HOUSTON (Jan. 14, 2003) - 2000 and 2001 revenue figures for Stewart Information Services Corp. (NYSE-STC) (Stewart) were switched in a December article published by National Real Estate Investor entitled "Grabbing Market Share."
Correct figures should have shown that Stewart saw an increase in gross revenues from $936 million in 2000 to $1.3 billion in 2001. Net income should have risen from $600,000 in 2000 to $49 million in 2001, with the related figure of net income as a percentage of gross as being 4 percent in 2001.
National Real Estate Investor takes full responsibility for the reporting error and regrets the mistake, according to the magazine's management.
"The writer stated correctly in the article text that three of the four major title insurance companies had earned between 3 percent and 4 percent in 2001, so we know that the switch was an honest mistake," said Ted C. Jones, director of investor relations for Stewart. "The article outlined the technology tools that our national title services division is using to gain business in the commercial real estate arena.
"It was an intelligent treatment of a complex subject, and we were pleased to be included as a major player for that business," Jones added. "However, we want the publication's readers and others to understand that our revenue increased - and our net income dramatically increased - in the period from 2000 to 2001. Our numbers for 2002 have risen even more, with revenues of $1.2 billion and net income of $50 million for just the first nine months of the year.
"Stewart is working to continue our positive growth, both in the residential title market and in the more demanding commercial title market," said Jones.
Stewart Information Services Corporation is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 6,400 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, property appraisals, surveys, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records 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.