On October 21, 1998, the Board of Directors of Monroe Title Insurance Corporation (Monroe) declared a quarterly dividend of $ .04 per share, payable on November 12, 1998 to shareholders of record on November 5, 1998.
Monroe also announced its third quarter 1998 results. Revenues totaled $5.05 million, an increase of 20 percent when compared with revenues of $4.19 million for the third period in 1997. Net income was $527,138, or $.48 per share.
For the nine-month period ending September 30, 1998, Monroe reported revenues of $13.95 million, an increase of 26.5 percent from the $11.02 million reported in the same period of last year. Net income for the nine months was $1,814,808 or $1.64 per share, compared with $1,155,113, or $1.06 per share, for the comparable period of the prior year, an increase of 57.11 percent.
Shareholders' equity increased to $17.1 million as of September 30, 1998 from $15.5 million at the beginning of the year.
In making the announcement, Tom Moonan, Monroe's President and Chief Executive Officer, said, "Business in 1998 has been exceptional. Revenues at all our locations have been strong due to lower interest rates and the resulting refinance activity. At the same time, the expansion in office locations, as well as continued cost controls have allowed us to report enhanced profits."
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.