Investors Title Company Announces Third Quarter 2005 Results
November 2, 2005
Investors Title Company (NASDAQ:ITIC) reported results for the third quarter ended September 30, 2005. The Company reported net income of $4,329,529, an increase of 47.9% compared with $2,927,864 for the third quarter of 2004. Diluted earnings per share were $1.67 for the quarter ended September 30, 2005 versus $1.12 for the prior year quarter. Net premiums written increased 14.3% to $20,986,100 and total revenues increased 17.2% to $24,033,323 compared with the third quarter of 2004.
For the nine-month period ended September 30, 2005, the Company reported net income of $9,772,021, an increase of 21.7% compared with the same nine-month period in 2004. Diluted earnings per share were $3.74 versus $3.06 in the prior year period. Net premiums written increased 5.6% to $58,099,453 and total revenues increased 9.3% to $66,216,964 compared with the same nine-month period in 2004.
"Net earnings for the period represent the second consecutive all time new high reported for any quarter of the Company's operating history", stated J. Allen Fine, Chairman of Investors Title Company. "The overall low level of interest rates continued to fuel strong demand for real estate during the third quarter. Although mortgage rates trended slightly higher as the quarter progressed, activity for the period remained strong. Strength in the real estate markets of our operating territories drove the increases in revenue for both our title insurance and Section 1031 exchange operating segments. Revenue was also favorably impacted by an increase in investment income, resulting primarily from higher rates of interest earned on short-term investments."
Investors Title Company is engaged through its subsidiaries in the business of issuing and underwriting title insurance policies. Title insurance is typically sold when real estate is purchased and upon refinancing of loans secured by real estate. Policies are issued through 29 branch offices and a network of agents located across 23 states and the District of Columbia. The Company also provides services in connection with tax-deferred exchanges of like-kind property as well as investment management services to individuals, trusts, foundations and businesses.
Source: Investors Title Company and Subsidiaries