2007 MARKS RECORD PROFIT FOR ISC

Following a year of heightened real estate activity, Information Services Corporation (ISC) recorded a profit of $23 million in 2007. 2008 indications show the market will continue to be strong, and another year comparable to 2007 is projected. ISC is conducting its annual pricing review through consultations with customers to determine if fees charges can be reduced in consideration of the record profits.

"Across the province, the demand and price of property reached unparalleled highs, increasing the corporation's land transaction volumes by 20.4 per cent over 2006," Crown Corporations Minister Ken Cheveldayoff said. "Despite that increase, ISC met its 2007 service targets. Thanks to the dedication and hard work of its staff, ISC maintained an average transaction turnaround time of 2.59 business days for the year. I congratulate ISC's employees and leadership for meeting this significant challenge."

"ISC's operating environment was quite predictable from 2004 to 2006, with volumes and revenue at a very stable level, and an average net income of approximately $8.4 million," ISC acting president and CEO Scott Hodson said. "Everything changed with the increased market activity in 2007. However, our keen focus on productivity improvements ensured we were able to manage the spike in land transaction volumes that occurred starting in the third quarter of 2007, all without additional full-time staff."

ISC's 2007 Annual Report shows the following financial highlights for the year:

• $23 million in profit, compared to $8.7 million in 2006;
• $62.5 million in revenue, compared to $47.7 million for 2006;
• $39.5 million in expenses, compared to $39 million for 2006; 
• $8 million dividend paid to Crown Investments Corporation, the first in ISC's six-year history; and
• $13 million in short term debt completely paid off, leaving only the long-term debt of $13.5 million.

Operational highlights as contained in the 2007 Annual Report are:

• Pricing review in 2007 reduced fees for a number of services, resulting in annual savings of $880,000 for ISC customers;
• Reduction of the value-based Surviving Joint Tenant fee to a low, flat fee lessens the burden associated with handling financial affairs following a death;
• Customer satisfaction rating of 95 per cent for 2007, compared to 90 per cent in 2006;
• ISC proudly took over the Century Family Farm Award program in 2007, honouring 367 Saskatchewan families that have farmed the same land for 100 years or more;
• Introduced Map Search for customers to search all land records, plans and surface and mineral parcels in one interactive map, for free; and
• The Mineral Mapping project mapped 92 per cent of rural quarter section mineral titles and linked them to the LAND system by the end of 2007.

Information Services Corporation (ISC) of Saskatchewan is the provincial Crown corporation responsible for the administration of land titles, survey and personal property registries, as well as related geographic information and mapping systems. More information about ISC can be found on the corporation's website at www.isc.ca.

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For more information, contact:

Grant Bastedo
Information Services Corporation
Regina
Phone: 306-787-3447
Email: grant.bastedo@isc.ca