Lender Processing Services Lowers Outlook for Second Quarter 2011

Lender Processing Services, Inc. LPS today announced that it now expects second quarter 2011 adjusted earnings to be in the range of 54-56 cents per diluted share. This updated outlook reflects further weakness in default volumes and continued sluggish origination activity, in particular, in the refinancing marketplace. Lower default volumes will in turn impact related revenues in LPS' Other TD&A sub-segment. Also, results are expected to be impacted by higher than expected regulatory and legal-related expenses in the quarter. The Company noted that it will provide an outlook for the rest of 2011 on its second quarter 2011 earnings call, currently scheduled for late July. For the second quarter, through June 16, 2011, the Company repurchased 2.04 million shares for $53.0 million. Following these purchases, $34.5 million remained available under the previous authorization. Also, the Company noted that its Board of Directors had authorized a new share repurchase program of $100 million that replaced the previous authorization. "While we are experiencing very difficult market conditions, our business model remains intact and we continue to be well-positioned to gain additional market share. As a clear demonstration of our strong client relationships and our clients' trust in us, I am pleased to report that we completed the conversion of a major financial institution on to our Desktop platform in early June," said Jeff Carbiener, President and CEO of LPS.