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Earnings for the fourth quarter of 1999 were $8,738,000, or $.30 per diluted share, compared to $29,352,000, or $.87 per diluted share, for the fourth quarter of 1998. Earnings for the year ended December 31, 1999 were $71,116,000, or $2.27 per diluted share, compared to $102,565,000, excluding a non-recurring investment gain of $5,590,000, or $3.06 per diluted share, for the 1998 year.
Revenue for the fourth quarter of 1999 was $308,274,000 compared to fourth quarter 1998 revenue of $375,395,000, a decrease of $67,121,000, or 18%. For the year ended December 31, 1999, revenue was $1,352,204,000, an increase of $63,739,000, or 5%, over revenue of $1,288,465,000 in 1998.
"Our fourth quarter and full year 1999 results were solid, notwithstanding refinancing transactions returning to historical norms. Comparing our 1999 results to our historical achievements, our financial and operational performance have met or exceeded our own high standards," said William P. Foley, II, Chairman and Chief Executive Officer of Fidelity National Financial, Inc. Foley added, "Our pending merger with Chicago Title, which we expect to close in March, is nearing completion. The stockholders of both companies approved and adopted the Merger Agreement last week, and the cash portion of the merger financing is securely in place. The transition and integration process continues to proceed smoothly with the appointment of the senior management team comprised of executives from both Fidelity and Chicago Title. We are working with regulatory agencies in various states to finalize the approval process. The merger will close two days following the date that all conditions pursuant to the Merger Agreement are met."
Patrick F. Stone, Chief Operating Officer of Fidelity National Financial, Inc. said, "Refinance transactions have returned to historical norms while new purchases and resale transactions remain strong. We have been quick to respond to changes in market conditions and are committed to maintaining a cost structure consistent with revenue levels. Barring any dramatic change in the overall economy we believe we are currently operating in a favorable environment where we can continue as the most productive and profitable company in the industry."
Headquartered in Irvine, California, Fidelity National Financial, Inc. is one of the largest national title insurance underwriters and providers of diversified real estate services. The Company does business in 49 states, the District of Columbia, Mexico, Puerto Rico and the U.S. Virgin Islands. Fidelity, through its principal subsidiaries, issues title insurance policies and performs other real estate related services such as escrow, collection and trust activities, real estate information and technology services, trustee sale guarantees, credit reporting, attorney services, flood certification, tax monitoring, home warranty insurance, reconveyances, recordings, foreclosure publishing and posting services and exchange intermediary services in connection with real estate transactions. The Company also originates, funds, purchases, sells, securitizes and services equipment leases for a broad range of businesses through its wholly-owned subsidiary FNF Capital, Inc.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995: Statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, and results could vary materially from the descriptions contained herein and other risks as may be detailed in the Company's Securities and Exchange Commission filings.