Industry News

LandAmerica revenue surpasses $1 billion

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LandAmerica Financial Group reported record consolidated operating revenue for third-quarter 2005 of $1.02 billion, an increase of $163 million, or 19 percent, over third-quarter 2004. Acquisitions completed since Sept. 30, 2004, contributed approximately $20.5 million to this increase, the company said. Operating revenue for the Title Operations segment for third-quarter 2005 was $955.6 million, an increase of $146.8 million, or 18.2 percent, over third-quarter 2004. Operating revenue for the Lender Services segment increased 7.7 percent to $36.5 million for third-quarter 2005 over third-quarter 2004. The company reported third-quarter net income of $41.6 million, or $2.31 per share, up 24 percent from $33.5 million, or $1.88 per share, a year ago. "I am pleased to report record operating revenue for LandAmerica this quarter. For the first time, LandAmerica crossed the billion-dollar mark in quarterly operating revenue," said President and Chief Executive Officer Theodore L....