Old Republic Announces Receipt of 1988-1990 Tax Refund
|July 25, 2005|
CHICAGO, /PRNewswire-FirstCall/ -- Old Republic International
Corporation (NYSE: ORI) has obtained a favorable resolution of the Company's claim for a Federal income tax refund pertaining
to the three years ended December 31, 1990.
As a result, Old Republic will record a combined recovery of income taxes and related accumulated interest of approximately $57.9 million in its second quarter 2005 statement of income. The net of tax effect of this recovery will result in a non-recurring addition to net income of approximately $46.0 million or $.25 per diluted share.
Source: Old Republic International Corporation