Capital Title Group Reports Significant First Quarter Earnings Turnaround; First Quarter Net Income Exceeds Half a Million Dollars

Apr 24, 2001, 01:00 ET from Capital Title Group, Inc.

    PHOENIX, April 24 /PRNewswire Interactive News Release/ -- Capital Title
 Group, Inc. (Nasdaq: CTGI)-- a leading regional provider of title insurance
 and real estate-related services, today announced it has substantially
 exceeded analyst's revenue and earnings projections for the first quarter
 ended March 31, 2001.
     Revenues rose 55.7% in the first quarter 2001 to $12,322,905, compared
 with $7,914,324 in the first quarter 2000.  (Revenue in both 2001 and 2000
 reflect title insurance fees net of title remittance fees paid to
 underwriters.)  Net income for the three-month period ended March 31, 2001 was
 $501,558 or $0.03 per share versus a net loss of $938,212 or $(0.06) per share
 for the prior year period.
     "The momentum for our profitable quarter began with the many initiatives
 we put in place over the past two years with our investment in people,
 technology and expansion into the California market.  As previously announced,
 we entered the year with record open order counts and were well positioned to
 capitalize on the increased activity in the real estate market that began late
 in the fourth quarter of last year," stated Donald R. Head, chairman,
 president and chief executive officer of Capital Title Group.  "California
 revenue continued to grow and operations turned profitable in the first
 quarter while Arizona continued to produce strong financial results.  The
 across-the-board improvements allowed us to soundly exceed analyst's
 projections."
     "The strategies and operating platform that enabled us to achieve our
 first quarter financial objective are in place.  We believe the company is on
 track to exceed the analyst projections for the full year 2001, and at the
 same time build shareholder value," Head concluded.
 
     Headquartered in Phoenix, Arizona, Capital Title Group, Inc. is a regional
 title insurance agent for six title insurance companies and also offers real
 estate-related services for residential and commercial customers through its
 wholly owned agency network of entities, Capital Title Agency in the Arizona
 marketplace and New Century Title Company in California.
     Capital Title uses its technological edge for express processing of
 transactions, exceeding established industry practices for real estate
 transactions.  In addition, the company is developing e-commerce applications
 to better serve its realtor and mortgage lender customer base.
     Visit the company's web sites www.capitaltitlegroup.com and
 www.newcenturytitle.com
 
     Certain statements contained herein with respect to factors which may
 affect future earnings, including management's beliefs and assumptions based
 on information currently available, are forward-looking statements made
 pursuant to the safe harbor provisions of the Private Securities Litigation
 Reform Act of 1995.  Such forward-looking statements that are not historical
 facts involve risks and uncertainties, and results could vary materially from
 those expressed or implied by such forward-looking statements contained
 herein.  For more details on risk factors, see the company's annual reports on
 Form 10-K, quarterly reports on Form 10-Q and other filings with the
 Securities and Exchange Commission.
 
     For further information, please contact: Donald R. Head, Chairman of
 Capital Title Group, Inc., 602-954-0600; or Rudy R. Miller, Chairman of The
 Miller Group, 602-225-0504, or fax, 602-225-9024, tmg@themillergroup.net, for
 Capital Title Group, Inc.
 
 
                   CAPITAL TITLE GROUP, INC. AND SUBSIDIARIES
                             SUMMARY OF OPERATIONS
 
                              FINANCIAL HIGHLIGHTS
                                  (UNAUDITED)
 
                                             THREE MONTHS ENDED
                                                  MARCH 31,
                                            2001              2000
 
     REVENUE                            $12,322,905       $7,914,324
 
     EXPENSES                            11,821,347        8,852,536
 
     INCOME TAXES BENEFIT                        --               --
 
     NET INCOME (LOSS)                     $501,558        $(938,212)
 
     NET INCOME (LOSS)
      PER COMMON SHARE:
       BASIC                                  $0.03           $(0.06)
       DILUTED                                $0.03           $(0.06)
 
     WEIGHTED AVERAGE NUMBER OF COMMON
      SHARES OUTSTANDING
       BASIC                             17,303,243       16,953,835
       DILUTED                           17,512,543       16,953,835
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X87243717
 
 

SOURCE Capital Title Group, Inc.
    PHOENIX, April 24 /PRNewswire Interactive News Release/ -- Capital Title
 Group, Inc. (Nasdaq: CTGI)-- a leading regional provider of title insurance
 and real estate-related services, today announced it has substantially
 exceeded analyst's revenue and earnings projections for the first quarter
 ended March 31, 2001.
     Revenues rose 55.7% in the first quarter 2001 to $12,322,905, compared
 with $7,914,324 in the first quarter 2000.  (Revenue in both 2001 and 2000
 reflect title insurance fees net of title remittance fees paid to
 underwriters.)  Net income for the three-month period ended March 31, 2001 was
 $501,558 or $0.03 per share versus a net loss of $938,212 or $(0.06) per share
 for the prior year period.
     "The momentum for our profitable quarter began with the many initiatives
 we put in place over the past two years with our investment in people,
 technology and expansion into the California market.  As previously announced,
 we entered the year with record open order counts and were well positioned to
 capitalize on the increased activity in the real estate market that began late
 in the fourth quarter of last year," stated Donald R. Head, chairman,
 president and chief executive officer of Capital Title Group.  "California
 revenue continued to grow and operations turned profitable in the first
 quarter while Arizona continued to produce strong financial results.  The
 across-the-board improvements allowed us to soundly exceed analyst's
 projections."
     "The strategies and operating platform that enabled us to achieve our
 first quarter financial objective are in place.  We believe the company is on
 track to exceed the analyst projections for the full year 2001, and at the
 same time build shareholder value," Head concluded.
 
     Headquartered in Phoenix, Arizona, Capital Title Group, Inc. is a regional
 title insurance agent for six title insurance companies and also offers real
 estate-related services for residential and commercial customers through its
 wholly owned agency network of entities, Capital Title Agency in the Arizona
 marketplace and New Century Title Company in California.
     Capital Title uses its technological edge for express processing of
 transactions, exceeding established industry practices for real estate
 transactions.  In addition, the company is developing e-commerce applications
 to better serve its realtor and mortgage lender customer base.
     Visit the company's web sites www.capitaltitlegroup.com and
 www.newcenturytitle.com
 
     Certain statements contained herein with respect to factors which may
 affect future earnings, including management's beliefs and assumptions based
 on information currently available, are forward-looking statements made
 pursuant to the safe harbor provisions of the Private Securities Litigation
 Reform Act of 1995.  Such forward-looking statements that are not historical
 facts involve risks and uncertainties, and results could vary materially from
 those expressed or implied by such forward-looking statements contained
 herein.  For more details on risk factors, see the company's annual reports on
 Form 10-K, quarterly reports on Form 10-Q and other filings with the
 Securities and Exchange Commission.
 
     For further information, please contact: Donald R. Head, Chairman of
 Capital Title Group, Inc., 602-954-0600; or Rudy R. Miller, Chairman of The
 Miller Group, 602-225-0504, or fax, 602-225-9024, tmg@themillergroup.net, for
 Capital Title Group, Inc.
 
 
                   CAPITAL TITLE GROUP, INC. AND SUBSIDIARIES
                             SUMMARY OF OPERATIONS
 
                              FINANCIAL HIGHLIGHTS
                                  (UNAUDITED)
 
                                             THREE MONTHS ENDED
                                                  MARCH 31,
                                            2001              2000
 
     REVENUE                            $12,322,905       $7,914,324
 
     EXPENSES                            11,821,347        8,852,536
 
     INCOME TAXES BENEFIT                        --               --
 
     NET INCOME (LOSS)                     $501,558        $(938,212)
 
     NET INCOME (LOSS)
      PER COMMON SHARE:
       BASIC                                  $0.03           $(0.06)
       DILUTED                                $0.03           $(0.06)
 
     WEIGHTED AVERAGE NUMBER OF COMMON
      SHARES OUTSTANDING
       BASIC                             17,303,243       16,953,835
       DILUTED                           17,512,543       16,953,835
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X87243717
 
 SOURCE  Capital Title Group, Inc.