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LAWYERS TITLE CORPORATION ANNOUNCES INCREASE IN REVENUES

 LAWYERS TITLE CORPORATION ANNOUNCES INCREASE IN REVENUES
 RICHMOND, Va., April 30 /PRNewswire/ -- Lawyers Title Corporation (NASDAQ: LTCO), holding company for Lawyers Title Insurance Corporation, headquartered in Richmond, Virginia, reported a 30 percent increase in revenues for the quarter ended March 31, 1992, compared to the same quarter of 1991. Revenues totaled $105.2 million, up from $81.2 million in the same period of 1991.
 Net income after taxes for the quarter was $.7 million, or $.18 per share, compared to a loss of $8.1 million in the first quarter of 1991. Pre-tax operating income for the quarter was $.7 million compared to a pre-tax operating loss of $12.2 million in the same period of 1991.
 The company reported that significant increases in home mortgage refinancings throughout the country favorably impacted the quarter's results, while the first quarter of 1991 was particularly slow for title insurance business due to the Gulf War.
 Both revenues and earnings for the quarter benefited by the recognition of one-time capital gains of approximately $4.5 million as the company continued the restructuring of its fixed income portfolio from tax-advantaged to taxable issues. This portfolio restructuring has now been substantially completed.
 The company continued to see positive effects from its cost management programs. The first quarter of 1992 represented the fourth successive quarter of improvement in the ratio of operating expenses to operating revenues.
 -0- 4/30/92
 /CONTACT: H. Randolph Farmer, 804-281-6855, or G. William Evans, 804-281-6752, both of Lawyers Title Corporation/
 (LTCO) CO: Lawyers Title Corporation; Lawyers Title Insurance Corporation ST: Virginia IN: INS SU: ERN


JZ -- CH005 -- 5035 04/30/92 14:28 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:274
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