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 company’s title operations segment for first quarter 2006 was $819.0 million, an increase of $103.6 million, or 14.5 percent, over first quarter 2005.

In March of this year, LandAmerica agreed to buy Capital Title Group for $251 million in cash and stock to diversify its business mix and expand in title insurance.

Founded in 1981, Scottsdale, Ariz.-based Capital Title operates mainly in Arizona, California and Nevada. About 17 percent of its business relates to the providing of settlement services to mortgage lenders. The company has about 140 offices and more than 2,500 employees.

The company’s stock was trading at $ 67.26 a share today, down $1.92 a share.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription