Industry News

LandAmerica’s income drops by almost 50%

Reduced refinancing volume cited as one factor

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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. *** Send tips, feedback or a letter to the editor to samantha@inman.com or call (510) 658-...