• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company
      • English-only


      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos


      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics


  • Business & Money
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation


      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News


      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities


      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy


      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • People & Culture Overview
      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO

      Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Fidelity National Financial, Inc. Reports First Quarter 2012 EPS of $0.33


News provided by

Fidelity National Financial, Inc.

Apr 25, 2012, 04:03 ET

Share this article


JACKSONVILLE, Fla., April 25, 2012 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance, mortgage services and other diversified services, today reported operating results for the three-month period ended March 31, 2012.

Pre-tax title margin, excluding realized gains, of 10.7% versus 8.0% in the first quarter of 2011, a 270 basis point, or 34 percent, increase over the prior year 

  • Commercial revenue of $79.1 million; 19% growth versus the first quarter of 2011
  • Open orders of 651,100 for first quarter, an increase of 163,000, or 33%, over the first quarter of 2011
  • The agency commission split was 76% / 24% versus 77% / 23% in the first quarter of 2011, an improvement of approximately 120 basis points
  • Total title claims paid of $104 million, an increase of $15 million over the first quarter of 2011; full-year 2012 total title claims paid are expected to decline versus full-year 2011
  • O'Charley's tender offer closed on April 9; O'Charley's will be combined with American Blue Ribbon Holdings ("ABRH") in May 2012 and second quarter financial results will include a new restaurant segment
  • Amended existing credit facility on April 16 with a new maturity date of April 2016 and a 55 basis point reduction in the borrowing spread over LIBOR  

       Consolidated     

Three Months Ended

March 31, 2012

Three Months Ended

March 31, 2011

Total revenue

$1.19 billion

$1.13 billion

Net earnings attributable to common shareholders

$74.4 million

$42.5 million

Net earnings per diluted share attributable to common shareholders

$0.33

$0.19

The following are summary financial and operational results for the operating segments of FNF for the three-month periods ended March 31, 2012 and 2011:

Fidelity National Title Group ("FNT")


Three Months Ended

 March 31, 2012

Three Months Ended

 March 31, 2011

Total revenue

$1.18 billion

$1.12 billion

Pre-tax earnings

$129.5 million

$106.3 million

Realized gains

$4.0 million

$18.4 million

Pre-tax earnings (ex. realized gains)

$125.5 million

$87.9 million

Pre-tax margin (ex. realized gains)

10.7%

8.0%




Month

Direct Orders Opened

Direct Orders Closed

January 2012

204,900

120,500

February 2012

229,800

135,300

March 2012

216,400

153,700

First Quarter 2012

651,100

409,500




January 2011

154,300

127,400

February 2011

143,600

111,800

March 2011

190,200

131,600

First Quarter 2011

488,100

370,800


Open Commercial

Orders

Closed Commercial

Orders

Commercial Revenue

(millions)

 

Commercial

Fee Per File

1st Quarter 2012

19,200

11,100

$79.1

$7,100

1st Quarter 2011

18,500

10,600

$66.5

$6,300

- The preceding table only includes commercial activity from FNF's commercial offices in the national commercial division and does not attempt to capture potential commercial activity in our local offices.

"This was a great start to 2012 and our strongest first quarter performance in a number of years," said Chief Executive Officer George P. Scanlon.  "Net earnings of $74 million increased $32 million, or 75%, versus the first quarter of 2011 on just a 5% increase in total revenue and title pre-tax earnings of $130 million grew by $23 million, or 22%, despite only a 6% increase in total title and escrow revenue.  Our commercial title business continued to perform well, as revenue of $79 million grew by 19% over the first quarter of 2011, with an increase in orders opened, orders closed and fee per file.  Overall, our pre-tax title margin, excluding realized gains, was 10.7%, an increase of 270 basis points versus the first quarter of 2011.  We continue to perform above our difficult market pre-tax title margin goal of 8%-10% and remain confident that we will produce a mid-to-high teen pre-tax title margin when we see further stabilization in the residential resale market."

"We closed the O'Charley's tender in early April," said Chairman William P. Foley, II.  "We currently own 95% of the outstanding shares of O'Charley's and expect to have 100% ownership at the conclusion of a short-form merger under Tennessee law in May.  We then intend to merge O'Charley's into our existing restaurant operation, American Blue Ribbon Holdings, and FNF will own a majority stake in this larger ABRH.  After the merger, FNF will have a total cash investment of approximately $120 million for 55% ownership in the ABRH restaurant company that will have approximately $1.25 billion in annual revenue, $65 million in current annual EBITDA and an expected additional $20 million in cost synergies.  Our focus will be on integrating O'Charley's into ABRH and moving the O'Charley's margins closer to those of ABRH.  We believe ABRH can create significant value for our shareholders in the future.  

"Also, we expect to close on the sale of the 85% interest in our personal lines business on May 1.  Regulatory approval is pending, which we hope to have in time for the May 1 closing.  FNF will receive $119 million in proceeds from the personal lines sale.  Combined with the recent flood business sale, FNF generated $254 million in cash and a $75 million, 8% seller note due in May 2013, as well as an $86 million after-tax gain from the two divestitures."

Conference Call

FNF will host a call with investors and analysts to discuss first quarter 2012 results on Thursday, April 26, 2012, beginning at 10:00 a.m. Eastern Time.  A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at www.fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com.  The telephone replay will be available from 12:00 p.m. Eastern time on April 26, 2012, through May 3, 2012, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 243617.

About FNF

Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, mortgage services and diversified services.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States.  FNF also owns a majority interest in O'Charley's Inc., a multi-concept restaurant company that operates or franchises restaurants under the O'Charley's, Ninety Nine Restaurant, and Stoney River Legendary Steaks concepts.  In addition, among other operations, FNF owns minority interests in Ceridian Corporation, a leading provider of global human capital management and payment solutions, Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles and American Blue Ribbon Holdings, LLC, an owner and operator of the Village Inn, Bakers Square and Max & Erma's restaurants.  More information about FNF can be found at www.fnf.com.

Forward Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.  The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.

 

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY OF EARNINGS
(In millions, except per share amounts and fee per file)

 




Three months ended




March 31,




2012


2011





 (Unaudited)


Direct title premiums

$354.0


$322.9



Agency title premiums

413.9


423.3



  Total title premiums

767.9


746.2



Escrow, title-related and other fees

381.6


332.5



  Total title and escrow

1,149.5


1,078.7









Interest and investment income

36.4


33.7



Realized gains and losses

4.0


19.5



  Total revenue

1,189.9


1,131.9









Personnel costs

407.6


383.6



Other operating expenses

275.2


258.7



Agent commissions

315.6


327.7



Depreciation and amortization

17.0


19.7



Claim loss expense

53.8


50.8



Interest expense

15.1


14.3



  Total expenses

1,084.3


1,054.8









Earnings from continuing operations before taxes

105.6


77.1



Income tax expense

36.9


28.0



Earnings from continuing operations before equity investments

68.7


49.1



Earnings (loss) from equity investments

5.8


(8.6)



Net earnings from continuing operations

74.5


40.5



Earnings from discontinued operations, net of tax

2.7


3.6



Net earnings

77.2


44.1



Non-controlling interests

2.8


1.6



Net earnings attributable to common shareholders           

$74.4


$42.5



Earnings per share






    Net earnings attributable to common shareholders - basic

$0.34


$0.19



    Net earnings attributable to common shareholders - diluted

$0.33


$0.19









    Weighted average shares – basic

218.8


220.7



    Weighted average shares – diluted

223.3


223.6



 

Direct operations orders opened

651.1


488.1



Direct operations orders closed

409.5


370.8



Fee per file

$1,398


$1,371



Actual title claims paid

$103.5


$88.8



 

FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except order information in 000's)
(Unaudited)

 

Three Months Ended  

March 31, 2012

   Consolidated

FNT

 

   Corporate

   and Other


Gross operating revenue

$1,149.5

$1,136.3

$13.2







Interest and investment income

36.4

34.7

1.7


Realized gains and losses

4.0

4.0

--


  Total revenue

1,189.9

1,175.0

14.9







Personnel costs

407.6

400.6

7.0


Other operating expenses

275.2

259.0

16.2


Agent commissions

315.6

315.6

--


Depreciation and amortization

17.0

16.3

0.7


Title claim loss expense

53.8

53.8

--


Interest expense

15.1

0.2

14.9


  Total expenses

1,084.3

1,045.5

38.8







Pre-tax earnings from continuing operations

105.6

129.5

(23.9)







Pre-tax margin

8.9%

11.0%

--


Pre-tax margin, excluding realized gains

8.6%

10.7%

 

--







Open orders

651.1

651.1

--


Closed orders

409.5

409.5

--







Three Months Ended  

March 31, 2011

   Consolidated

FNT

 

   Corporate

   and Other


Gross operating revenue

$1,078.7

$1,070.2

$8.5







Interest and investment income

33.7

33.6

0.1


Realized gains and losses

19.5

18.4

1.1


  Total revenue

1,131.9

1,122.2

9.7







Personnel costs

383.6

369.7

13.9


Other operating expenses

258.7

247.9

10.8


Agent commissions

327.7

327.7

--


Depreciation and amortization

19.7

19.0

0.7


Title claim loss expense

50.8

50.8

--


Interest expense

14.3

0.8

13.5


  Total expenses

1,054.8

1,015.9

38.9







Pre-tax earnings from continuing operations

77.1

106.3

(29.2)







Pre-tax margin

6.8%

9.5%

--


Pre-tax margin, excluding realized gains

5.2%

8.0%



 

Open orders

488.1

488.1

--


Closed orders

370.8

370.8

--


FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions, except per share amounts)



March 31,


December 31,



2012


2011



 (Unaudited)








Cash and investment portfolio


$4,827.8


$4,717.4

Goodwill


1,461.1


1,452.2

Title plant


386.6


386.7

Total assets


8,002.1


7,862.1

Notes payable


1,066.5


915.8

Reserve for claim losses


1,863.1


1,912.8

Secured trust deposits


433.0


419.9

Total equity


3,758.3


3,655.9

Book value per share


$16.87


$16.57

SOURCE Fidelity National Financial, Inc.

Modal title

    Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

    Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

    About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement

    • Asia
    • Brazil
    • Canada
    • Czech
    • Denmark
    • Finland
    • France
    • Germany
    • India
    • Israel
    • Italy
    • Mexico
    • Middle East
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Russia
    • Slovakia
    • Spain
    • Sweden
    • United Kingdom

    My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision


Products


About


My Services
  • All News Releases
  • Online Member Center
  • ProfNet℠
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2021 Cision US Inc.