LandAmerica Financial Group on Wednesday reported net income of $20.9 million for the first quarter of 2004, a drop from $42 million in net earnings for the first quarter of 2003.

Net income per diluted share was $1.11 for the first quarter of 2004, compared with $2.28 a year ago.

Revenues for the first quarter were $760 million, compared with $696 million a year ago. Direct title revenues declined, resulting from reduced levels of residential financing activity, while agency revenue improved as the agents continued to report business written in 2003, according to a company statement.

The decline in earnings were affected by a number of factors, including significantly reduced refinancing volumes in the early part of the first quarter, a shift in mix toward more agency business and a slightly higher expense structure in title operations.

LandAmerica provides real estate transaction services.

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