Investors Title Company Announces First Quarter 2005 Results
May 9, 2005
J. Allen Fine, Chairman of Investors Title Company (NASDAQ: ITIC), announced that for the quarter ended March 31, 2005, the Company reported net income of $1,580,494, a decrease of 29% compared with $2,221,604 for the prior year period. Net income per diluted share equaled $.60 versus $.84 per diluted share in the same period last year. Net premiums written increased 1% to $17,083,119 and revenues increased 4% to $19,329,579 compared with the prior year period.
Operating expenses increased from 82% to 88% of revenue from the prior year period, primarily as a result of an increase in compensation expense of approximately $600,000 related to the Company's purchases of large blocks of shares acquired upon exercise of option agreements, increases in employee benefit expenses, and an increase in office occupancy and operations.
Chairman Fine added, "Overall we are pleased with the first quarter results as premiums written remained strong in a seasonally slow period of the year and we had strong growth in revenue in our like- kind exchange subsidiary."
Source: Investors Title Company