Investors Title Company Announces All-Time Record Quarterly Earnings
October 24, 2002
CHAPEL HILL, N.C., /PRNewswire-FirstCall/ -- J. Allen Fine, Chairman of Investors Title Company (Nasdaq: ITIC), announced that for the quarter ended September 30, 2002, the Company had an all-time record quarter net income of $2,146,025, an increase of 34% compared with the same quarter in 2001. Diluted earnings per share were $.83 versus $.61 in the prior year period. Net premiums written increased 22% to $18,041,421, investment income increased 3% to $680,991 and total revenue increased 21% to $19,289,069. For the nine-month period ended September 30, 2002, the Company reported net income of $5,394,202, an increase of 39% compared with the same nine-month period in 2001. Diluted earnings per share were $2.08 versus $1.49 in the prior year period. Net premiums written increased 16% to $47,593,343 and total revenue increased 16% to $51,450,72.
Chairman Fine stated, "This marks the fifth consecutive record quarter for net income and the seventh consecutive quarter for record revenue. Fueled by near forty-year lows in interest rates, mortgage lending in the third quarter rose dramatically. Led by consumer demand for refinancing, the volume of total loan originations is on pace to surpass the previous year's record level."
Source: Investors Title Company