LandAmerica Announces Fourth Quarter& Year 2003 Results
|February 19, 2004|
LandAmerica Financial Group, Inc. (NYSE: LFG), a provider of real estate transaction services, reported operating results for the fourth quarter and year 2003 ended December 31.
Fourth Quarter 2003
Operating Revenue $924.3 Million
Net income $24.7 Million
Net income per diluted share $1.32
Fourth Quarter 2002
Operating Revenue $762.9 Million
Net income $66.3 Million
Net income per diluted share $3.61
Operating Revenue $3,345.4 Million
Net income $192.1 Million
Net income per diluted share $10.31
Operating income $2,533.5 Million
Net income $149.4 Million
Net income per diluted share $8.04
?For LandAmerica, it was a record year and a building year,? said Charles H. Foster, Jr., Chairman and Chief Executive Officer. ?We significantly expanded our offering of real estate products and services with the additions of LERETA's tax and flood services and Info1's mortgage credit reporting services. We also are significantly expanding our title operations in the important California market with the addition of Gateway Title in the fourth quarter and our recent announcement of an agreement to acquire Southland Title.
?While we pursued these market expansion opportunities and began to assimilate them into our business, we also were transitioning to a mortgage market with significantly reduced residential refinancing volumes. The Mortgage Bankers Association expects mortgage volumes for 2004 to be slightly more than half the levels seen in 2003, as driven by the decline in refinancings. From peak levels in August, we reduced our FTE count in title operations by approximately 1,600, or over 15%, by January. As a result, personnel and other costs in title operations were reduced by approximately $21.2 million from the third quarter to the fourth quarter 2003, and we aren't finished. We are taking aggressive steps to effect further reductions designed to eliminate at least $70 million in annualized personnel and other costs.