Capital Title Group Exceeds Analyst's Projections Reporting Record Revenue and Earnings Per Share for 2001
March 6, 2002
Plus Record Fourth Quarter Revenue and Earnings
PHOENIX, /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI - news) -- a leading regional provider of title insurance and real estate-related services, today announced record revenue and earnings per share for the fourth quarter and year ended December 31, 2001, surpassing analyst's projections.
For the fourth quarter ended December 31, 2001, revenue increased 80% to $17.9 million from the prior year period of $9.9 million, beating analyst's projections by 24%. Net income increased to $1,015,483 or $0.06 per diluted share exceeding analyst's projected net income of $560,000 for the fourth quarter. In the prior year period, the company experienced a net loss of $0.5 million or $0.03 per share.
Revenue for the twelve month period grew to a record $64.4 million, a 75% increase compared with $36.9 million for the year ended December 31, 2000. Net income hit a record $5,070,270 or $0.28 per diluted share for the year. In the prior year ended December 31, 2000, the company experienced a net loss of $2.3 million or $0.13 per share.
"We are pleased to report our record results for the year 2001, which represent the best revenue and earnings in our Company's history. Throughout our expanding system we capitalized on a strong housing market bolstered by attractive mortgage rates that kept the resale market strong and provided a surge in refinance transactions," stated Donald R. Head, chairman, president and chief executive officer of Capital Title Group. "We experienced a material growth in our California markets and expect further advances in our market position during the year 2002. At the same time, we maintained a close governance over expenses. We added branch locations and our core business increased in both California and Arizona operations. As a result, we surpassed analyst's projections in every quarter during 2001.
"We are one of the fastest growing title agency operations in the country and a major element of our successful growth can be attributed to the quality personnel we have assembled in our company. Our expansion program will continue with the recruitment of additional industry professionals who are committed to our customer oriented business philosophy," Head concluded.
Source: Capital Title Group, Inc.