Industry News

Capital Title’s revenue down nearly 20% in Q2

Planned merger with Land America subject of shareholder meeting

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Capital Title Group Inc., a fast-growing Arizona firm that plans to merge with Land America Financial Group, today reported second-quarter revenue was down 19.8 percent from the same quarter last year, to $84.9 million. Capital Title attributed the drop in revenue -- and a decline in earnings per share from 30 cents to 9 cents -- to a general slowdown in real estate market activity. The company also had 31 million shares outstanding, compared with 24.2 million at the end of second-quarter 2005, which diluted earnings. Capital Title said legal expenses, professional fees and stock options also contributed to a 3-cents-per-share decline in earnings. Donald R. Head, Capital Title's chairman, president and chief executive officer, said a planned merger with LandAmerica continues to move forward. Stockholders must approve the deal at a special meeting Aug. 10. Named to Fortune's list of the 100 fastest-growing companies in America for two years running, Scottsdale-based Capital Title and...