Investors Title Company Announces All-Time Record Quarterly Earnings

February 6, 2003

CHAPEL HILL, N.C., /PRNewswire-FirstCall/ -- Investors Title Company (Nasdaq: ITIC - News) announced operating results for the quarter and year ended December 31, 2002. For the quarter ended December 31, 2002, net income increased 28% to $2,714,640 from $2,119,884, and diluted earnings per share increased 27% to $1.04 from $.82, all compared with the same quarter in the prior year. Net premiums written increased 9% to $20,100,274 and total revenues increased 9% to $21,796,611.

For the year ended December 31, 2002, net income increased 35% to $8,108,842 or $3.12 per diluted share versus net income of $6,008,998 or $2.31 per diluted share in the prior year. Net premiums written increased 14% to $67,693,617 and total revenues increased 14% to $73,247,340.

"I am extremely pleased with the Company's financial results in 2002," said Chairman and CEO J. Allen Fine. "We achieved all-time records for net income and revenue in both the fourth quarter and the year. Declining interest rates continued to fuel demand for mortgage loan refinancing and title insurance. This latest period marks the sixth consecutive record quarter for net income and the eighth consecutive quarter for record revenue."

Source: Investors Title Company


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SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.