Jacksonville, Fla. -- (April 28, 2011) -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, mortgage services, specialty insurance and information services, today reported operating results for the three-month period ended March 31, 2011.
The following are summary financial and operational results for the operating segments of FNF for the three-month periods ended March 31, 2011 and 2010:
"This was our strongest first quarter in a number of years, as our direct operations benefited from strong refinance closings early in the quarter and consistent closings throughout February and March," said Chairman William P. Foley, II. "Open order counts were relatively stable throughout the quarter, although they showed some seasonal strength in the month of March, increasing more than 8% over the average for January and February. The commercial business continued to be robust, as commercial revenue grew by 35% over the first quarter of 2010. This quarter shows that with generally steady order volumes, albeit at low historic levels, we can generate the 8% to 10% margins we target in difficult markets through our focus on strong expense management.
"During the quarter, we eliminated more than 600 positions in our title operations and made significant progress on our previously stated $50 million cost savings project, identifying nearly $55 million in run-rate cost savings. Our quarterly results also included one-time expenses of $9 million, or $0.04 per diluted share, representing our portion of the costs related to Remy's debt restructuring in late 2010 and early 2011. Additionally, Remy also filed an S-1 Registration Statement in March to begin the process of selling common stock and becoming a publicly traded company. Overall, this was a very positive start to what most experts have predicted will be a difficult year in the mortgage and real estate markets. We believe we have our company positioned for strong performance for the remainder of 2011."
FNF will host a call with investors and analysts to discuss first quarter 2011 results on Friday, April 29, 2011, beginning at 11:00 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 1:00 p.m. Eastern time on April 29, 2011, through May 6, 2011, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 199329.
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, mortgage services, specialty insurance and information 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 provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business and is a leading provider of global human resources, payroll, benefits and payment solutions through a minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.
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.
SOURCE: Fidelity National Financial, Inc.
Daniel Kennedy Murphy
Senior Vice President and Treasurer