Industry News

LandAmerica profit falls on write-off

Sale of headquarters dings net income

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LandAmerica Financial Group Tuesday reported adjusted net income for the first quarter of $20 million, or $1.14 per share, compared with $17.7 million, or $0.99 per share, in the prior-year quarter. The company's reported net income for the quarter was $13.7 million, or $0.78 per share, in comparison with $33.2 million, or $1.85 per share in the same quarter last year. Net income for first-quarter 2006 included an asset write-off of $9.7 million, or $6.3 million after taxes, primarily related to the sale of the company's headquarters building. Total revenues for the first quarter were $932.9 million compared with $835.6 million in the year ago quarter. "I am pleased that we grew our operating revenue in first quarter 2006 over first quarter 2005," said the company's CEO, Theodore Chancler, Jr., in a statement. "We continue to look for opportunities to make reductions in our cost structure and deliver a greater amount of increased revenue to the bottom line." Operating revenue for the...