Investors Title Company Announces Third Quarter 2008 Results
November 6, 2008
CHAPEL HILL, N.C., -- J. Allen Fine, Chairman of Investors Title Company announced that for the third quarter ended September 30, 2008, the Company reported net income of $917,033, a decrease of 76.2%, compared with net income of $3,857,892 for the same three-month period in 2007. Net income per diluted share equaled $0.39 compared with $1.54 in the same period last year. Net premiums written decreased 19.3% to $15,331,820, investment income decreased 17.1% to $1,079,760 and revenues decreased 23.7% to $17,596,563 compared with the prior year period.
For the nine-month period ended September 30, 2008, the Company reported net income of $2,767,479, a decrease of 62.3%, compared with $7,334,255 for the same nine-month period in 2007. Diluted earnings per share were $1.15, a decrease of 60.5% compared with $2.91 for the same nine-month ended period in 2007. Net premiums written decreased 5.8% to $51,273,162, investment income decreased 8.2% to $3,471,800 and revenues decreased 10.2% to $58,810,282 compared with the prior year period.
"Revenues in the quarter were primarily impacted by ongoing weakness in real estate activity which led to nearly a 20% decline in our premiums written during the period," Mr. Fine stated. "Weak real estate markets also continue to unfavorably influence demand by real estate investors for our tax-deferred exchange segment. Realized losses on investments increased primarily due to a $478,000 write down related to impairments of investment securities."
"Expense management remains a priority for us as we balance efforts to invest in the growth of the Company while controlling expenses to reflect expectations for future levels of real estate activity," Mr. Fine added.
Source: Investors Title Company