Radian Group reported that its fourth-quarter net income dropped to $104.5 million, down 33 percent from fourth-quarter 2004 when its income was $156 million.

The net income per share for the fourth quarter was $1.24, down 23 percent from $1.62 reported a year ago.

The company had net income of $522.9 million for the entire year of 2005, compared with $518.7 million for 2004, a slight uptick of 0.8 percent. Net income per share for the year was $5.91, compared to $5.33 in 2004, an 11 percent jump.

The company had fourth-quarter revenues of $298.6 million, down 21 percent from the $379.1 million the same time a year ago.

“Radian has been successful in importing financial guaranty expertise into our mortgage business,” said S.A. Ibrahim, CEO of Radian. “This expertise presents us with opportunities to provide unique and creative solutions to our customers in the acquisition, management and distribution of global credit risk. It also enables us to more effectively manage our own mortgage risk, using tools like Smart Home. We are pleased to report net income of $523 million for the year and $104 million in the fourth quarter, while our book value and diluted net income per share both increased by more than 10 percent over last year.”

Philadelphia-based Radian is a credit enhancement provider to the global financial and capital markets. Radian’s subsidiaries provide products and services through three business lines: financial guaranty, mortgage insurance and other financial services.

Radian stock (NYSE: RDN) was trading at $57.62 a share this morning.


Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

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