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Investors Title Co. Message Board

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  • pjv2xyw9dww4b6 pjv2xyw9dww4b6 Jul 27, 2009 1:52 AM Flag

    Earnings

     

    pmlljl,
    Thank you for the lead on ORI's title results. Maybe ITIC will have a good Q2... (?)

    http://sec.gov/Archives/edgar/data/74260/000007426009000079/ex991.htm

    "Second quarter operating results were enhanced mostly by lower production and operating expenses in Old Republic’s mortgage guaranty line and much stronger revenue growth in its title insurance segment."

    Title insurance operating revenues:
    quarter ending 06/30/2009: $219,000,000
    quarter ending 06/30/2008: $179,300,000
    6 mos. ending 06/30/2009: $379,300,000
    6 mos. ending 06/30/2008: $346,400,000

    Title insurance pre-tax operating income (loss):
    quarter ending 06/30/2009: $5,600,000
    quarter ending 06/30/2008: ($4,500,000)
    6 mos. ending 06/30/2009: ($3,400,000)
    6 mos. ending 06/30/2008: ($17,200,000)

    "Old Republic’s title insurance business registered a quarterly operating gain for the first time since the second quarter of 2007. Key operating performance indicators are shown in the following table:

    <here would appear the table, but it looks terrible when pasted in a yahoo message--see original document>

    Growth in net premiums and fees resulted from a surge in refinance activity and the benefit of market share gains stemming from title industry dislocations and consolidations. Claims costs rose at a quicker pace however, as the Company added moderately to reserve provisions to address recent loss emergence trends. Production and general operating expenses, while relatively lower as a percentage of premium and fees revenues, rose dollar-wise in reflection of greater personnel and other production costs related to the higher revenues attained and anticipated."

    This topic is deleted.
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72.65+0.46(+0.64%)Sep 22 4:00 PMEDT

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