Investors Title Company Announces Fourth Quarter and Full Year 2005 Results
February 14, 2006
CHAPEL HILL, N.C.--(BUSINESS WIRE) Investors Title Company (NASDAQ: ITIC) announced record revenues and net income for the fourth quarter ended December 31, 2005. The Company reported net income of $3,520,902, an increase of 30.9% compared with $2,689,303 for the fourth quarter of 2004. Diluted earnings per share were $1.36 for the quarter ended December 31, 2005 versus $1.03 for the prior year quarter. Net premiums written increased 9.5% to $18,422,813 and total revenues increased 12.5% to $21,646,914 compared with the fourth quarter of 2004.
For the year ended December 31, 2005, the Company reported record net income of $13,292,923, an increase of 24% compared with 2004. Diluted earnings per share were $5.10 versus $4.09 in the prior year period. Net premiums written increased 6.5% to $76,522,266 and total revenues increased 10% to $87,863,878 compared with 2004.
"Net earnings for the period were the highest for any fourth quarter," stated J. Allen Fine, Chairman of Investors Title Company. "Operating results were driven by growth in revenue and an increase in profit margin. Revenue in our title insurance and 1031 exchange segments was favorably impacted by the ongoing strength in real estate activity. Nationally, the pace of existing home sales declined in the fourth quarter from earlier in the year but remained above the prior year period. For 2005, existing home sales hit a new record level for the fifth year in a row."
Source: Investors Title Company