Monroe Title Insurance Corporation (OTCBB: MTTL), headquartered in Rochester, New York, announced today increased operating results for the fourth quarter and for the year ended December 31, 2001.
Revenues for the fourth quarter of 2001 were $5.6 million, a 33% increase when compared with revenues of $4.2 million for the same period last year. Net income for the fourth quarter of 2001 was $376,935, or $ .33 per share, a substantial improvement when compared with 2000 fourth quarter net income of $17,480 or $ .02 per share.
The Company's full-year 2001 net earnings were $1,256,195 or $1.12 per share, a 33% increase when compared with the full year 2000 results of $947,804 or $ .84 per share. Revenues for the full year 2001 totaled $18.7 million, an increase of 14% when compared with revenues of $16.4 million in the prior year.
In making the announcement, Thomas P. Moonan, Monroe's President and Chief Executive Officer, noted "The successive interest rate cuts by the Federal Reserve fueled the transaction volume which, together with the hard work and dedication of our employees, contributed to these impressive financial results. Also, during the year we continued to invest in new technology which will result in increased labor efficiencies for our company as well as for our customers. Our early outlook for the year 2002 is positive. Orders remained strong during January and into February, which gives us optimism for the year 2002.
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.