Investors Title Company Announces Earnings
|July 28, 2004|
CHAPEL HILL, N.C.--(BUSINESS WIRE)-- J. Allen Fine, Chairman of Investors Title Company (NASDAQ:ITIC), announced that for the quarter ended June 30, 2004, the Company had net income of $2,880,395, a decrease of 7% compared with the same quarter in 2003. Diluted earnings per share were $1.10 versus $1.18 in the prior year period. Net premiums written decreased 16% to $19,649,652 from $23,322,629 and total revenues decreased 15% to $21,481,487.
For the six-month period ended June 30, 2004, the Company reported net income of $5,101,999, a decrease of 10% compared with the same six-month period in 2003. Diluted earnings per share were $1.94 versus $2.18 in the prior year period. Net premiums written decreased 15% to $36,631,408 and total revenues decreased 13% to $40,098,056.
Chairman Fine added, "Premiums written declined primarily due to significantly lower levels of mortgage refinancing compared with the prior year quarter. Residential and commercial property activity remained relatively strong compared with the prior year period. Total revenues were positively impacted by the rate increase filed on 10/1/03 in North Carolina for insured closing services, and increased exchange services revenue in our section 1031 exchange subsidiaries."
Source: Investors Title Company