Investors Title Company Announces All-Time Record Quarterly Earnings
February 6, 2003
CHAPEL HILL, N.C., /PRNewswire-FirstCall/ -- Investors Title Company (Nasdaq: ITIC - News) announced operating results for the quarter and year ended December 31, 2002. For the quarter ended December 31, 2002, net income increased 28% to $2,714,640 from $2,119,884, and diluted earnings per share increased 27% to $1.04 from $.82, all compared with the same quarter in the prior year. Net premiums written increased 9% to $20,100,274 and total revenues increased 9% to $21,796,611.
For the year ended December 31, 2002, net income increased 35% to $8,108,842 or $3.12 per diluted share versus net income of $6,008,998 or $2.31 per diluted share in the prior year. Net premiums written increased 14% to $67,693,617 and total revenues increased 14% to $73,247,340.
"I am extremely pleased with the Company's financial results in 2002," said Chairman and CEO J. Allen Fine. "We achieved all-time records for net income and revenue in both the fourth quarter and the year. Declining interest rates continued to fuel demand for mortgage loan refinancing and title insurance. This latest period marks the sixth consecutive record quarter for net income and the eighth consecutive quarter for record revenue."
Source: Investors Title Company