On October 21, 2004, the Board of Directors of Monroe Title Insurance Corporation (Monroe) declared a quarterly dividend of $ .05 per share payable on November 11, 2004 to shareholders of record on November 4, 2004.
Monroe also announced today its third quarter 2004 results. Revenues for the third quarter 2004 totaled $6.6 million and net income for the quarter was $396,623 or $ .36 per share.
For the nine month period ended September 30, 2004, the Company's revenues reached $19.0 million and net income totaled $961,563 or $ .88 per share.
In making the announcement Thomas P. Moonan, Monroe's President and Chief Executive Officer, noted "I am very pleased with our results for the first three quarters of 2004. While the Fed increased interest rates, mortgage rates at first followed but then subsequently declined. Overall, mortgage interest rates remain at an affordable level and are expected to continue through the end of the year and into next year. Refinance transactions are down, however, equity lending and home sales remain robust. We are optimistic, based on the recent level of orders received, that we can finish the year with good financial results."
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 23 full service and subsidiary offices and a network of agents and examining counsel throughout the State.