Industry News

LandAmerica profits down on flat revenue

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LandAmerica Financial Group Inc. on Tuesday reported that second-quarter income remained essentially flat compared to last year at $1 billion, while net income slipped 77.8 percent to $7.9 million. Pretax income was down $45.7 million from the previous quarter, the company said in a press release, which reflected weakness in the housing market and an increase in claims provision of $34.3 million. "The residential real estate market is experiencing the largest volume decline in nearly 20 years," said Chairman and Chief Executive Officer Theodore L. Chandler Jr. "We came out of first-quarter 2007 ready for the seasonal acceleration we typically see in the second quarter. We did not see the traditional seasonal pickup, causing our revenue to remain flat during second-quarter 2007 over the first quarter of this year." Direct revenue in title operations for the quarter increased 8.9 percent from the year before, thanks in part to a Sept. 8 merger with Capital Title Insurance Co. Direct or...