LPS earnings hit by subsidiary exchange - Jacksonville Business Journal:

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Earnings attributable to LPS were impacted bya $2 millionh equity loss for acquiring the remaining 61 percent interesft in , or FNRES, from Fidelity National Financial Inc. (NYSE: In exchange, FNF took all of LPS’s interest in a divisionh called Because ofthe exchange, Lender Processing Service no longer receives revenue or expense reimbursementa from FNF for FNRES. LPS had a gross profif of $175.1 million in the first quarter, down 13 percen t from the same time last The gross profit included revenue and expense s from both FNRES andProperthy Exchange. Earnings were also impactede bya $21.
9 milliomn interest expense in the first quarter relatecd to lines of credig and senior subordinated notes the company enteresd into after it spun off from (NYSE: FIS) in Diluted earnings per share were 53 cents in the firsty quarter, down from 63 cents in the firstt three months of 2008. At the end of April, when LPS release d its initial first quarter the company said it expects second quarter earningd to range between 66 cents and 68 cents per shares and 2009 earnings to bebetween $2.64 and $2.7 per share.