HOUSTON (Nov. 15, 2004) - The Board of Directors of Stewart Information Services Corp. (NYSE-STC) today declared a regular annual cash dividend of $.46 per share, payable December 20, 2004, to Common stockholders of record December 6, 2004. This represents the same amount declared in 2003.
"We strive to enhance shareholder wealth by growing book value and the annual payment of a cash dividend," said Malcolm S. Morris, chairman. "We continue the policy of setting the annual dividend at a rate that allows the Company to continue our successful acquisition program which has been accretive to earnings and book value growth."
"We have made a lot of progress in taking our offices paperless, putting the closing file online allowing all the parties to the transaction to view the transaction process, and have set the stage for use of electronic signatures to execute the closing documents. This will allow our associates to provide a Magnificent Customer Experience to our customers," said Stewart Morris Jr., president. "Intelligent application of technology with the use of process flow studies guides us to be more productive, more profitable and provide better service to our customers."
Stewart Information Services Corporation is a technology driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services through more than 7,800 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records, property ownership mapping, and geographic information systems for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.
This press release may contain forward-looking statements, which include all statements other than statements of historical facts. Forward-looking statements are not guarantees of performance and no assurance can be given that Stewart's expectations will be achieved. In particular, historical order counts do not necessarily indicate future revenues because Stewart cannot predict the number of orders that will result in closings.