Fidelity National Title Group, Inc. Reports First Quarter 2006 EPS of $0.46
Jacksonville, Fla. -- (April 26, 2006) -- Fidelity National Title Group, Inc. (NYSE: FNT), the nation's largest title insurance company and a majority-owned, publicly-traded subsidiary of Fidelity National Financial, Inc. (NYSE: FNF), today reported operating results for the three-month period ended March 31, 2006.
"This quarter was a successful beginning to our first full year as a publicly traded company," said Chief Executive Officer Raymond R. Quirk. "We experienced a normal seasonal slow start to the year in January and built momentum in open orders per day in both February and March. Our earnings for the month of March were significantly larger than our combined earnings for the months of January and February and the increasing trend in open order volumes throughout the first quarter provides momentum as we enter the second quarter. This increasing open order volume and our continued focus on controlling costs and managing the optimal size of each of our operations will allow us to generate higher margins and earnings in the second quarter."
The following table depicts monthly direct orders opened and closed in the title and escrow business for the first quarter of both 2006 and 2005:
The following table depicts monthly commercial direct orders opened and closed in the national commercial divisions for the first quarter of both 2006 and 2005:
Fidelity National Title Group, Inc. (NYSE: FNT) 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. (NYSE: FNF), number 248 on the Fortune 500 and a provider of products and outsourced services and solutions to a variety of industries. 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 about our beliefs and expectations, 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 economic performance 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; 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; compliance with extensive regulations; regulatory investigations of the title insurance industry; our business concentration in the State of California, the source of over 20% of our title insurance premiums; our dependence on distributions from our title insurance underwriters as our main source of cash flow; competition from other title insurance companies; FNF's need to maintain more than 80% ownership of our common stock for various tax purposes; 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 Title Group, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, Fidelity National Financial, Inc., 904-854-8120, firstname.lastname@example.org