This was news from earlier today from Fidelity Investments:
LandAmerica Financial Group Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2008 ; Announces Impairment of Goodwill and Other Intangible Assets 01/22 06:06 AM
LandAmerica Financial Group Inc. (LFGRQ:$0.0800,$0.0050,6.67%) announced earnings results for the third quarter and nine months ended September 30, 2008. For the quarter, the company has reported net loss of $599.6 million or diluted loss per share of $39.45 on total revenues of $631.8 million compared to net loss $20.8 million or $1.28 diluted loss per share on $906.8 million in the same period of previous year.
For the nine months, the company reported net loss of $673.8 million or diluted loss per share of $44.33 on total revenues of $2,030.6 million compared to net loss of $8.2 million or $0.49 diluted loss per share on $2,860.4 million in the same period of previous year.
The company announced, in addition to $1.2 million to the impairment of certain securities, non-cash charges include impairments of goodwill and other intangibles of $137.8 million.
LandAmerica Financial Group Inc. (LFGRQ:$0.0800,$0.0050,6.67%) announced layoffs of 120 people, mostly in technology jobs, at its Henrico headquarters.
