Ocwen Financial Corp., a thrift that specializes in restructuring troubled loans, reported fourth-quarter net income of $22.9 million, an 8% decline.
Earnings per share fell 20%, to 37 cents, matching analysts' estimates.
The company's 1997 net income increased 57%, to $78.9 million. Earnings per share were $1.39 for the year, 48% more than 1996.
Ocwen last week acquired DTS Communications Inc., a San Diego real estate technology company, for $13 million in cash, stock, and repayment of certain debts.
DTS is a developer of technology that automates real estate transactions over the Internet. Ocwen said it plans to enhance DTS' products by adding features from its proprietary software systems for loan default management and loss mitigation.