-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G76aVRdSJYIo0IzJSbTp4tuChfpvCybM6kxk5RE3gCOPw4PUhkiFTNp05wir5tzb 6ChwcV21ojPpAe9thKp8Qg== /in/edgar/work/0001002105-00-000128/0001002105-00-000128.txt : 20001114 0001002105-00-000128.hdr.sgml : 20001114 ACCESSION NUMBER: 0001002105-00-000128 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LANDAMERICA FINANCIAL GROUP INC CENTRAL INDEX KEY: 0000877355 STANDARD INDUSTRIAL CLASSIFICATION: [6361 ] IRS NUMBER: 541589611 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13990 FILM NUMBER: 761050 BUSINESS ADDRESS: STREET 1: 101 GATEWAY CTR PKWAY STREET 2: GATEWAY ONE CITY: RICHMOND STATE: VA ZIP: 23235 BUSINESS PHONE: 8042678000 MAIL ADDRESS: STREET 1: PO BOX 27567 STREET 2: PO BOX 27567 CITY: RICHMOND STATE: VA ZIP: 23261 FORMER COMPANY: FORMER CONFORMED NAME: LAWYERS TITLE CORP DATE OF NAME CHANGE: 19930328 10-Q 1 0001.txt 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended September 30, 2000 Commission File No. 1-13990 -------------------- --------- LANDAMERICA FINANCIAL GROUP, INC. (Exact name of registrant as specified in its charter) Virginia 54-1589611 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 101 Gateway Centre Parkway Richmond, Virginia 23235-5153 (Address of principal executive offices) (Zip Code) (804) 267-8000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, No Par Value 13,509,119 November 10, 2000 ------------------ ---------------------- LANDAMERICA FINANCIAL GROUP, INC. AND SUBSIDIARIES INDEX Page No. -------- PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements: Consolidated Balance Sheets.....................................3 Consolidated Statements of Operations ..........................5 Consolidated Statements of Cash Flows...........................6 Consolidated Statements of Changes in Shareholders' Equity.........................................7 Notes to Consolidated Financial Statements......................8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations...................................10 Item 3. Quantitative and Qualitative Disclosures about Market Risk...........................................13 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K...............................14 Signatures.....................................................15 2 LANDAMERICA FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of dollars) (Unaudited)
September 30, December 31, ASSETS 2000 1999 - ------ ---- ---- INVESTMENTS: Fixed maturities available-for-sale - at fair value (amortized cost: 2000 - $791,837; 1999 - $764,748) $ 769,921 $ 735,084 Equity securities - at fair value (cost: 2000 - $3,285; 1999 - $3,278) 1,870 1,807 Mortgage loans (less allowance for doubtful accounts: 2000 - $139; 1999 - $138) 10,221 7,124 Invested cash 75,639 109,045 ------------ ------------ Total investments 857,651 853,060 CASH 41,870 54,939 NOTES AND ACCOUNTS RECEIVABLE: Notes (less allowance for doubtful accounts: 2000 - $1,851; 1999 - $2,026) 11,677 12,701 Premiums (less allowance for doubtful accounts: 2000 - $8,048; 1999 - $9,525) 35,524 35,542 Income tax recoverable - 4,256 ------------ ------------ Total notes and accounts receivable 47,201 52,499 PROPERTY AND EQUIPMENT - at cost (less accumulated depreciation and amortization: 2000 - $92,206; 1999 - $ 81,097) 70,159 72,661 TITLE PLANTS 94,152 93,608 GOODWILL (less accumulated amortization: 2000 - $41,551; 1999 - $33,208) 354,192 347,158 DEFERRED INCOME TAXES 81,881 80,980 OTHER ASSETS 112,376 103,016 ------------ ------------ Total assets $ 1,659,482 $ 1,657,921 ============ ============
See accompanying notes. 3 LANDAMERICA FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of dollars) (Unaudited)
September 30, December 31, LIABILITIES 2000 1999 - ----------- ---- ---- POLICY AND CONTRACT CLAIMS $ 559,293 $ 554,450 ACCOUNTS PAYABLE AND ACCRUED EXPENSES 142,661 150,408 FEDERAL INCOME TAXES 6,115 - NOTES PAYABLE 184,400 207,653 OTHER 15,112 14,707 ------------ ------------ Total liabilities 907,581 927,218 ------------ ------------ COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preferred stock, no par value, authorized 5,000,000 shares, no shares of Series A Junior Participating Preferred Stock issued or outstanding; 2,200,000 shares of 7% Series B Cumulative Convertible Preferred Stock issued and outstanding 175,700 175,700 Common stock, no par value, 45,000,000 shares authorized, shares issued and outstanding: 2000 - 13,504,319; 1999 - 13,680,421 339,804 342,138 Accumulated other comprehensive loss (23,331) (31,135) Retained earnings 259,728 244,000 ------------ ------------ Total shareholders' equity 751,901 730,703 ------------ ------------ Total liabilities and shareholders' equity $ 1,659,482 $ 1,657,921 ============ ============
See accompanying notes. 4 LANDAMERICA FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 (In thousands of dollars except per share amounts) (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 ---- ---- ---- ---- REVENUES Title and other operating revenues: Direct operations $ 195,353 $ 211,922 $ 563,145 $ 659,402 Agency operations 244,280 289,891 724,472 852,956 ---------- ---------- ---------- ---------- 439,633 501,813 1,287,617 1,512,358 Investment income 12,724 12,135 38,144 37,051 Gain (loss) on sales of investments 39 (150) (144) (1,563) ---------- ---------- ---------- ---------- 452,396 513,798 1,325,617 1,547,846 ---------- ---------- ---------- ---------- EXPENSES Salaries and employee benefits 129,931 140,700 379,314 432,595 Agents' commissions 191,509 225,407 566,286 663,813 Provision for policy and contract claims 19,340 24,460 56,727 74,197 Interest expense 3,412 2,968 10,153 8,748 Exit and termination costs 2,179 - 2,179 - General, administrative and other 94,158 106,114 275,324 303,589 ---------- ---------- ---------- ---------- 440,529 499,649 1,289,983 1,482,942 ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES 11,867 14,149 35,634 64,904 INCOME TAX EXPENSE (BENEFIT) Current (7,876) (4,102) (889) 18,998 Deferred 11,911 9,038 13,005 4,692 ---------- ---------- ---------- ---------- 4,035 4,936 12,116 23,690 ---------- ---------- ---------- ---------- NET INCOME 7,832 9,213 23,518 41,214 DIVIDENDS - PREFERRED STOCK (1,925) (1,925) (5,775) (5,775) ---------- ---------- ---------- ---------- NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 5,907 $ 7,288 $ 17,743 $ 35,439 ========== ========== ========== ========== NET INCOME PER COMMON SHARE $ 0.44 $ 0.51 $ 1.32 $ 2.39 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 13,431 14,247 13,408 14,800 NET INCOME PER COMMON SHARE ASSUMING DILUTION $ 0.43 $ 0.48 $ 1.28 $ 2.08 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING ASSUMING DILUTION 18,403 19,190 18,314 19,794
See accompanying notes. 5 LANDAMERICA FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 (In thousands of dollars) (Unaudited)
2000 1999 ---- ---- Cash flows from operating activities: Net income $ 23,518 $ 41,214 Depreciation and amortization 27,127 27,200 Amortization of bond premium 1,017 2,052 Realized investment losses 144 1,563 Deferred income tax (889) 4,692 Change in assets and liabilities, net of businesses acquired: Notes receivable 1,024 (5,408) Premiums receivable 152 17,676 Income taxes receivable/payable 10,371 (13,171) Policy and contract claims 4,843 27,382 Accounts payable and accrued expenses (8,264) (38,869) Other (7,312) (22,726) ------------ ------------ Net cash provided by operating activities 51,731 41,605 ------------ ------------ Cash flows from investing activities: Purchase of property and equipment, net (15,438) (38,773) Purchase of business, net of cash acquired (12,507) - Cost of investments acquired: Fixed maturities - available-for-sale (180,073) (500,826) Mortgage loans - net (3,097) 2,176 Proceeds from investment sales or maturities: Fixed maturities - available-for-sale 151,823 492,811 ------------ ------------ Net cash used in investing activities (59,292) (44,612) ------------ ------------ Cash flows from financing activities: Proceeds from the sale of common shares 2,572 2,404 Cost of common shares repurchased (4,906) (34,397) Repayment of cash surrender value loan (1,637) (6,447) Dividends paid (7,790) (7,992) Payments on notes payable (27,153) (117) ------------ ------------ Net cash used in financing activities (38,914) (46,549) Net decrease in cash and invested cash (46,475) (49,556) Cash and invested cash at beginning of period 163,984 174,027 ------------ ------------ Cash and invested cash at end of period $ 117,509 $ 124,471 ============ ============
See accompanying notes. 6 LANDAMERICA FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 (In thousands of dollars except per share amounts) (Unaudited)
Accumulated Preferred Stock Common Stock Other Total --------------- ------------ Comprehensive Retained Shareholders' Shares Amounts Shares Amounts Income (Loss) Earnings Equity ------ ------- ------ ------- ------------- -------- ------ BALANCE - December 31, 1998 2,200,000 $ 175,700 15,294,572 $ 382,828 $ 12,367 $ 200,294 $ 771,189 Net income - - - - - 41,214 41,214 Net unrealized loss on securities, net of tax benefit of $(14,166) - - - - (25,150) - (25,150) ----------- Comprehensive income 16,064 ----------- Common stock retired - - (1,211,200) (34,397) - - (34,397) Stock option and incentive plans - - 89,339 2,404 - - 2,404 Preferred dividends (7%) - - - - - (5,775) (5,775) Common dividends ($0.15/share) - - - - - (2,217) (2,217) ---------- ---------- ----------- ----------- ----------- ----------- ----------- BALANCE - September 30, 1999 2,200,000 $ 175,700 14,172,711 $ 350,835 $ (12,783) $ 233,516 $ 747,268 ========== ========== =========== =========== =========== =========== =========== BALANCE - December 31, 1999 2,200,000 $ 175,700 13,680,421 $ 342,138 $ (31,135) $ 244,000 $ 730,703 Net income - - - - - 23,518 23,518 Unrealized gain on securities - - - - 7,804 - 7,804 ----------- Comprehensive income 31,322 ----------- Common stock retired - - 111,198 2,572 - - 2,572 Stock option and incentive plans - - (287,300) (4,906) - - (4,906) Preferred dividends (7%) - - - - - (5,775) (5,775) Common dividends ($0.15/share) - - - - - (2,015) (2,015) ---------- ---------- ----------- ----------- ----------- ----------- ----------- BALANCE - September 30, 2000 2,200,000 $ 175,700 13,504,319 $ 339,804 $ (23,331) $ 259,728 $ 751,901 ========== ========== =========== =========== =========== =========== ===========
See accompanying notes. 7 LANDAMERICA FINANCIAL GROUP, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands of dollars except per share amounts) 1. Interim Financial Information The unaudited consolidated financial information included in this report has been prepared in conformity with the accounting principles and practices reflected in the consolidated financial statements included in the Form 10-K for the year ended December 31, 1999 filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934. This report should be read in conjunction with the aforementioned Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of this information have been made. The results of operations for the interim periods are not necessarily indicative of results for a full year. Certain 1999 amounts have been reclassified to conform to the 2000 presentation. 2. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 ---- ---- ---- ---- Numerator: Net income - numerator for diluted earnings per share $ 7,832 $ 9,213 $ 23,518 $ 41,214 Less preferred dividends 1,925 1,925 5,775 5,775 -------- -------- -------- -------- Numerator for basic earnings per share $ 5,907 $ 7,288 $ 17,743 $ 35,439 ======== ======== ======== ======== Denominator: Weighted average shares - denominator for basic earnings per share 13,431 14,247 13,408 14,800 Effect of dilutive securities: Assumed weighted average conversion of preferred stock 4,824 4,824 4,824 4,824 Employee stock options 148 119 82 170 -------- -------- -------- -------- Denominator for diluted earnings per share 18,403 19,190 18,314 19,794 ======== ======== ======== ======== Basic earnings per common share $0.44 $0.51 $1.32 $2.39 ===== ===== ===== ===== Diluted earnings per common share $0.43 $0.48 $1.28 $2.08 ===== ===== ===== =====
8 3. Exit and Termination Costs On August 1, 2000, the Company entered into a joint venture agreement with The First American Corporation, creating Data Trace Information Services (DTIS). Under the terms of the joint venture agreement, the Company contributed certain assets of its subsidiary, DataTrace, in exchange for a minority interest in the joint venture. Operations of DTIS will be consolidated in Anaheim, California. The financial statements of the Company reflect Data Trace as an investment in affiliates, included in Other Assets on the balance sheet. The Company has recorded exit and termination costs of $2,179 incurred in connection with the joint venture. Costs incurred to exit certain leases and license and maintenance agreements comprised $1,829 of this amount. The remaining $350 relates to the termination of employees for which employee severance benefits have been accrued. Exit and termination costs paid through September 30, 2000 were $190. 4. Commitments and Contingencies For additional information, see Pending Legal Proceedings on pages F-29 and F-30 and Legal Proceedings on pages 14 and 15 of the Form 10-K for the fiscal year ended December 31, 1999, and Legal Proceedings on page 14 of the Form 10-Q for the period ended June 30, 2000. 5. Subsequent Event On October 31, 2000, the Company acquired all of the outstanding shares of Primis, Inc. (Primis). Primis is a web based provider of property information and appraisal services. The acquisition will be accounted for by the Company using the "purchase" method of accounting. The assets and liabilities of Primis will be revalued to their respective fair market values. The cost of acquisition was not material in relation to the Company's financial position. 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Operating Revenues Operating revenues for the third quarter of 2000 were $439.6 million, compared to $501.8 million in the third quarter of 1999. This decline in revenue is due primarily to the effects of interest rate increases on the level of business available, particularly from residential refinancing transactions, as well as a decline in revenues from commercial transactions. For the first nine months of 2000, operating revenues were $1.29 billion, compared to $1.51 billion in the corresponding 1999 period. This decrease is primarily the result of increases in mortgage interest rates and the resultant decline in the amount of residential refinancing activity, in addition to a decline in commercial revenue areas, in 2000 compared to 1999. Investment Income Investment income in the first nine months of 2000 was $38.1 million compared to $37.1 million in the first nine months of 1999. This increase was attributable to increased yields earned on underlying investments partially offset by a decrease in the average amounts invested. Expenses As a result of the revenue declines discussed above, management instituted aggressive expense management efforts. The results of these efforts were evident in both the first nine months and the third quarter of 2000 compared to the comparable periods of 1999. Operating expenses for the third quarter of 2000 were $440.5 million compared to $499.6 million in the third quarter of 1999. The decrease resulted principally from reductions in salary and related expenses, agents commissions and general, administrative and other expenses. Salary and related expenses decreased from $140.7 million in 1999 to $129.9 million in 2000, which constitutes a decrease of 8%. This decrease resulted from a reduction in average staffing levels from 9,700 in the third quarter of 1999 to 8,200 in the third quarter of 2000. Agents commissions decreased $33.9 million from the third quarter of 1999, which is in direct proportion to the decline in agency revenues. General administrative and other expenses decreased $12.0 million, or 11%, for the quarter from the comparable period in 1999. Operating expenses for the first nine months of 2000 were $1.3 billion compared to $1.5 billion for the comparable period of 1999. Salary and related expenses were $379.3 million during the first nine months of 2000 compared to $432.6 million in the same period of 1999, a reduction of $52.9 million related to a decrease in staffing levels. In addition, a decline in agents commissions, down $97.5 million when compared to the same period of 1999, contributed to the decrease for the nine month 10 period. This decrease was in direct proportion to the decrease in agency premiums. General, Administrative and Other expenses also decreased $28.3 million when compared to the prior year. The provision for policy and contract claims decreased $17.5 million from the first nine months of 1999 to the first nine months of 2000 as a result of the lower amount of business written and continued recognition of improvement in the Company's loss experience. Net Income LandAmerica reported net income of $7.8 million, or $0.43 per share on a diluted basis, for the third quarter of 2000, compared to net income of $9.2 million, or $0.48 per share on a diluted basis, for the third quarter of 1999. This decrease resulted from a one time after tax charge of $1.4 million, or $0.08 per share, for personnel and termination costs related to the Data Trace joint venture entered into during the quarter. For the nine months ended September 30, 2000, net income was $23.5 million, or $1.28 per share on a diluted basis, compared to $41.2 million, or $2.08 per share on a diluted basis, for the first nine months of 1999. The first nine months of 2000 included an after-tax loss on sales of investments of $0.95 million, or less than $0.01 per diluted share, compared to a first nine months 1999 after-tax loss on sales of investments of $1.0 million, or $0.05 per diluted share. The 2000 nine month period was also impacted by the one time after tax charges of $1.4 million, or $0.08 per share, related to the joint venture noted above. Liquidity and Capital Resources Cash provided by operating activities for the nine months ended September 30, 2000 was $51.7 million. As of September 30, 2000, the Company held cash and invested cash of $117.5 million and fixed maturity securities of $769.9 million. In addition, the Company has a bank credit facility of which $53.1 million was unused at September 30, 2000. The Company believes that it will have sufficient liquidity and capital resources to meet both its short and long term capital needs. Interest Rate Risk The following table provides information about the Company's financial instruments that are sensitive to changes in interest rates. For investment securities, the table presents principal cash flows and related weighted interest rates by expected maturity dates. Actual cash flows could differ from the expected amounts. 11 Interest Rate Sensitivity Principal Amount by Expected Maturity Average Interest Rate (dollars in thousands)
2005 and 2000 2001 2002 2003 2004 after Total Fair Value ---- ---- ---- ---- ---- ----- ----- ---------- Assets: Taxable available-for-sale securities: Book value $2,706 $27,468 $40,929 $48,614 $32,509 $364,565 $516,791 $502,437 Average yield 5.6% 6.2% 6.2% 6.2% 7.1% 6.9% Non-taxable available-for-sale securities: Book value 240 3,125 6,949 12,717 17,774 177,160 217,965 214,881 Average yield 6.2% 3.9% 4.5% 4.2% 4.8% 4.8% Preferred stock: Book value - - - - - 57,081 57,081 52,603 Average yield - - - - - 7.5%
The Company also has variable rate long-term debt of $180.5 million bearing interest at 6.86% at September 30, 2000. A .25% change in the interest rate would affect income before income taxes by approximately $0.5 million annually. Forward-Looking and Cautionary Statements Certain information contained in this Quarterly Report on Form 10-Q includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Among other things, these statements relate to the financial condition, results of operation and business of the Company. In addition, the Company and its representatives may from time to time make written or oral forward-looking statements, including statements contained in other filings with the Securities and Exchange Commission and in its reports to shareholders. These forward-looking statements are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. These forward-looking statements are based upon management's current knowledge and assumption about future events and involve certain risks and uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Further, any such statement is specifically qualified in its entirety by the following cautionary statements. In connection with the title insurance industry in general, factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the following: (i) the costs of producing title evidence are relatively high, whereas premium revenues are subject to regulatory and competitive restraints; (ii) real estate activity levels have historically been cyclical 12 and are influenced by such factors as interest rates and the condition of the overall economy; (iii) the value of the Company's investment portfolio is subject to fluctuation based on similar factors; (iv) the title insurance industry may be exposed to substantial claims by large classes of claimants; and (v) the industry is regulated by state laws that require the maintenance of minimum levels of capital and surplus and that restrict the amount of dividends that may be paid by the Company's insurance subsidiaries without prior regulatory approval. The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company. Item 3. Quantitative and Qualitative Disclosures about Market Risk The information required by this Item is set forth under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations - Interest Rate Risk" in Item 2 of this report. 13 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K a) Exhibits -------- Exhibit No. Document ----------- -------- 11 Statement re: Computation of Earnings Per Share. 27 Financial Data Schedule (electronic copy only). b) Reports on Form 8-K ------------------- Form 8-K, filed August 7, 2000, reporting under Item 5 that the Company entered into a Third Amendment to Amended and Restated Rights Agreement, dated July 26, 2000, with State Street Bank and Trust Company. Signatures ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. LANDAMERICA FINANCIAL GROUP, INC. --------------------------------------- (Registrant) Date: November 10, 2000 /s/ Charles Henry Foster, Jr. ------------------------- --------------------------------------- Charles Henry Foster, Jr. Chairman and Chief Executive Officer Date: November 10, 2000 /s/ G. William Evans -------------------------- --------------------------------------- G. William Evans Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Document --- -------- 11 Statement Re: Computation of Earnings Per Share. 27 Financial Data Schedule (electronic copy only). EX-11 2 0002.txt EXHIBIT 11 Exhibit 11 LANDAMERICA FINANCIAL GROUP, INC. AND SUBSIDIARIES Statement Re: Computation of Earnings Per Share The information required by this Exhibit is contained in Note 2 to the Consolidated Financial Statements of LandAmerica Financial Group, Inc. and its subsidiaries for the quarter ended September 30, 2000 set forth on page 8 of this report. EX-27 3 0003.txt FDS -- LANDAMERICA FINANCIAL GROUP, INC.
7 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM 10-Q FOR LANDAMERICA FINANCIAL GROUP, INC. FOR THE QUARTER ENDED SEPTEMBER 30, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-2000 SEP-30-2000 769,921 0 0 1,870 10,221 0 857,651 41,870 0 0 1,659,482 559,293 0 0 0 0 0 175,700 339,804 236,397 1,659,482 1,105,983 38,144 (144) 181,634 56,727 0 1,233,256 35,634 12,116 23,518 0 0 0 23,518 1.32 1.28 0 0 0 0 0 0 0
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