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LAWYERS TITLE ANNOUNCES STOCK SPLIT, REPORTS RESULTS

 RICHMOND, Va., Feb. 25 /PRNewswire/ -- Lawyers Title Corporation (NASDAQ: LTCO), holding company for Lawyers Title Insurance Corporation, headquartered in Richmond, announced that its board of directors has declared a three-for-two stock split of its common stock to all shareholders of record on April 15, 1993. The issuance and distribution of the new stock is scheduled for May 6, 1993. No fractional shares that would otherwise result from the stock split will be issued, but rather will be paid in cash.
 The company also reported revenues of $126.3 million for the quarter ended Dec. 31, 1992, a 16.4 percent increase over the $108.5 million in revenues reported in the Dec. 31, 1991, quarter. For the year ended Dec. 31, 1992, revenues totaled $471.2 million, a 21.6 percent increase over the $387.4 million in revenues for the year ended Dec. 31, 1991.
 Net income for the Dec. 31, 1992, quarter was $6.6 million, or $1.53 per share, compared to a net loss of $4.0 million, or 97 cents per share, in the Dec. 31, 1991, quarter. For the full year, net income totaled $11.9 million, or $2.82 per share, in 1992, compared to a net loss of $22.7 million in 1991.
 Continued high levels of home mortgage refinancing activity, as well as management's focus on control of expenses, benefited the fourth quarter results. The operating margin before claims and investment incomes was 14.1 percent in the 1992 fourth quarter, compared to 4.9 percent in the same period of 1991. The operating margin for the full year 1992 increased to 10.8 percent from 1.7 percent for 1991.
 Capital gains included in revenues and operating income before income taxes were $1.6 million in the fourth quarter of 1992, compared to $4.5 million in the fourth quarter of 1991. For the full year, capital gains were $10.2 million in 1992 and $4.5 million in 1991.
 Charles H. Foster Jr., chairman and chief executive officer, said: "Our performance in 1992 and the board's decision to declare a three-for-two stock split demonstrate our confidence in the company and its prospects for continued success. The stock split will increase the number of shares outstanding to almost 6.5 million and should enhance the stock's marketability."
 LAWYERS TITLE CORPORATION AND SUBSIDIARIES
 Summary of Operations
 (In thousands, except per share data)
 Three Months Ended
 Dec. 31,
 1992 1991
 Revenues $126,301 $108,498
 Operating income (loss)
 before income taxes 6,619 (3,681)
 Net income (loss) 6,619 (3,969)
 Earnings per share $1.53 $(0.97)
 Average shares outstanding 4,313 4,097
 Year Ended Dec. 31,
 1992 1991
 Revenues $471,161 $387,358
 Operating income (loss)
 before income taxes 11,864 (35,483)
 Net income (loss) 11,864 (22,729)
 Earnings per share $2.82 --
 Average shares outstanding 4,206 --
 -0- 2/25/93
 /CONTACT: H. Randolph Farmer, 804-281-6855, or G. William Evans, 804-281-6752, both of Lawyers Title Corporation/
 (LTCO)


CO: Lawyers Title Corporation ST: Virginia IN: INS SU: ERN

DC-TW -- DC014 -- 0436 02/25/93 13:42 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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