Investors Title Company Announces All-Time Record Annual Earnings
February 12, 2004
CHAPEL HILL, N.C.--(BUSINESS WIRE)-- --Investors Title Company (NASDAQ: ITIC), announced operating results for the quarter and year ended December 31, 2003. For the quarter ended December 31, 2003, net income decreased 15% to $2,305,202 from $2,714,640, and diluted earnings per share decreased 15% to $.88 from $1.04, all compared with the same quarter in the prior year. Net premiums written decreased 12% to $17,467,108 and total revenues decreased 10% to $19,298,546.
For the year ended December 31, 2003, net income increased 35% to $10,965,014 or $4.18 per diluted share versus net income of $8,108,842 or $3.12 per diluted share in the prior year. Net premiums written increased 25% to $83,927,312 and total revenues increased 25% to $90,829,871.
"I am extremely pleased with the Company's financial results in 2003," said Chairman and CEO J. Allen Fine. "We achieved all-time records for net income and revenue, and broke the $100 million mark in assets. In the fourth quarter, net income and revenue were most significantly impacted by the dramatic roll over in mortgage refinance volume from the levels set mid-year. Interest rates rose off the lows set earlier in the year and refinance activity declined on the order of 75% from the record pace of originations in the second quarter. Mortgage rates remain historically low, however, and transaction activity in the residential and commercial real estate markets remained healthy through 2003. "
Source: Investors Title Company