Stewart Information Services Corp. announces earnings for the third quarter

Business Wire, Oct 24, 1995

HOUSTON--(BUSINESS WIRE)--Oct. 24, 1995--Stewart Information Services Corporation (NYSE - STC) today reported that net earnings for the third quarter of 1995 more than doubled to $3.5 million, or $.55 per share, up from $1.7 million, or $.27 per share, in the third quarter of 1994.

Revenues for the third quarter were $77 million, a 7 percent increase over revenues for the same period a year ago.

For the nine months ended Sept. 30, 1995, net earnings were $3.7 million, or $.60 per share, compared to $8.4 million, or $1.36 per share, during the same period in 1994. For the first nine months of 1995, revenues were $203 million, compared to $236 million for the same period in 1994.

"With mortgage interest rates now slightly below 8 percent and showing stability," said Malcolm Morris, senior executive vice president, "orders for title policies were 17 percent higher in the third quarter of 1995 as compared to the third quarter of 1994. The outlook for continued stable mortgage interest rates is encouraging. "We are committed to keeping expenses at low levels and working to continue the trend toward lower title policy losses, both of which will help our prior-year earnings comparisons."

Also contributing to the improvement in the third quarter were the company's recent acquisitions. In 1995, Stewart has accelerated its acquisition pace in order to increase market share in key markets, enter new markets and improve profitability. Two of the larger acquisitions -- an agency with offices in New Mexico's two largest cities and an operation in England -- have contributed to profits. Other smaller acquisitions have also performed well.

Stewart is one of the nation's largest real estate title insurers. The company issues policies through more than 3,400 issuing locations on homes and other real estate located in all 50 states, the District of Columbia and several foreign countries. Stewart also develops and markets computer-based services and information to domestic and foreign governments and private entities. -0-