Investors Title Company Announces Earnings

July 28, 2004

CHAPEL HILL, N.C.--(BUSINESS WIRE)-- J. Allen Fine, Chairman of Investors Title Company (NASDAQ:ITIC), announced that for the quarter ended June 30, 2004, the Company had net income of $2,880,395, a decrease of 7% compared with the same quarter in 2003. Diluted earnings per share were $1.10 versus $1.18 in the prior year period. Net premiums written decreased 16% to $19,649,652 from $23,322,629 and total revenues decreased 15% to $21,481,487.

For the six-month period ended June 30, 2004, the Company reported net income of $5,101,999, a decrease of 10% compared with the same six-month period in 2003. Diluted earnings per share were $1.94 versus $2.18 in the prior year period. Net premiums written decreased 15% to $36,631,408 and total revenues decreased 13% to $40,098,056.

Chairman Fine added, "Premiums written declined primarily due to significantly lower levels of mortgage refinancing compared with the prior year quarter. Residential and commercial property activity remained relatively strong compared with the prior year period. Total revenues were positively impacted by the rate increase filed on 10/1/03 in North Carolina for insured closing services, and increased exchange services revenue in our section 1031 exchange subsidiaries."

Source: Investors Title Company


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.