Investors Title Company Announces Earnings
|May 1, 2002|
CHAPEL HILL, N.C., /PRNewswire-FirstCall/ -- J. Allen Fine, Chairman of Investors Title Company (Nasdaq: ITIC ), announced that for the quarter ended March 31, 2002, the Company reported record first quarter revenues and net income. Net income increased 84% to $1,547,179 compared with $840,124 for the prior year period. Net income per diluted share equaled $.60 versus $.32 per diluted share in the same period last year. Net premiums written increased 28% to $14,680,725 and revenues increased 28% to $16,069,573 compared with the prior year period.
Chairman Fine added, "We are extremely pleased with the great start in 2002. Growth in our agent-based business and continued strength in mortgage lending drove the increase in our premiums written and net income. Significant mortgage refinance activity carried over from the fourth quarter of last year, although at a slower pace, and home sales were very strong in a seasonally weak period of the year."
Investors Title Company is engaged 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 28 company-owned branch offices and a network of agents located across twenty-one states. The Company also provides services in connection with tax-free exchanges of like-kind property.
Source: Investors Title Company