Stewart Information 2Q Profit Drops

July 27, 2007


AP

Stewart Information Services Corp., which provides title insurance and related services, said Friday its second-quarter profit dropped 36 percent due to the soft housing market and the collapse of the subprime lending business.

For the quarter ended June 30, net income fell to $10.1 million, or 55 cents per share, from $15.7 million, or 86 cents per share in the prior year quarter.

Revenue declined 11 percent to $573.4 million from $644.7 million in the second quarter of 2006.

The company said its revenue fell because of a drop in home sales, a decline in home prices, a falloff in new home construction and reduced subprime lending.

Problems in the subprime market also affected the number of title orders, which fell 11 percent during the quarter, the company said.

Coopyright 2007 Associated Press


Contact ALTA at 202-296-3671 or communications@alta.org.

North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. SoftPro is the nation's leading provider of real estate closing and title insurance software. With more than 14,000 customer sites and over 60,000 users nationwide, this award-winning software offers a suite of products designed to increase your volume and revenue by reducing the time it takes to do closings. SoftPro has been recognized by the American Business Awards every year since 2007 - winning awards for Superior Customer Service, Support and Product Development.