Investors Title Company Announces Earnings
|February 18, 2002|
CHAPEL HILL, N.C., /PRNewswire-FirstCall/ -- Investors Title Company (Nasdaq: ITIC ) announced operating results for the quarter and year ended December 31, 2001. For the quarter ended December 31, 2001, net income increased 187% to $2,119,884 from $738,613, and diluted earnings per share increased 183% to $.82 from $.29, all compared with the same quarter in the prior year. Net premiums written increased 102% to $18,445,509 and total revenues increased 89% to $19,986,539.
For the year ended December 31, 2001, net income increased 91% to $6,008,998 or $2.31 per diluted share versus net income of $3,140,463 or $1.21 per diluted share in the prior year. Net premiums written increased 58% to $59,480,545 and total revenues increased 53% to $64,472,445.
"I am extremely pleased with the Company's financial results in 2001," said Chairman and CEO J. Allen Fine. "We achieved all time records for net income and revenue in both the fourth quarter and full year. Operating conditions remained favorable as declining interest rates sparked a surge in refinancing. In addition, we continued to make progress with our geographic expansion efforts."
Source: Investors Title Company