v3.25.1
Note 8 - Segment Information
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

8.

Segment Information

 

Effective January 1, 2025, the Company changed its reportable segments to two reportable segments: (i) Title Insurance and (ii) Corporate and Other. The Corporate and Other segment is comprised of activity previously presented in Real Estate, Reinsurance and Management Advisory Services segments. This reflects the changes in the business mix and the manner in which management monitors the performance of its operations. The change in reportable segments had no impact on the Company’s historical consolidated financial positions, results of operations or cash flows as previously reported. Where applicable, all prior periods presented have been revised to conform to this new presentation. 

 

Provided below is selected financial information about the Company’s operations by segment for the three months ended March 31, 2025 (in thousands):

 

             
  

Title

  

Corporate

     
  

Insurance

  

and Other

  

Total

 

Insurance and other services revenue

 $1,972  $750  $2,722 
             

Cost of revenues:

            

Underwriting expenses

  (56)  -   (56)

Provision for title claim losses

  (17)  -   (17)

Search and other fees

  (27)  -   (27)

Total cost of revenue

  (100)  -   (100)
             

Gross profit

 $1,872  $750  $2,622 
             

Operating expenses:

            

Personnel costs

  (1,635)  (358)  (1,993)

Other operating expense (1)

  (818)  (335)  (1,153)

Amortization and depreciation

  (25)  -   (25)

Total operating expense

  (2,478)  (693)  (3,171)

Other income, net

  62   206   268 

(Loss) income before income taxes

 $(544) $263  $(281)
             

Goodwill and intangible assets, net (2)

 $6,666  $-  $6,666 
 (1)Other operating expense primarily consists of rent and other occupancy expenses, software and equipment expense, corporate insurance and other regulatory and professional fees.
 

(2)

The Company does not allocate its assets by segment, with the exception of Goodwill and Intangible assets.

 

Provided below is selected financial information about the Company’s operations by segment for the three months ended  March 31, 2024 (in thousands):

 

             
  

Title

  

Corporate

     
  

Insurance

  

and Other

  

Total

 

Insurance and other services revenue

 $1,946  $753  $2,699 
             

Cost of revenues:

            

Underwriting expenses

  (71)  -   (71)

Provision for title claim losses

  (37)  -   (37)

Search and other fees

  (10)  -   (10)

Total cost of revenue

  (118)  -   (118)
             

Gross profit

 $1,828  $753  $2,581 
             

Operating expenses:

            

Personnel costs

  (1,628)  (355)  (1,983)

Other operating expense (1)

  (722)  (335)  (1,057)

Amortization and depreciation

  (41)  -   (41)

Total operating expense

  (2,391)  (690)  (3,081)

Other income, net

  68   493   561 

(Loss) income before income taxes

 $(495) $556  $61 
             

Goodwill and intangible assets, net (2)

 $6,741  $-  $6,741 
 (1)Other operating expense primarily consists of rent and other occupancy expenses, software and equipment expense, corporate insurance and other regulatory and professional fees.
 

(2)

The Company does not allocate its assets by segment, with the exception of Goodwill and Intangible assets.