate services in the United States, and DiscoverReady provides outsourced discovery management, including document review and data hosting and processing services, to major corporations and law firms.

Division revenues for the fourth quarter were $51.3 million, a decline of 5.4% from $54.3 million in the fourth quarter of 2010. The decline was the result of much lower NDeX file volume, which was mostly offset by much stronger revenue at DiscoverReady.

NDeX received 66,900 mortgage default files for processing during the fourth quarter and generated $28.7 million in revenues. This compares to 96,700 files received for processing and $40.9 million in revenues in the fourth quarter of 2010. The total number of mortgage foreclosure files received decreased by more than 30% in the quarter compared to the fourth quarter of 2010.

Litigation Support contributed $22.6 million in revenues during the fourth quarter of 2011, an increase of 70.0% from the fourth quarter of 2010. The increase is the result of roughly 25% organic growth at DiscoverReady and the acquisition of ACT Litigation Services in July 2011.

Direct operating expenses within the Professional Services Division increased 8.7% to $24.6 million during the fourth quarter of 2011, from $22.6 million for the same period in 2010. The increase is mostly due to the ACT acquisition, offset in part by a double-digit decline of direct operating expenses at NDeX, which continues to focus on reducing costs and increasing efficiencies to offset volume declines. Selling, general and administrative expenses were $16.8 million during the fourth quarter of 2011, an increase of $2.3 million, or 15.9%, from $14.5 million for the same period in 2010. The increases were largely the result of the ACT acquisition as well as negative operating leverage. Excluding an adjustment of the fair value of earnout liabilities in the fourth quarter of 2011 of $13.4 million, total Professional Services Division operating expenses as a percentage of division revenues increased to 91.9% for the quarter, from 76.7% in the fourth quarter of 2010. Previous investments made in DiscoverReady and negative operating leverage at NDeX were the primary reasons for the increase.

Business Information Division Results

The Business Information Division publishes print and electronic legal publications, business journals, court and commercial media and other highly focused information products and services, operates Web sites and produces events for targeted professional audiences in 21 geographic markets across the United States.

Business Information Division revenues for the fourth quarter of 2011 were $19.9 million, a 6.2% decrease from $21.2 million in the fourth quarter of 2010. The addition of DataStream in December 2010 helped offset double-digit declines in public notice advertising revenues. The company believes that a majority of the weakness in public notice is related to continuing delays from large mortgage servicers that are deferring foreclosures as previously described. Although the public notice advertising continues to decrease, the rate of decline has lessened. The company attributes that to modest improvement in the public notice geographies it serves.

Total operating expenses within the Business Information Division were $15.1 million during the fourth quarter of 2011. Excluding a purchase accounting adjustment related to a previous acquisition and an impairment charge, cost reduction efforts resulted in a decline in total Business Information Division operating expenses of 6.0%, to $17.0 million from the fourth quarter of 2010. For the fourth quarter of 2011, direct operating expenses decreased 6.0% to $7.2 million while selling, general and administrative expenses for the division decreased 9.2% to $8.4 million.

Balance Sheet and Liquidity

As of December 31, 2011, the company held $0.8 million of cash and cash equivalents, compared to $4.9 million at the end of 2010. During the fourth quarter of 2011, the company generated $17.8 million of cash from operating activities and $16.1 million of free cash flow, which is defined as net cash provided by operating activities minus capital expenditures. Quarterly capital expenditures were $1.7 million. Days sales outstanding were 99.1 days for the fourth quarter of 2011, which was up from 73.5 days in the fourth quarter of last year. DSO increased primarily from a slowdown of payments received from NDeX’s law firm customers as they experience delays in the foreclosure process and taking files to sale. During the year ended December 31, 2011, the company generated $41.3 million of cash from operating activities and $33.4 million of free cash flow. Annual capital expenditures were $7.9 million.

Total debt outstanding at the end of the fourth quarter was $176.4 million, of which $45 million was under a term loan facility. Net debt was $175.6 million, up $41.3 million from the end of 2010 due primarily to funds borrowed for the acquisition of ACT. At December 31, 2011, the combined weighted-average interest rate on the company’s credit facilities was 3.8%. The leverage ratio at the end of the quarter was 2.7 times total debt to trailing twelve month pro forma adjusted EBITDA, up from 1.5 times as of December 31, 2010. The company is within its senior debt covenants.

Non-GAAP Financial Measures

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in the United States. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, The Dolan Company reports the following non-GAAP measures:

  • Adjusted EBITDA, defined as GAAP income from continuing operations adjusted for the impact of the following: net interest expense resulting from the company’s net cash or borrowing position, which includes non-cash interest income or expense related to the changes in fair value of interest rate swaps; income tax expense; non-cash expenses, including depreciation and amortization, charges for stock options and restricted stock the company has granted, and fair value adjustments on earnouts recorded in connection with acquisitions; non-recurring items of income or expense, if applicable, including impairments of long-lived assets; and distributions paid to holders of noncontrolling interest;
  • Cash earnings, defined as GAAP income from continuing operations adjusted for the impact of the following: noncontrolling interests; non-cash expenses, including non-cash interest income or expense related to the changes in the fair value of interest rate swaps, charges for stock options and restricted stock granted, fair value adjustments on earnouts recorded in connection with acquisitions, and amortization; certain non-recurring items of income or expense, including impairments of long-lived assets; and an adjustment to income tax expense related to the above reconciling items at the appropriate then-in-effect tax rate;
  • Cash earnings per diluted share, defined as cash earnings divided by the number of weighted average diluted shares outstanding; and
  • Free cash flow, defined as net cash provided by operating activities minus capital expenditures.

The Dolan Company provides these measures because it believes that they are helpful to investors in comparing year-over-year performance in light of certain non-recurring charges, and to better understand its operating performance and profitability, competitive position and future prospects. Non-GAAP measures should be considered in conjunction with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net income attributable to The Dolan Company. In addition, it should be noted that the company’s calculations of adjusted EBITDA, cash earnings, cash earnings per diluted share, and free cash flow may not be comparable to the calculations of such measures by other companies.

The following is a reconciliation of net income attributable to The Dolan Company to adjusted EBITDA (in thousands):

Three Months EndedYear Ended
December 31,December 31,
2011201020112010
Income from continuing operations $ 12,262 $ 6,079 $ 22,443 $ 35,684
Interest expense, net 1,856 2,312 6,287 6,358
Income tax expense 6,762 4,315 13,683 21,771
Amortization of intangibles 5,199 3,972 18,921 15,818
Depreciation expense 2,218 1,949 8,005 9,767
Impairment of long-lived assets 1,179 1,179
Amortization of Detroit Legal News Publishing intangible 377 377 1,508 1,508
Non-cash compensation expense 816 911 3,843 3,237
Non-cash fair value adjustment on earnout recorded in connection with acquisition (16,399 ) 188 (15,788 ) 1,070
Non-recurring income

(287

)

(197 )
Cash distribution to holders of non-controlling interest (288 ) (643 ) (1,662 )
Adjusted EBITDA

$

14,270

$

19,815

$

59,151

$

93,354

The following is a reconciliation of net income attributable to The Dolan Company to cash earnings and cash earnings per diluted share (in thousands, except share and per share data):

Three Months EndedYear Ended
December 31,December 31,
2011201020112010
Income from continuing operations $ 12,262 $ 6,079 22,443 35,684
Noncontrolling interest (1,230 ) (487 ) (1,833 ) (2,886 )
Non-cash interest income related to the change in fair value of interest rate swaps (292 ) (286 ) (1,185 )
Non-cash compensation expense 816 911 3,843 3,237
Non-cash fair value adjustment on earnout liability (16,399 ) 188 (15,788 ) 1,070
Amortization of intangibles 5,199 3,972 18,921 15,818
Impairment of long-lived assets 1,179 1,179
Amortization of Detroit Legal News Publishing intangible 377 377 1,508 1,508
Non-recurring income (287 ) (197 )
Adjustment to income tax expense related to reconciling items at effective tax rate

3,222

(2,119

)

(3,491

)

(7,655

)

Cash earnings $ 5,426 $ 8,629 26,209 45,394

Income from continuing operations attributable to The Dolan Company per diluted share (GAAP)

$

0.36

$

0.18

$

0.68

$

1.08

Cash earnings per diluted share $ 0.18 $ 0.28 $ 0.87 $ 1.50
Weighted average diluted shares outstanding 30,233,455 30,380,635 30,223,319 30,314,174

Conference Call

The company has scheduled a conference call for Friday, March 9th, at 8:30 a.m. U.S. Eastern Standard Time (7:30 a.m. U.S. Central Standard Time). The dial-in number is (888) 517-2513, passcode 7919 254#. The call will be hosted by James P. Dolan, chairman, chief executive officer and president, and will include Scott J. Pollei, executive vice president and chief operating officer, and Vicki J. Duncomb, vice president and chief financial officer. It will be broadcast live over the Internet and will be accessible through the investor relations section of the company’s Web site at www.thedolancompany.com. Interested parties should access the webcast approximately 10 to 15 minutes before the scheduled start time to register and download any necessary software needed to listen to the call. Prior to the conference call start, a slide presentation highlighting points discussed in the fourth quarter and year-end conference call will be available through the investor relations section of the company’s Web site at www.thedolancompany.com. The webcast and slide presentation will be archived online and will be available at the investor relations section of the company’s Web site for a period of 21 days after the call. In addition, the company’s SEC Form 10-K is available via its Web site at www.thedolancompany.com, or investors can request a hard copy of the 10-K free of charge upon request.

Statement Regarding Forward Looking Information

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts are forward-looking statements. Such forward-looking statements include statements related to the company’s “guidance” as well as statements using words such as “anticipate,” “expect,” “believe,” “convinced,” “continue,” “to come,” “will,” “may,” “estimate,” “assume,” “pursue,” “outlook,” “goal,” “milestone” and similar expressions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the following: our businesses operate in highly competitive markets and depend on the economies and demographics of the legal, financial and real estate markets we serve and changes in those sectors could have an adverse effect on our revenues, cash flows, and profitability; if the number of files referred to us by our mortgage default processing service law firm customers (or loan servicers and mortgage lenders we serve directly in California) decreases or fails to increase, or if one or more of our law firm customers fails to pay us for our mortgage default processing services, our operating results and ability to execute our growth strategy could be adversely affected; bills introduced and laws enacted to mitigate foreclosures, voluntary relief programs and halts by servicers or lenders, as well as governmental investigations, enforcement actions, litigation, court orders and settlements may have an adverse effect on our mortgage default processing services and public notice operations; our efforts to grow our business may place a strain on our management and internal systems, processes and controls, may result in operating inefficiencies, and may negatively impact our operating margins; we intend to continue to pursue acquisition opportunities, which we may not do successfully and which may subject us to considerable business and financial risk or require us to raise additional capital or incur additional indebtedness; a failure to comply with covenants under our debt instruments could result in acceleration of debt or an inability to access availability under our credit facility; we depend on our senior management team and other key leaders of our business segments and our operation and growth may be negatively impacted if we lose any of their services; revenues of our subsidiaries NDeX and DiscoverReady have been concentrated among a few customers, thus the loss of business from our top customers and a failure to attract new customers could adversely affect our operating results; certain key personnel of our subsidiary NDeX, who are also shareholders and principal attorneys of our law firm customers, may at times have interests that differ from or conflict with our interests; and the other risk factors described under “Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2011, filed with the SEC on March 9, 2012. We undertake no obligation to update any forward-looking statements in light of new information or future events.

THE DOLAN COMPANY
CONSOLIDATED BALANCE SHEETS

December 31,

2011

2010

ASSETS

(in thousands, except share data)

Current assets
Cash and cash equivalents

$

752

$

4,862

Accounts receivable, including unbilled services (net of allowances for doubtful accounts of $1,416 and $1,578 as of December 31, 2011, and 2010, respectively)

72,117 59,801
Unbilled pass-through costs 4,317 7,140
Prepaid expenses and other current assets 3,976 4,186
Income tax receivable 1,968 4,183
Assets held for sale 257
Total current assets 83,387 80,172
Accounts receivable, long term 2,500
Investments 11,901 13,808
Property and equipment, net 19,263 17,148
Finite-lived intangible assets, net 212,950 194,695
Indefinite-lived intangible assets 285,131 225,373
Other assets 2,563 4,205
Total assets

$

617,695

$

535,401

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt

$

7,667

$

7,578

Accounts payable 18,759 15,589
Accrued pass-through liabilities 8,820 18,271
Accrued compensation 5,189 5,409
Accrued liabilities 5,588 5,537
Due to sellers of acquired businesses 21,449 3,943
Deferred revenue 20,290 21,427
Total current liabilities 87,762 77,754
Long-term debt, less current portion 168,724 131,568
Deferred income taxes 20,739 7,794
Dues to sellers of acquired businesses 13,733 7,033
Other liabilities 7,319 5,814
Total liabilities 298,277 229,963
Redeemable noncontrolling interest 12,726 26,580
Stockholders’ equity

Common stock, $0.001 par value; authorized: 70,000,000 shares; outstanding: 30,576,597 and 30,511,408 shares as of December 31, 2011 and 2010, respectively

30 30

Preferred stock, $0.001 par value; authorized: 5,000,000 shares; designated: 5,000 shares of Series A Junior Participating Preferred Stock; no shares outstanding

Other comprehensive loss (net of tax) (1,285 ) (1,298 )
Additional paid-in capital 294,476 286,148
Retained earnings (accumulated deficit) 13,471 (6,022 )
Total stockholders’ equity 306,692 278,858
Total liabilities and stockholders’ equity

$

617,695

$

535,401

The Dolan Company
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months EndedYear Ended
December 31,December 31,
2011201020112010
(unaudited)
Revenues
Professional Services $ 51,302 $ 54,252 $ 207,077 $ 223,069
Business Information 19,911 21,218 78,493 83,826
Total revenues 71,213 75,470 285,570 306,895
Operating expenses
Direct operating: Professional Services 24,605 22,640 96,459 91,481
Direct operating: Business Information 7,154 7,612 30,012 27,562
Selling, general and administrative 26,923 27,329 106,774 102,161
Amortization 5,199 3,972 18,921 15,818
Depreciation 2,218 1,949 8,005 9,767
Fair value adjustments on earnout liabilities (16,399 ) 188 (15,788 ) 1,070
Impairment of long-lived assets 1,179 1,179
Total operating expenses 50,879 63,690 245,562 247,859
Equity in earnings of affiliates 546 926 2,118 4,580
Operating income 20,880 12,706 42,126 63,616
Non-operating income (expense)
Interest expense, net of interest income (1,856 ) (2,604 ) (6,573 ) (7,543 )
Non-cash interest income related to interest rate swaps 292 286 1,185
Other income 287 197
Total non-operating expense (1,856 ) (2,312 ) (6,000 ) (6,161 )
Income before income taxes 19,024 10,394 36,126 57,455
Income tax expense (6,762 ) (4,315 ) (13,683 ) (21,771 )
Net income from continuing operations 12,262 6,079 22,443 35,684
Less discontinued operations 675 66 1,117 443
Net Income 11,587 6,013 21,326 35,241
Less: Net income attributable to redeemable noncontrolling interest 1,230 487 1,833 2,886
Net income attributable to The Dolan Company $ 10,357 $ 5,526 $ 19,493 $ 32,355
Earnings per share – basic and diluted:
Net income from continuing operations attributable to The Dolan Company $ 0.36 $ 0.18 $

0.68

$ 1.08
Weighted average shares outstanding:
Basic 30,170,704 30,183,941 30,141,488 30,150,837
Diluted 30,233,455 30,380,365 30,223,319 30,314,174
The Dolan Company
Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months EndedYear Ended
December 31,December 31,
2011201020112010
(unaudited)
Cash flows from operating activities
Net income $ 11,586 $ 6,011 $ 21,326 $ 35,240
Loss (income) from discontinued operations 269 (315 ) 1,117 443
Income from continuing operations 11,855 5,696 22,443 35,683
Distributions received from The Detroit Legal News Publishing, LLC 525 2,100 4,025 7,000
Distributions paid to holders of noncontrolling interest (77 ) (288 ) (643 ) (1,662 )
Gain on sale of investment (394 ) (197 )
Non-cash operating activities:
Amortization 5,200 3,973 18,921 15,819
Depreciation 2,219 1,952 8,005 9,769
Impairment of long-lived assets 1,179 1,179
Equity in earnings of affiliates (546 ) (926 ) (2,118 ) (4,580 )
Stock-based compensation expense 816 911 3,843 3,237
Deferred income taxes 8,662 3,376 8,948 2,913
Change in value of interest rate swaps (292 ) (286 ) (1,185 )
Amortization of debt issuance costs 92 624 372 868
Non-cash fair value adjustment on earnouts recorded in connection with acquisitions

(16,401

)

188 (15,788 ) 1,070
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable and unbilled pass-through costs 9,010 11,705 (524 ) 4,616
Prepaid expenses and other current assets (1,018 ) (4,030 ) 2,971 (5,281 )
Other assets 47 38 144 398
Accounts payable and accrued liabilities (5,038 ) (6,450 ) (9,688 ) (7,166 )
Deferred revenue and other liabilities 333 1,576 (325 ) 3,441
Cash provided by operating activities – continuing operations 16,858 20,153 41,085 64,743
Cash provided by (used in) operating activities – discontinued operations 955 248 217 (320 )
Net cash provided by operating activities 17,813 20,401 41,302 64,423
Cash flows from investing activities
Acquisitions and investments (2,304 ) (15,221 ) (69,369 ) (17,808 )
Capital expenditures (1,707 ) (3,145 ) (7,868 ) (9,124 )
Proceeds on sale of investment, including escrow payments received 394
Other 77 197
Cash used in investing activities – continuing operations (4,011 ) (18,366 ) (76,766 ) (26,735 )
Cash used in investing activities – discontinued operations (4 ) (11 ) (32 )
Net cash used in investing activities (4,015 ) (18,366 ) (76,777 ) (26,767 )
Cash flows from financing activities
Net (payments) borrowing on senior revolving note (9,300 ) 325 44,700 (7,675 )
Payments on senior long-term debt (1,250 ) (5,000 ) (9,775 )
Payments of deferred acquisition costs and earnouts (3,844 ) (5000 ) (3,844 ) (5,000 )
Payments on unsecured notes payable (614 ) (2,416 ) (11,565 )
Payments for repurchases of common stock (1,691 )
Payments of deferred financing costs (579 ) (1,491 )
Other (153 ) (1,491 ) (384 ) (182 )
Net cash (used in) provided by financing activities (15,161 ) (6,745 ) 31,365 (35,688 )
Net change in cash and cash equivalents (1,363 ) (4,710 ) (4,110 ) 1,968
Cash and cash equivalents at beginning of the period 2,115 9,572 4,862 2,894
Cash and cash equivalents at end of the period $ 752 $ 4,862

$

752

$

4,862

Contacts:

The Dolan Company
Robert J. Evans, 612-317-9430
Director of Investor Relations
Bob.evans@thedolancompany.com
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