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Industry News

Landamerica Q4 Earnings Rise On Refinancing Boom

February 21, 2002

Declares Quarterly Dividend of $.05 Per Share

RICHMOND, Va., - Title insurance company LandAmerica Financial Group Inc. (NYSE:LFG) on Wednesday reported higher fourth-quarter earnings, excluding charges, as revenues rose nearly 35 percent from a year ago on a strong residential real estate market boosted by record refinancings.

Excluding charges, LandAmerica recorded earnings in the fourth-quarter ended Dec. 31, 2001 of $42.3 million, or $2.26 a share, compared with earnings of $13.1 million, or 71 cents a share a year earlier. Year-ago figures also excluded charges.

Including charges, LandAmerica reported net income of $6.4 million, or 34 cents a share, compared with a net loss of $104.3 million, or $7.88 a share, a year ago.

The company's operating revenues totaled a record $624.2 million, an increase of almost 35 percent from $463.7 million in the fourth quarter of 2000.

LandAmerica said office closings and severance related to an acquisition are expected to result in charges of between $800,000 and $1.5 million, or between 4 cents and 8 cents a share, in the first quarter. LandAmerica shares closed on Wednesday at $26.62, down 19 cents, or less than 1 percent.

Source: LandAmerica Financial Group, Inc.

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