Printer Friendly

INVESTORS TITLE COMPANY REPORTS RESULTS

 INVESTORS TITLE COMPANY REPORTS RESULTS
 CHAPEL HILL, N.C., Feb. 28 /PRNewswire/ -- J. Allen Fine,


President and Chairman of the Board of Investors Title Company, (NASDAQ-NMS: ITIC) announced that for the three months ended Dec. 31, 1991, premiums written increased 15 percent from $2,271,943 to $2,601,649, revenues increased 16 percent from $2,523,538 to $2,916,087, and net income decreased 8 percent from $337,302 to $310,523, all compared to the same quarter in 1990. Net income per share totaled $.11 for the fourth quarter, a decrease of 8 percent compared to $.12 per share in the fourth quarter last year.
 For the twelve months ended Dec. 31, 1991, premiums written increased 8 percent from $8,784,146 to $9,455,940, investment income increased 1 percent from $902,010 to $908,735, revenues increased 5 percent from $9,767,148 to $10,298,770 and net income declined from $1,465,719 to $796,935, all compared to the same twelve-month period in 1990. Net income per share totaled $.28 per share, a decrease of 45 percent compared to $.51 per share for the same period in 1990.
 "On balance, we are quite pleased with the fourth quarter results," Fine said. "Revenues expanded with increased mortgage refinancing, claims seemed to be moderating and operating income was up 28 percent over the prior year's quarter. The decline in net earnings was primarily due to a tax charge relating to the demolition of our former office building and increase in legal fees relating to the defense of the anti-trust lawsuit brought by two of our competitors."
 Investors Title Company is a publicly held North Carolina Company whose stock is traded on the NASDAQ National Market (Symbol: ITIC). The Company's two title insurance subsidiaries write title insurance in the states of North Carolina, South Carolina, Virginia, Tennessee, Illinois, Oklahoma, New York, Florida, Pennsylvania, Louisiana and Indiana.
 Another subsidiary, Investors Title Exchange Corporation, provides assistance to attorneys and certified public accountants in structuring delayed tax-free exchanges for their clients.
 -0- 2/28/92
 /CONTACT: Glenda H. Oxendine, Investors Title Company, 919-968-2200/
 (ITIC) CO: Investors Title Company ST: North Carolina IN: INS SU: ERN


DF -- CH007 -- 3743 02/28/92 13:11 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 28, 1992
Words:376
Previous Article:ASPEN MEDICAL GROUP JOINS BLUE PLUS PHYSICIAN NETWORK
Next Article:AMERICAN PACIFIC EXERCISES ITS OPTION FOR WORLDWIDE RIGHTS TO HALOTRON
Topics:


Related Articles
INVESTORS TITLE ANNOUNCES RESULTS
INVESTORS TITLE COMPANY ANNOUNCES RESULTS
INVESTORS TITLE ANNOUNCES EARNINGS
INVESTORS TITLE ANNOUNCES EARNINGS
INVESTORS TITLE COMPANY ANNOUNCES RESULTS
INVESTORS TITLE COMPANY ANNOUNCES EARNINGS
INVESTORS TITLE'S EARNINGS COUNTER TO INDUSTRY TREND
INVESTORS TITLE COMPANY REPORTS EARNINGS
INVESTORS TITLE COMPANY REPORTS SECOND QUARTER RESULTS
Fidelity National Financial, Inc. Announces 4th Quarter Earnings Release And Conference Call.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters