Ditech Holding Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Goodwill and Intangible Assets Impairment for the First Quarter Ended March 31, 2018
For the quarter, on predecessor basis for the period from January 1, 2018 through February 9, 2018, the company's total revenues were $187,273,000 compared to $245,285,000 a year ago. Income before income taxes was $520,989,000 compared to $4,386,000 a year ago. Net income was $521,007,000 compared to income of $4,508,000 a year ago. Diluted earnings per common and common equivalent share were $13.92 compared to basic and diluted earnings per common and common equivalent share of $0.12 a year ago.
For the quarter, the company's adjusted loss was $28,293,000 compared to $40,997,000 a year ago. Total revenues for the first quarter of 2018 were $278.5 million, an increase of $33.2 million as compared to the prior year quarter, primarily due to an increase of $63.9 million in net servicing revenue and fees partially offset by decreases of $17.9 million in net gains on sale of loans and $7.2 million in interest income. Pre-tax income increased $23.4 million and adjusted earnings (loss) improved $25.2 million for the first quarter of 2018 as compared to the prior year quarter due to lower general and administrative expenses and salaries and benefits, offset in part by lower servicing revenue and fees of $34.0 million.
For the quarter, the company's goodwill and intangible assets impairment was $9,960,000.