Capital Title Group Full Year 2004 Revenue Reaches Record Level of $290.9 Million
February 22, 2005
4th Quarter Record Revenue of $80.7 Million
PHOENIX--(BUSINESS WIRE)--Capital Title Group, Inc. (Nasdaq:CTGI) is a national provider of title, appraisal and other transaction services to the real estate and mortgage lending industries announced 2004 and 4th Quarter Revenue Results
For the full-year 2004, the company reported a record level of revenue at $290.9 million -- a growth rate of 16.2% -- compared to revenue of $250.2 million for the full-year 2003. Earnings attributable to common stock for 2004 was $14.2 million or $0.64 per diluted share compared to earnings attributable to common stock for the year 2003 of $15.2 million or $0.77 per diluted share. Record revenue in 2004 reflects the benefit of acquisitions that were both accretive to earnings and established a national footprint for the company.
Fourth quarter revenue climbed to $80.7 million -- a growth rate of 55.3% -- compared to revenue of $52.0 million for the corresponding 2003 fourth quarter. Earnings attributable to common stock for the three-month period was $3.4 million or $0.15 per diluted share compared to $1.2 million or $0.06 per diluted share in the comparable 2003 three-month period.
Commenting on the results for the year, Donald R. Head, chairman of the board, president and chief executive officer, stated, "2004 was an extremely successful year for Capital Title. Our acquisition of Nationwide Appraisal in May 2004 placed us in the national market and provided a material expansion for revenue diversification that was part of our 2004 growth strategy. The successful integration of our multiple acquisitions during the year, and our approach to bundled products and services, combined to set us apart in terms of 2004 revenue growth from our national peer group of companies."
Head added, "Our accomplishments during 2004 are evident in our excellent fourth quarter performance where revenue increased approximately fifty-five percent and net income results were fourteen-cents per common share this year compared to six-cents in the prior year fourth quarter, traditionally a soft quarter in our industry. The increase in our average revenue per closed order reflects a business mix in favor of residential resale transactions, which typically garner higher revenue per order, while the decrease in our closed order count for the year reflects the decline in refinancing activity that on a national basis was down about 30 percent in 2004 compared to the all time high 2003 levels. The housing industry continues to show strength in 2005 bolstered by the mortgage rates that over the past several years have remained at low levels not seen in more than four decades."
"We have confidence the value we have placed in our approach to the bundling of multiple products and services to our clients, our management team's long-term experience within the industry and the Capital Title approach to client services will continue to enhance our growth opportunities in 2005," Head concluded.
Source: Capital Title Group, Inc.