FOR IMMEDIATE RELEASE February 19, 1999
INQUIRIES TO: Thomas A. Podsiadlo - CFO or Thomas P. Moonan - CEO at (585) 232-2070
Monroe Title Insurance Corporation today announced increased revenues and earnings for the year 1998.
Revenues for 1998 were $19,494,250, a 27.5% increase as compared to revenues of $15,291,733 for 1997. Net income for 1998 was $1,683,471 or $1.52 per share, an increase of 25.3% over earnings of $1,343,210 or $1.23 per share for 1997.
Monroe's assets at December 31, 1998 totaled $29.2 million as compared to $27.8 million at December 31, 1997. Total stockholders' equity increased to $17.0 million at December 31, 1998 from $15.5 at the end of 1997.
In making the announcement, Monroe's President and Chief Executive Officer, Thomas Moonan said "Throughout the year 1998, Monroe continued to benefit from strong refinance activity as well as home sales driven by the low mortgage rates and increased consumer confidence. In addition, the Company's expanded market area, resulting from the acquisitions made in prior years, allowed it to take maximum advantage of this increased activity. Looking forward to 1999, it is anticipated that continuing low levels of inflation notwithstanding high employment and the strength of the national economy, the Federal Reserve Board will be in a position to maintain interest rates at current low levels. These factors should allow Monroe to prosper again in 1999, the final year of this century."
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 21 full service and subsidiary offices and a network of agents and examining counsel throughout the State.