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Monroe Title profits in quarter

Monroe Title Insurance Corp. today reported second-quarter and first-half earnings, bouncing back from posting red ink for the comparable periods in 1995.
Headquartered in Rochester, Monroe Title is a full-service title insurance and abstract company with 17 offices scattered in the Rochester, Western New York and Finger Lakes regions of New York.
It finished the half ended June 30 with net income of $783,855, or 72 cents a share, compared with a net loss of $9,423, or 1 cent a share, for the same period a year ago.
Second-quarter earnings were $697,500, or 64 cents a share, vs. a net loss of $87,047, or 7 cents a share, in the second quarter or 1995.
The earnings came on revenues up 38 percent and 28 percent, respectively, for the quarter and the half.
Revenues in the second quarter rose to $3.95 million from $2.86 million a year ago. In the first half of the year, revenues were $7.05 million vs. $5.52 million last year.
Signs point to more positive news for the company in the rest of 1996, said Thomas Podsiadlo, Monroe Title chief financial officer.
In the first half, Monroe Title benefitted from improving residential and commercial real estate markets, he said. In an unusually favorable conjunction for home buyers, both interest rates and housing prices have been low through much of this year.
After rising in July, rates again have taken a dip, so the firm can reasonably expect an improving revenue picture for the remainder of the year, Podsiadlo said.
Computer system and operating efficiencies Monroe Title achieved while the market was soft in 1995 are paying off now in an improved bottom line, he added.
On Friday, Monroe Title announced that President and CEO Dennis O’Neillis leaving the company to pursue other interests.
Thomas Moonan, chairman of Monroe Title’s board of directors, will replace O’Neill, the company said. O’Neill joined Monroe Title as CEO in December 1990.
The firm’s stock trades on the NASDAQ exchange under the symbol MTTL.

Monroe Title profits in quarter

Monroe Title Insurance Corp. today reported second-quarter and first-half earnings, bouncing back from posting red ink for the comparable periods in 1995.
Headquartered in Rochester, Monroe Title is a full-service title insurance and abstract company with 17 offices scattered in the Rochester, Western New York and Finger Lakes regions of New York.

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