Investors Title Company Announces Second Quarter 2005 Results
|August 4, 2005|
CHAPEL HILL, N.C.-- Investors Title Company (NASDAQ:ITIC) announced results for the second quarter ended June 30, 2005. The Company reported net income of $3,861,998, an increase of 34% compared with $2,880,395 for the second quarter of 2004. Diluted earnings per share were $1.48 for the quarter ended June 30, 2005 versus $1.10 for the prior year quarter. Net premiums written increased 1.7% to $20,006,395 and total revenues increased 6.4% to $22,854,062 compared with the second quarter of 2004.
For the six-month period ended June 30, 2005, the Company reported net income of $5,442,492, an increase of 6.7% compared with the same six-month period in 2004. Diluted earnings per share were $2.08 versus $1.94 in the prior year period. Net premiums written increased 1.2% to $37,113,353 and total revenues increased 5.2% to $42,183,641 compared with the same six-month period in 2004.
"Our net earnings represent an all time high for any quarter in the Company's history", stated J. Allen Fine, Chairman of Investors Title Company. "Ongoing low interest rates continue to fuel high volumes of purchase transactions in residential and commercial property. This strength in the real estate market has favorably impacted revenue growth in our title insurance and 1031 exchange divisions, largely offsetting the decline in mortgage refinance lending. We continue to look for opportunities to expand market share and to identify areas in internal operations where we can improve operating efficiencies."
Source: Investors Title Company