KANSAS CITY, Kan., Aug. 18, 2009 (GLOBE NEWSWIRE) -- Epiq Systems, Inc. (Nasdaq:EPIQ) today reported that July 2009 operating revenue (total revenue before operating revenue from reimbursed direct costs) was an all-time best month for corporate restructuring, and that for the month of July, corporate restructuring operating revenue exceeded the full third quarter of 2008. Fueled by robust bankruptcy filing trends and strong market share, the company's overall Bankruptcy segment experienced a 112% increase in July operating revenue compared with the same period in the prior year.
The Administrative Office of the U.S. Courts recently reported that bankruptcy filing trends for the period ending June 30, 2009 continued to rise. For the three- and twelve-month periods ending June 30, 2009, bankruptcy filings totaled 381,073 and 1,306,315 respectively, up 38% and 35% versus the same periods in 2008. The quarter ending June 30, 2009 represented the highest quarterly filing period since the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted. Chapter 7 filings for the twelve-month period ending June 30, 2009 were up 47%, Chapter 11 filings were up 91%, and Chapter 13 filings were up 12% versus the same period in 2008.
Tom W. Olofson, chairman and CEO, and Christopher E. Olofson, president and COO, stated, "We continue to see swelling caseloads across all chapters of bankruptcy and meaningfully increased activity compared to prior periods. Epiq's recent corporate restructuring matters include Finlay Enterprises, Bashas' Inc., Basin Water, and Luna Innovations, complementing an already strong portfolio that also includes Lehman Brothers Holdings, Chrysler, Lyondell Chemical, Nortel Networks, AbitibiBowater, Tribune Company, Thornburg Mortgage and Smurfit-Stone Container. Corporate restructuring engagements are generally long-term, multi-year assignments characterized by a recurring revenue component and revenue visibility into future periods."
About Epiq Systems
Epiq Systems is a leading global provider of integrated technology solutions for the legal profession. Our solutions streamline the administration of bankruptcy, litigation, financial transactions and regulatory compliance matters. We offer innovative technology solutions for electronic discovery, document review, legal notification, claims administration and controlled disbursement of funds. Our clients include leading law firms, corporate legal departments, bankruptcy trustees and other professional advisors who require innovative technology, responsive service and deep subject-matter expertise.
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