Fidelity National Title Group, Inc. Reports Third Quarter 2005 EPS of $0.98
Jacksonville, Fla. -- (October 26, 2005) -- Fidelity National Title Group, Inc. (NYSE:FNT), the nation's largest title insurance company and a majority-owned subsidiary of Fidelity National Financial, Inc. (NYSE:FNF), today reported operating results for the three-month and nine-month periods ended September 30, 2005.
- Total revenue for the third quarter of 2005 was $1.78 billion, compared with $1.56 billion for the third quarter of 2004
- Total title and escrow revenue was $1.73 billion for the third quarter of 2005 versus $1.53 billion in the third quarter of 2004
- Direct title premiums were $626 million for the third quarter of 2005 compared with direct title premiums of $504 million for the third quarter of 2004
- Escrow and other title related fees were $325 million for the third quarter of 2005 versus $266 million for the third quarter of 2004
- Agency title premiums were $779 million for the third quarter of 2005 compared with agency title premiums of $762 million for the third quarter of 2004
- The total provision for claim losses was $104 million for the third quarter of 2005 compared with $69 million for the third quarter of 2004
- Interest expense for the third quarter of 2005 was $5 million compared with $1 million for the third quarter of 2004
- Cash flow from operations was $204 million for the third quarter of 2005 and $595 million for the first nine months of 2005
"This was a great financial quarter as we begin operating as a publicly traded company," said Chief Executive Officer Raymond R.Quirk. "We produced $0.98 in earnings per share and more than $200 million in cash flow from operations. Order volumes were solid and we were able to make some necessary headcount reductions late in the quarter as we enter the normally seasonally slower fourth quarter. We will remain focused on staffing and productivity in order to maximize the margins we earn in the business."
The following table depicts monthly direct orders opened and closed in the title and escrow business for the third quarter of both 2005 and 2004:
Fidelity National Title Group, Inc. is the nation's largest title insurance company. The Company's title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title - issue approximately 31 percent of all title insurance policies in the United States. Through its direct operations and agencies, the Company provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada. In 2005, FNT also acquired Service Link, a leading provider of title and closing services to major financial institutions and lenders, including six of the top 10 lending institutions in the United States ranked by loan origination volume. More information about Fidelity National Title Group can be found at www.fntg.com
FNT is a majority-owned subsidiary of Fidelity National Financial Inc., number 261 on the Fortune 500 and a provider of products and outsourced services and solutions to financial institutions and the real estate industry. More information about FNF can be found at www.fnf.com.
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Title Group, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, 904-854-8120, dkmurphy@fnf.com
