Investors Title Company Announces Record Earnings
|July 29, 2002|
CHAPEL HILL, N.C., /PRNewswire-FirstCall/ -- J. Allen Fine, Chairman of Investors Title Company (Nasdaq: ITIC), announced that for the quarter ended June 30, 2002, the Company had a record quarter net income of $1,700,998, an increase of 18% compared with the same quarter in 2001. Diluted earnings per share were $.65 versus $.56 in the prior year period. Net premiums written increased to $14,871,197 from $14,867,277, investment income increased 3% to $692,781 and total revenues increased 1% to $16,092,087.
For the six-month period ended June 30, 2002, the Company reported net income of $3,248,177, an increase of 42% compared with the same six-month period in 2001. Diluted earnings per share were $1.25 versus $.88 in the prior year period. Ne t premiums written increased 12% to $29,551,922 and total revenues increased 13% to $32,161,660.
Chairman Fine stated, "This marks the fourth consecutive record quarter for net income and the sixth consecutive quarter for record revenue. Notwithstanding uncertainty in the financial markets, the pace of mortgage lending has remained strong. Home sales have tracked the previous year's record levels and low interest rates continue to stimulate a healthy demand for mortgage refinancing."
Investors Title Company is engaged in the business of issuing and underwriting title insurance policies. Title insurance is typically sold when real estate is purchased and upon refinancing of loans secured by real estate. Policies are issued through twenty-nine company-owned branch offices and a network of agents located across twenty-two states. The Company also provides services in connection with tax-free exchanges of like-kind property.
Source: Investors Title Company