On July 30, 2002, the Board of Directors of Monroe Title Insurance Corporation (Monroe) declared a quarterly dividend of $.05 per share, payable on August 20, 2002 to shareholders of record August 13, 2002.
Thomas P. Moonan, Monroe's President and Chief Executive Officer, announced that for the quarter ended June 30, 2002, the Company had net income of $601,307, an increase of 83.9% compared with the same quarter in 2001. Net income per share was $.53 versus $.29 in the prior year. Revenues for the second quarter increased 23.4% to $5.9 million from $4.8 million.
For the first half, 2002, the Company reported net income of $686,543, an increase of 38.3% compared to the same period in 2001. Income per share was $.61 compared to $.44 in the prior year. Revenues for the first six months increased 22.5% to $11.0 million from $8.9 million.
In making the announcement, Thomas P. Moonan stated "Low interest rates created a strong market for home sales and mortgage refinancing. This increase in both revenues and net income were accomplished in spite of the uncertainty in the financial markets. Our commitment to technology allowed us to achieve greater productivity which contributed to the increased net income. This, along with the hard work and dedication of our employees, caused us to report these increased earnings".
Monroe Title Insurance Corporation provides a full range of title insurance and abstract services throughout western, central and upstate New York. Headquartered in Rochester, New York, the Company has 22 full service and subsidiary offices and a network of agents and examining counsel throughout the State.