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STEWART INFORMATION SERVICES CORPORATION ANNOUNCES RESULTS

 HOUSTON, April 28 /PRNewswire/ -- Stewart Information Services Corporation earned $1.4 million, or $.34 per share, in the first quarter of 1993 as compared with $1.5 million, or $.36 per share, in the first quarter of 1992.
 A drop in mortgage interest rates in February and March 1993 has led to another increase in loan-refinancing ("refis") transactions, as well as an increase in regular new and existing home sales. Refi transactions are handled by the company at reduced title rates.
 The company's order counts have increased, in comparison with year- earlier periods, by 34 percent for March and 51 percent for the first 15 working days of April. The number of orders received is not necessarily indicative of future revenues, however.
 Although the first quarter of 1993 benefited some from additional revenues from the increased orders, most of the increase in revenues can be expected in the second quarter when the orders will be closed. The company has recognized in the first quarter its usual upfront costs in examining titles and getting ready for those closings.
 Continued improvement in claims experience, particularly major claims, led to a $0.7 million reduction in loss provisions in the first quarter of 1993 as compared with the same period a year earlier. The effective income tax rate in the first quarter of 1993 was higher primarily because the first quarter of 1992 included certain tax loss carryforwards.
 Stewart's primary business is title insurance. The company issues policies through over 2,850 issuing locations on homes and other real property in all 50 states, the District of Columbia, Canada, Mexico, Belize (reinsurance), the Bahamas, Guam and the Northern Marianas. Stewart also sells computer-related real estate services and information, as well as mapping products and geographic information for government and private entities, both domestic and foreign.
 SUMMARY OF OPERATIONS
 STEWART INFORMATION SERVICES CORPORATION
 Three months ended March 31 1993 1992
 Earnings per share $ .34 $ .36
 Net income $ 1,371,000 $ 1,469,000
 Revenues $65,612,000 $61,728,000
 Average shares
 outstanding 4,069,000 4,064,000
 -0- 4/28/93
 /CONTACT: Max Crisp for Stewart Information Services Corporation, 713-871-1100/
 (SISC)


CO: Stewart Information Services Corporation ST: Texas IN: INS SU: ERN

LR -- NY082 -- 2075 04/28/93 13:12 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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