Industry News

LandAmerica profits up 18%

Gains related to company's legal claims in 2005

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Title insurer LandAmerica Financial Group Inc. announced Tuesday $35.6 million in second-quarter profits, up 18 percent over the same quarter last year. The company said the increase was partially attributable to the $21.3 million spent or set aside in the same quarter last year to settle legal claims related to captive reinsurance practices. Earnings per share were $2.06, compared with $1.70 in the second quarter of 2005. LandAmerica spent $12.5 million during the quarter to repurchase 189,000 shares of its common stock at an average price of $66.08 per share. The company said it could buy up to 812,000 additional shares in an ongoing repurchase program. Operating revenue for title operations was $822 million, a 2.4 percent increase over the second quarter of 2006, even as direct orders for the quarter fell to 271,200, down from 342,700 in 2005. Revenue per closed order was $2,019 in the quarter, compared with $1,593 during the same period in 2005. "Even as the residential housing m...