Capital Title Group Revenue Increases 98.2%
March 17, 2003
Reports Record Results in Fourth Quarter and Full Year 2002
PHOENIX, /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI) -- a leading regional title agency, title insurance underwriter and provider of real estate-related services, announced that 2002 was a record year for the company. This record producing performance was primarily the result of a strong housing market that was sustained throughout 2002 with low mortgage interest rates and the strategic merger with Nations Holding Group (Nations) in September 2002.
With a record number of transactions closed in the fourth quarter of 2002, the company reported revenue of $56.2 million a 213.2% increase over revenue of $17.9 million for the fourth quarter of 2001. Pre-tax income in the fourth quarter of 2002 was $6.8 million compared to $1.4 million in the fourth quarter of 2001. Net income available for common stock for the 2002 hree month period was $3.8 million or $0.21 per diluted share compared to $1.0 million or $0.06 per diluted share in the comparable 2001 three month period.
For the full-year 2002, the company reported revenue of $127.7 million a 98.2% increase over revenue of $64.4 million for the year 2001. Pre-tax income for 2002 was $12.3 million compared to $5.8 million in the year 2001. Net income available for common stock for 2002 was $6.9 million or $0.38 per diluted share compared to net income for the year 2001 of $5.1 million or $0.28 per diluted share.
"As we review the year, we are extremely pleased with our accomplishments in 2002 and record levels of financial performance. We closed the highest number of transactions in our history during a period of intense activity for our industry," stated Donald R. Head, chairman of the board, president and chief executive officer. "Our key merger with Nations has significantly increased the company's presence in the California market, plus the addition of their captive title insurance company, United Title Insurance, provides an additional revenue source in all our markets. The January 2003 acquisition of Land Title of Nevada as a wholly-owned subsidiary of Nations was an important step for entering high growth Clark County which encompasses Las Vegas.
"We've built a strong platform in three excellent growth markets -- Arizona, California and Nevada," Head continued. "Our employees are committed to further advances in our market position in the coming year with continued profitable growth. We began 2003 with strong open order counts and plan to carry on our expansion program with the recruitment of additional industry professionals who are committed to our customer oriented service philosophy," concluded Head.
Source: Capital Title Group, Inc.