Home Loan Servicing Solutions (HLSS), a Grand Cayman-based company that was spun off of Ocwen in a Feb. 29 IPO, reported net income of $1.3 million for the first quarter.

This compares with a net loss of $27,000 for 1Q11 when HLSS was a development stage enterprise. The current results include 27 days of operations starting on March 5 and 64 days as a development-stage enterprise.

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