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LAWYERS TITLE CORPORATION REPORTS EARNINGS

 RICHMOND, Va., Oct. 29 /PRNewswire/ -- Lawyers Title Corporation (NASDAQ-NMS: LTCO), holding company for Lawyers Title Insurance Corporation ("LTIC"), headquartered in Richmond, reported net income of $11.3 million, or $1.68 per share, for the third quarter which ended Sept. 30, 1993, compared to net income of $0.9 million, or 13 cents per share, in the same quarter of 1992. Capital gains included in net income were $1.9 million in the third quarter of 1993, compared to $1.2 million in the third quarter of 1992.
 For the nine months ended Sept. 30, 1993, net income was $16.8 million, or $2.57 per share, compared to $5.2 million, or 84 cents per share, for the same 1992 period. Capital gains included in net income for the first nine months of 1993 were $6.6 million, compared to $8.5 million in the same 1992 period.
 Revenues for the third quarter of 1993 increased $9.0 million, or 7.6 percent, to $128.0 million in spite of the discontinuance of relationships with several high commission agents in the western states which had contributed approximately $15.5 million in revenues in the third quarter of 1992.
 For the first nine months of 1993, revenues increased $5.8 million, or 1.7 percent, to $350.7 million in spite of a reduction of $31.2 million in the revenues reported by these high commission agents for the first nine months of 1992.
 The operating margin, before claims and investment income, improved 14.8 percent in the third quarter of 1993, compared to 10.2 percent in the same quarter of 1992. For the first nine months of 1993, the operating margin was at 11.7 percent, compared to 9.6 percent for the same period of 1992.
 The company continued to see favorable claims experience as claims represented only 9.5 percent of operating revenues in the third quarter of 1993, compared to 13.3 percent of operating revenues in the same quarter of 1992. For the nine months ended Sept. 30, 1993, claims were 11.5 percent of operating revenues, compared to 13.6 percent in the comparable 1992 period.
 Title orders opened by the company's direct operations in the third quarter of 1993 were approximately 27 percent ahead of levels experienced in the third quarter of 1992.
 LAWYERS TITLE AND SUBSIDIARIES
 Summary of Operations
 (In thousands, except per share data. Per share
 amounts reflect 3-for-2 stock split effective May 6, 1993)
 Three Months Ended Sept. 30,
 1993 1992
 Revenues $128,024 $118,996
 Earnings before income taxes 11,326 855
 Net income 11,326 855
 Earnings per share $1.68 $0.13
 Average shares outstanding 6,729 6,468
 Nine Months Ended Sept. 30,
 1993 1992
 Revenues $350,680 $344,860
 Earnings before income taxes 16,844 5,245
 Net income 16,844 5,245
 Earnings per share $2.57 $0.84
 Average shares outstanding 6,560 6,255
 -0- 10/29/93
 /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

MH-DC -- DC006 -- 8356 10/29/93 08:59 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
Words:536
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