Industry News

LandAmerica financial results sink

Drop in mortgage activity triggers drop in net, per-share income

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LandAmerica Financial Group today reported its operating results for the fourth quarter and year ended Dec. 31, 2003. The company's 2003 full-year results were stronger than 2002's full-year results, but the fourth quarter comparison showed significant year-over-year weakness. The company reported operating revenue of $924 million and net income of $24.7 million in the fourth quarter of 2003 compared with operating revenue of $763 million and net income of $66.3 million in the fourth quarter of 2002. Net income on a diluted per-share basis sank to $1.32 in the recent quarter from $3.61 in the prior-year quarter. The company reported operating revenue of $3.34 billion and net income of $192 million in 2003 compared with operating revenue of $2.53 billon and net income of $149 million in 2002. Net income per diluted share was $10.31 in the recent year and $8.04 in the prior year. The company attributed the 63 percent decline in its fourth-quarter per-share earnings to a rapid declin...