LandAmerica Announces First Quarter Results
|April 30, 2004|
LandAmerica Financial Group, Inc. (NYSE: LFG), a provider of real estate transaction services, reported operating results for the first quarter ended March 31, 2004.
First Quarter 2004
Operating Revenue $759.9 Million
Net income $20.9 Million
Net income per diluted share $1.11
First Quarter 2003
Operating Revenue $696.4 Million
Net income $42.0 Million
Net income per diluted share $2.28
“The results of the quarter reflected the impact of a turbulent environment for refinance demand, on top of the typical seasonal slow-down in residential buy-sell activity, countered somewhat by the expected pattern of revenues reported through agency channels and the improved results of recent acquisitions,” commented Charles H. Foster, Jr., Chairman and Chief Executive Officer. “The decline in refinancing activity in the latter half of 2003 resulted in the sharpest decline in order counts we have seen in the past five years. Along with our fourth quarter earnings release, we announced plans to reduce our cost structure by at least $70 million on an annualized basis. To date, we have implemented reductions to achieve over half of the targeted savings and our efforts continue. Even though order counts increased significantly in March, we have not altered our plans or our focus on the importance of optimizing our cost structure.
“We were particularly pleased with the contribution from our Lender Services segment which consists primarily of our tax and flood services acquisition (LERETA) and our credit reporting services acquisition.
“We also continued to build LandAmerica for the future. Our efforts included two credit reporting companies, which became part of Info1, and County Title Holding Corporation, the parent company of Southland Title Corporation, Southland Title of Orange County, Southland Title of San Diego and Southland Title Equities, which significantly expanded our presence in the very important California market.”
Source: LandAmerica Financial Group, Inc