Another firm for whom bad times are good times:
Rising Tide Of Bankruptcies Fills The Coffers Of Software MakerNorm Alster
Friday March 6, 2009, 6:19 pm EST
Such is the good fortune of Epiq Systems a supplier of software, administrative and consulting services used in legal proceedings. Epiq has its hand in two activities that seem sure to flourish through the current malaise: bankruptcy and litigation.
For the fourth quarter of 2008, Epiq reported revenue just over $55 million. That's 41% better than a year ago. For all of 2008, revenue soared by 37%. Earnings, affected by a variety of business mix and interest rate factors, also grew, though at a somewhat slower clip.
Pressure is mounting for countless businesses that need to raise funds in tight credit markets.
That means more engagements for Epiq, which plays in both Chapter 11 bankruptcy and Chapter 7 liquidation proceedings.
"It's a very robust time in the Chapter 11 business. The Chapter 11 business will grow in double digits, and we anticipate it will be an extremely big year," said Epiq Chief Executive Tom Olofson.
Chapter 11 filings have shot up in recent months. Many highly leveraged companies are unable to refinance maturing debt. "We feel that Chapter 11 filings will continue to escalate as we go through 2009 and probably into 2010," said Olofson.
Epiq provides a number of services during Chapter 11 proceedings. It maintains the corporate database, handles legal noticing and provides consulting service to the debtor company.
http://finance.yahoo.com/news/Rising-Tide-Of-Bankruptcies-ibd-14573361.html