Capital Title Group Provides Fourth Quarter 2002 and Year 2003 Guidance
November 7, 2002
PHOENIX, Nov. 7 /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI - News) a leading regional provider of title insurance and real estate-related services, today announced guidance for its fourth quarter 2002 and for the year 2003.
"We enter the fourth quarter 2002 having significantly increased our core business with the recently completed merger with Nations Holding Group (Nations). The Nations' merger, which was effective September 1, 2002, included a title insurance company that will provide an additional source of revenue for us as we utilize our new title insurance underwriting capabilities in our existing operations. We have maintained our position as a dominant industry leader in the greater Phoenix, Arizona region and are gaining market share in the California market where our focus on internal growth opportunities bodes well for our future position in the largest title market in the nation," stated Donald R. Head, chairman, president and chief executive officer of Capital Title Group. "Our guidance is based on current expectations within the real estate industry through 2003 and our ability to effectively adjust to industry demands over the period in meeting our performance potential."
Capital Title expects fourth quarter 2002 reported revenue to range between $47 million and $50 million with net income attributable to common shares expected to range between $1.8 million to $2.4 million or approximately $0.10 to $0.13 per diluted common share.
For the full year 2003, the company estimates revenue to range between $175 million and $185 million with net income attributable to common shares expected to range between $7.6 million and $9.5 million or approximately $0.40 to $0.50 per diluted common share. Expectation of financial results for the fourth quarter 2002 and full year 2003 are forward-looking statements, and actual results may differ materially.
Source: Capital Title Group, Inc.