Landamerica Q4 Earnings Rise On Refinancing Boom

February 21, 2002

Declares Quarterly Dividend of $.05 Per Share

RICHMOND, Va., - Title insurance company LandAmerica Financial Group Inc. (NYSE:LFG) on Wednesday reported higher fourth-quarter earnings, excluding charges, as revenues rose nearly 35 percent from a year ago on a strong residential real estate market boosted by record refinancings.

Excluding charges, LandAmerica recorded earnings in the fourth-quarter ended Dec. 31, 2001 of $42.3 million, or $2.26 a share, compared with earnings of $13.1 million, or 71 cents a share a year earlier. Year-ago figures also excluded charges.

Including charges, LandAmerica reported net income of $6.4 million, or 34 cents a share, compared with a net loss of $104.3 million, or $7.88 a share, a year ago.

The company's operating revenues totaled a record $624.2 million, an increase of almost 35 percent from $463.7 million in the fourth quarter of 2000.

LandAmerica said office closings and severance related to an acquisition are expected to result in charges of between $800,000 and $1.5 million, or between 4 cents and 8 cents a share, in the first quarter. LandAmerica shares closed on Wednesday at $26.62, down 19 cents, or less than 1 percent.

Source: LandAmerica Financial Group, Inc.

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North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.