LandAmerica earnings dip

LandAmerica Financial Group today reported its second-quarter 2004 net income sank slightly to $61.5 million from $62 million a year ago.

Net income per diluted share was down slightly at $3.32, compared to $3.33 in the second quarter of 2003.

Revenues for the second quarter totaled $903.8 million, up 8.3 percent from $834.3 million a year ago.

"The results for the second quarter demonstrate solid performance," commented Chairman and Chief Executive Officer Charles H. Foster Jr. "While our reported revenue growth reflects new business achieved through acquisitions and the strength of the commercial sector, refinancing volumes were off significantly, and we responded very well to the overall declines in order counts and business volumes."

LandAmerica Financial Group (NYSE: LFG) shares traded at $38.50 this morning, up from the previous day's close of $37.29.

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