Capital Title Group Reports Strong Results in Third Quarter and for Nine-Month Period
October 25, 2005
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Capital Title Group Inc. (Nasdaq: CTGI) announced today it had reached a new record level for revenue and net income compared to prior years.
Earnings for the third quarter ended Sept. 30, 2005, increased 32% to $7.0 million, or $.28 per diluted share compared to earnings of $5.3 million or $.23 per diluted share for the third quarter ended Sept. 30, 2004. Revenue during the third quarter of 2005 increased $18.0 million to $97.1 million, an increase of 23% over revenue of $79.1 million in the third quarter of 2004. The third quarter results include a reduction to revenue of approximately $1.1 million related to a change in accounting for flood zone determinations provided through the company's lender services segment. This change resulted in a reduction of earnings per diluted share of approximately $.03 in the third quarter.
For the nine-month period ended Sept. 30, 2005, earnings increased 49% to $16.0 million, or $.66 per diluted share compared to earnings of $10.7 million or $.49 per diluted share for the nine-month period ended Sept. 30, 2004. Revenue for the nine-month period ended Sept. 30, 2005, was $282.2 million, an increase of 34% over revenue of $210.2 million in the same 2004 period.
"Capital Title's third quarter results demonstrate the continued growth of our traditional title and escrow services within the markets we already serve. These are gratifying results as we move forward on our growth strategy designed to enhance our national platform," said Donald R. Head, chairman, president and chief executive officer.
Source: Capital Title Group Inc.
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