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Stewart Information Services Corp (STC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Stewart Information Services Corp

CIK: 94344 Ticker: STC

NEWS from:

STEWART INFORMATION SERVICES CORPORATION

P.O. Box 2029, Houston, Texas 77252-2029

www.stewart.com

  Contact: Ted C. Jones
    Director - Investor Relations
    (713) 625-8014

 

 

FOR RELEASE AT 6AM CDT

 

Stewart Reports Financial Results for the Fourth Quarter 2012 and Year 2012

 

·Net earnings attributable to Stewart increased $59.6 million and $106.8 million for the fourth quarter and year 2012 compared to the same periods in 2011
·Earnings per diluted share increased to $2.56 and $4.61 for the fourth quarter and year 2012 compared to $0.11 and $0.12 in the same periods of 2011
·Pretax margins improved to 5.1 percent and 4.7 percent for the fourth quarter and year 2012 from 2.5 percent and 1.1 percent in the same periods of 2011
·Title loss rate declined to 7.6 percent for the fourth quarter 2012 from 9.9 percent for the fourth quarter 2011 and to 8.1 percent for the year 2012 from 9.4 percent for the year 2011
·For the year, the $275.5 million increase in revenues yielded a $71.3 million increase in pretax earnings, an incremental margin of 25.9 percent
·Cash provided by operations increased more than four times to $120.5 million for 2012 when compared to 2011

 

HOUSTON, February 14, 2013 -- Stewart Information Services Corporation (NYSE-STC) today reported a $59.6 million increase in net earnings attributable to Stewart to $61.8 million, or $2.56 per diluted share, for the fourth quarter ended December 31, 2012 compared to net earnings of $2.2 million, or $0.11 per diluted share, for the fourth quarter ended December 31, 2011. For the year ended December 31, 2012, net earnings attributable to Stewart of $109.2 million, or $4.61 per diluted share, represent an improvement of $106.8 million over the same period in 2011. Our strong operating results in 2012 allowed us to release in the fourth quarter $36.6 million ($1.50 per diluted share) of a tax asset valuation allowance (originally established in 2008), representing that portion of the allowance that had not been previously utilized to offset taxable income. The remaining valuation allowance of $12.1 million relates primarily to foreign tax credit carryforwards.

 

Effective with our fourth quarter 2012 reporting, we revised our segment reporting to align with management of our operations. The revised segments are title, mortgage services and corporate. Title provides global residential and commercial title insurance and other solutions that facilitate successful real estate transactions. Mortgage services provides outsourced servicing support for mortgage lenders and servicers, with offerings that include origination services, loss mitigation, REO asset management and REO title. Corporate includes the operations of the parent holding company as well as the costs of certain corporate services that support our business operations. Prior year amounts have been restated to reflect this new reporting.

 

 

 


The following information was filed by Stewart Information Services Corp (STC) on Thursday, February 14, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule I - Balance Sheets (detail)
Schedule I - Balance Sheets (parenthetical) (detail)
Schedule I - Statements Of Cash Flows (detail)
Schedule I - Statements Of Operations And Retained Earnings (detail)
Schedule I - Statements Of Operations And Retained Earnings (parenthetical) (detail)
Schedule Ii - Valuation And Qualifying Accounts (detail)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Earnings (loss)
Amortized Costs And Fair Values (detail)
Assets Measured At Fair Value On Nonrecurring Basis (detail)
Changes In Stockholders' Equity
Changes In Stockholders' Equity (detail)
Changes In Stockholders' Equity (parenthetical) (detail)
Changes In Stockholders' Equity (tables)
Common Stock And Class B Common Stock
Common Stock And Class B Common Stock - Additional Information (detail)
Contingent Liabilities And Commitments
Contingent Liabilities And Commitments - Additional Information (detail)
Debt Securities According Contractual Terms (detail)
Deferred Income Taxes (detail)
Diluted Earnings Per Share Using If- Converted Method (detail)
Dividend Restrictions
Dividend Restrictions - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Equity Investees
Equity Investees (tables)
Equity Investees - Additional Information (detail)
Estimated Title Losses
Estimated Title Losses (detail)
Estimated Title Losses (tables)
Estimated Title Losses - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Financial Instrument Measured At Fair Value On Recurring Basis (detail)
General
General (policies)
General - Additional Information (detail)
Goodwill And Acquired Intangibles
Goodwill And Acquired Intangibles (tables)
Goodwill And Acquired Intangibles - Additional Information (detail)
Gross Realized Investment And Other Gains And Losses (detail)
Gross Unrealized Gains And Losses (detail)
Gross Unrealized Losses On Investments And Fair Values Of Related Securities (detail)
Income Tax Provision (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Investment Income
Investment Income (tables)
Investment Income - Additional Information (detail)
Investments In Debt And Equity Securities
Investments In Debt And Equity Securities (tables)
Investments In Debt And Equity Securities - Additional Information (detail)
Leases
Leases (tables)
Leases - Additional Information (detail)
Notes Payable Convertible Senior Notes And Line Of Credit - Additional Information (detail)
Notes Payable, Convertible Senior Notes And Line Of Credit
Notes Payable, Convertible Senior Notes And Line Of Credit (tables)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (tables)
Reconciliation Of Federal Income Taxes Computed At Statutory Rate With Income Taxes (detail)
Reconciliation Of Federal Income Taxes Computed At Statutory Rate With Income Taxes (parenthetical) (detail)
Regulatory And Legal Developments
Regulatory And Legal Developments - Additional Information (detail)
Reinsurance
Reinsurance - Additional Information (detail)
Restrictions On Cash And Investments
Restrictions On Cash And Investments - Additional Information (detail)
Revenues Financial Information (detail)
Revenues Generated In Domestic And Foreign Country (detail)
Schedule I - Parent Company Financial Information
Schedule Ii - Valuation And Qualifying Accounts
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Share-based Incentives
Share-based Incentives - Additional Information (detail)
Summarized Aggregate Financial Information For Equity Investees (detail)
Summary Of Future Minimum Lease Payments (detail)
Summary Of Goodwill (detail)
Summary Of Notes Payable (detail)
Summary Of Notes Payable (parenthetical) (detail)
Summary Of Segmental Revenues And Expenses (detail)
Ticker: STC
CIK: 94344
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-093781
Submitted to the SEC: Wed Mar 06 2013 3:51:52 PM EST
Accepted by the SEC: Wed Mar 06 2013
Period: Monday, December 31, 2012
Industry: Title Insurance

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