Exhibit 99.1
Item 6. Selected Financial Data
The following table sets forth selected consolidated financial data, which were derived from our consolidated financial statements and should be read in conjunction with our audited consolidated financial statements, including the Notes thereto, beginning on page F-1 of this Report. See also Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||||||||||||||
(millions of dollars, except share and per share data) | ||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,555.3 | 2,106.7 | 2,471.5 | 2,430.6 | 2,176.3 | 2,239.0 | 1,777.9 | 1,271.6 | 935.5 | 1,071.3 | ||||||||||||||||||||||||||||||
Title segment: | ||||||||||||||||||||||||||||||||||||||||
Operating revenues | 1,509.9 | 1,988.1 | 2,350.7 | 2,314.0 | 2,081.8 | 2,138.2 | 1,683.1 | 1,187.5 | 865.6 | 993.7 | ||||||||||||||||||||||||||||||
Investment income | 29.1 | 36.1 | 34.9 | 29.1 | 22.5 | 19.8 | 20.7 | 19.9 | 19.1 | 18.2 | ||||||||||||||||||||||||||||||
Investment (losses) gains | (28.2 | ) | 13.3 | 4.7 | 5.0 | 3.1 | 2.3 | 3.0 | .4 | .0 | .3 | |||||||||||||||||||||||||||||
Total revenues | 1,510.8 | 2,037.5 | 2,390.3 | 2,348.1 | 2,107.4 | 2,160.3 | 1,706.8 | 1,207.8 | 884.7 | 1,012.2 | ||||||||||||||||||||||||||||||
Pretax (loss) earnings | (219.3 | ) | (57.2 | ) | 83.2 | 154.4 | 143.1 | 200.7 | 153.8 | 82.5 | 10.7 | 48.3 | ||||||||||||||||||||||||||||
REI segment: | ||||||||||||||||||||||||||||||||||||||||
Revenues | 44.5 | 69.2 | 81.2 | 82.5 | 68.9 | 78.7 | 71.1 | 63.8 | 50.8 | 59.0 | ||||||||||||||||||||||||||||||
Pretax (loss) earnings | (15.2 | ) | 5.3 | 1.3 | 10.6 | 3.6 | 12.3 | 9.0 | 5.5 | (4.5 | ) | 3.1 | ||||||||||||||||||||||||||||
Title loss provisions | 167.8 | 168.5 | 141.6 | 128.1 | 100.8 | 94.8 | 75.9 | 51.5 | 39.0 | 44.2 | ||||||||||||||||||||||||||||||
% title operating revenues | 11.1 | 8.5 | 6.0 | 5.5 | 4.8 | 4.4 | 4.5 | 4.3 | 4.5 | 4.4 | ||||||||||||||||||||||||||||||
Pretax (loss) earnings | (234.5 | ) | (51.9 | ) | 84.5 | 165.0 | 146.7 | 213.0 | 162.8 | 88.0 | 6.2 | 51.4 | ||||||||||||||||||||||||||||
Net (loss) earnings attributable to Stewart | (241.9 | ) | (40.2 | ) | 43.3 | 88.8 | 82.5 | 123.8 | 94.5 | 48.7 | .6 | 28.4 | ||||||||||||||||||||||||||||
Cash (used) provided by operations | (105.2 | ) | 4.6 | 105.1 | 174.4 | 170.4 | 190.1 | 162.6 | 108.2 | 31.9 | 57.9 | |||||||||||||||||||||||||||||
Total assets | 1,449.2 | 1,442.0 | 1,458.2 | 1,361.2 | 1,193.4 | 1,031.9 | 844.0 | 677.9 | 563.4 | 535.7 | ||||||||||||||||||||||||||||||
Long-term debt (1) | 71.3 | 82.4 | 92.5 | 70.4 | 39.9 | 17.3 | 7.4 | 7.0 | 15.4 | 6.0 | ||||||||||||||||||||||||||||||
Stockholders’ equity | 507.1 | 769.8 | 819.5 | 785.0 | 711.8 | 634.6 | 504.5 | 403.8 | 302.0 | 291.6 | ||||||||||||||||||||||||||||||
Per share data | ||||||||||||||||||||||||||||||||||||||||
Average shares — diluted (millions) | 18.1 | 18.2 | 18.3 | 18.2 | 18.2 | 18.0 | 17.8 | 16.3 | 15.0 | 14.6 | ||||||||||||||||||||||||||||||
Net (loss) earnings attributable to Stewart — basic | (13.37 | ) | (2.21 | ) | 2.37 | 4.89 | 4.56 | 6.93 | 5.33 | 3.01 | .04 | 1.96 | ||||||||||||||||||||||||||||
Net (loss) earnings attributable to Stewart — diluted | (13.37 | ) | (2.21 | ) | 2.36 | 4.86 | 4.53 | 6.88 | 5.30 | 2.98 | .04 | 1.95 | ||||||||||||||||||||||||||||
Cash dividends | .10 | .75 | .75 | .75 | .46 | .46 | — | — | — | .16 | ||||||||||||||||||||||||||||||
Stockholders’ equity | 27.95 | 42.69 | 44.95 | 43.24 | 39.28 | 35.21 | 28.98 | 22.83 | 20.22 | 19.84 | ||||||||||||||||||||||||||||||
Market price: | ||||||||||||||||||||||||||||||||||||||||
High | 36.42 | 45.05 | 54.85 | 53.01 | 47.60 | 41.45 | 22.50 | 22.25 | 22.31 | 31.38 | ||||||||||||||||||||||||||||||
Low | 5.67 | 24.61 | 32.87 | 34.70 | 31.14 | 20.76 | 15.05 | 15.80 | 12.25 | 10.25 | ||||||||||||||||||||||||||||||
Year end | 23.49 | 26.09 | 43.36 | 48.67 | 41.65 | 40.55 | 21.39 | 19.75 | 22.19 | 13.31 | ||||||||||||||||||||||||||||||
(1) | Based upon contractual maturities of the notes. At December 31, 2008, $52.0 million of this amount would be due on demand upon notice from our lenders. See Note 10 to the consolidated financial statements. |