Business Services Industry
Capital Title Group Elects Not to Pay Quarterly Cash Dividend
Business Wire, May 26, 2006
SCOTTSDALE, Ariz. -- Capital Title Group Inc. (Nasdaq: CTGI) -- named for a second consecutive year in FORTUNE'S 100 Fastest Growing Companies in America in 2005 -- is a national provider of title, appraisal and other transaction services to the real estate and mortgage lending industries. The company announced today that its board of directors has elected not to pay a quarterly cash dividend on the company's common stock for the quarter ended June 30, 2006.
As announced on March 29, 2006, Capital Title Group Inc. entered into a definitive agreement whereby LandAmerica Financial Group Inc., a leading provider of real estate transaction services, will purchase Capital Title Group Inc., subject to approval by Capital Title's shareholders and receipt of all required regulatory approvals. Headquartered in Scottsdale, Ariz., Capital Title Group Inc., through its subsidiaries, offers services throughout the United States for title insurance, appraisal and valuation services, and other related services to residential and commercial customers in the real estate and mortgage lending industries.
Certain statements in this release may be "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, the ability to complete the merger with LandAmerica; operating expenses or net earnings; projections of capital expenditures; projections of growth; hiring plans; plans for future operations; financing needs or plans; plans to merge with LandAmerica; plans relating to the company's products and services; and assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information.
Some of the important factors that could cause the company's actual results to differ materially from those projected in forward-looking statements made by the company include, but are not limited to, the following: fluctuations in interest rates that can affect operating results, intense competition, past and future acquisitions including risks associated with the company's acquisition by LandAmerica, expanding operations into new markets, risk of business interruption, management of rapid growth, need for additional financing, changing customer demands, dependence on key personnel, sales and income tax uncertainty and increasing marketing, management, occupancy and other administrative costs.
These factors are discussed in greater detail in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2005, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, both as filed with the Securities and Exchange Commission.
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