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INVESTORS TITLE COMPANY ANNOUNCES RESULTS

 CHAPEL HILL, N.C., July 27 /PRNewswire/ -- J. Allen Fine, president and chairman of the board of Investors Title Company (NASDAQ-NMS: ITIC), announced that for the three months ended June 30, 1993, net income increased 33 percent to $599,348 compared to $451,500 before an extraordinary charge of $2,706,565 for the same quarter last year. Premiums written increased 4 percent from $3,325,231 to $3,453,483, investment income increased 15 percent from $209,233 to $241,624, and revenues increased 5 percent from $3,533,538 to $3,721,007 all compared to the same quarter in 1992. Net income per share increased 31 percent to $.21 versus $.16 per share before the extraordinary charge in the second quarter 1992.
 For the six months ended June 30, 1993, net income increased 26 percent to $969,379 compared to $767,284 before a cumulative adjustment for a change in method of accounting for income taxes of $141,125 and an extraordinary charge of $2,706,565 in the second quarter of 1992. Premiums written decreased 2 percent from $6,420,179 to $6,268,535, investment income increased 18 percent from $413,714 to $489,241 and revenues decreased 1 percent from $6,866,627 to $6,812,208 all compared to the same period in 1992. Net income per share increased 26 percent to $.34 versus $.27 per share before the tax adjustment and extraordinary charge for the same period in 1992.
 "We are pleased to report increased revenues and net income for the quarter," Fine stated. "Our progress is due primarily to a continued focus on providing the highest level of service to our customers while meeting the increased demand for title insurance."
 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 on real property primarily in the Southeast.
 Another subsidiary, Investors Title Exchange Corporation, provides assistance to attorneys and to certified public accountants in structuring delayed tax-free exchanges for their clients.
 -0- 7/27/93
 /CONTACT: Elizabeth P. Bryan, Investors Title Company, 919-968-2200/
 (ITIC)


CO: Investors Title Company ST: North Carolina IN: INS SU: ERN

DF -- CH013 -- 6415 07/27/93 16:27 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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