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LAWYERS TITLE CORPORATION ANNOUNCES THIRD QUARTER RESULTS

 LAWYERS TITLE CORPORATION ANNOUNCES THIRD QUARTER RESULTS
 RICHMOND, Va., Oct. 29 /PRNewswire/ -- Lawyers Title Corporation (NASDAQ: LTCO), holding company for Lawyers Title Insurance corporation, headquartered in Richmond, Va., reported revenues of $119 million for the quarter ended Sept. 30, 1992, a 19 percent increase over revenues of $100 million in the same quarter of 1991. For the nine months ended Sept. 30, 1992, revenues totaled $344.9 million, an increase of almost 24 percent over revenues of $278.9 million in the first nine months of 1991.
 Net income for the Sept. 30, 1992 quarter was $855,000 or $.20 per share, compared to a loss of $5.1 million in the 1991 quarter. For the nine-month period, net income was $5.2 million, or $1.26 per share, compared to a loss of $18.8 million in the first nine months of 1991.
 Capital gains included in revenues totaled $1.2 million for the September 1992 quarter and $8.5 million for the nine months ended September 1992. Approximately $4.5 million of these gains were realized in the first quarter, as a result of completed restructuring of the fixed-income portfolio from tax-advantaged to taxable issues.
 The company continued to make progress on the operating margin, before claims and investment income, which was 10.2 percent in the September 1992 quarter, compared to 4 percent in the September 1991 quarter.
 Driven by renewed high levels of residential mortgage refinancing activity, new title orders opened in the company's direct operations during the September 1992 quarter were 44 percent higher than during the comparable 1991 quarter. Although there is no guarantee that the orders will close and produce revenue, the company believes this is a positive indication for the December 1992 quarter.
 Lawyers Title and Subsidiaries
 Summary of Operations
 (In thousands, except per share data)
 Three Months Ended September 30
 1992 1991
 Revenues $118,996 $100,073
 Earnings (loss) before
 income taxes 855 (12,634)
 Net income (loss) 855 ( 5,138)
 Earnings per share $.20 --
 Average shares outstanding 4,312 --
 Nine Months Ended September 30
 1992 1991
 Revenues $344,860 $278,860
 Earnings (loss) before
 income taxes 5,245 (31,802)
 Net income (loss) 5,245 (18,760)
 Earnings per share $1.26 --
 Average shares outstanding 4,170 --
 -0- 10/29/92
 /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, Florida IN: INS SU: ERN


SB-JM -- CH004 -- 6649 10/29/92 14:03 EST
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Publication:PR Newswire
Date:Oct 29, 1992
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