Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Aos2tank/gFsiV12vf9Sb+Ugy+qj0gYHE8IygpouB30wh8kkKh+5vux87wC8aNcd lomXWUj3OWS/cSaD+ffs1w== 0000892569-03-000413.txt : 20030213 0000892569-03-000413.hdr.sgml : 20030213 20030213154845 ACCESSION NUMBER: 0000892569-03-000413 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030213 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20030213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANFI INC CENTRAL INDEX KEY: 0001068843 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 330731548 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24961 FILM NUMBER: 03559492 BUSINESS ADDRESS: STREET 1: 1111 E. KATELLA AVENUE, SUITE 220 CITY: ORANGE STATE: CA ZIP: 92867 BUSINESS PHONE: 7142894300 MAIL ADDRESS: STREET 1: 1111 E. KATELLA AVENUE, SUITE 220 CITY: ORANGE STATE: CA ZIP: 92867 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN NATIONAL FINANCIAL INC DATE OF NAME CHANGE: 19980821 8-K 1 a87709e8vk.htm FORM 8-K DATED FEBRUARY 13, 2003 Form 8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 13, 2003

ANFI, INC.

(Exact Name of Registrant as Specified in Charter)


California	000-24961	33-0731548

(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

1111 E. Katella Avenue, Suite 220, Orange California (Address of principal executive officers)		92867 (Zip Code)

(714) 289-4300

(Registrant’s telephone number, including area code)

(Former name or former address, if changed, since last report)

TABLE OF CONTENTS


	Item 7. Financial Statements and Exhibits
	Item 9. Regulation FD Disclosure
SIGNATURE
EXHIBIT INDEX
EXHIBIT 99.1

Item 7. Financial Statements and Exhibits


Exhibit No.		Description

99.1		Press Release dated February 13, 2003

Item 9. Regulation FD Disclosure

ANFI, Inc. released the results of its operations.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	ANFI, INC.

Date: February 13, 2003	By:	/s/ Carl A. Strunk

		Carl A. Strunk Executive Vice President and Chief Financial Officer

EXHIBIT INDEX


Exhibit No.		Description

99.1		Press Release dated February 13, 2003

EX-99.1 3 a87709exv99w1.htm EXHIBIT 99.1 Exhibit 99.1

EXHIBIT 99.1

(LOGO)

NEWS RELEASE


Contact:		Michael C. Lowther Chairman and Chief Executive Officer or Carl A. Strunk Executive Vice President Chief Financial Officer (714) 289-4300

FOR IMMEDIATE RELEASE

ANFI, INC. REPORTS EARNINGS AND REVENUES
FOR THE 4TH QUARTER AND YEAR ENDED DECEMBER 31, 2002

Orange, California, February 13, 2003 – ANFI, Inc. (NASDAQ:ANFI), a diversified real estate services company, announced earnings and revenues for the fourth quarter and year ended December 31, 2002.

• For the fourth quarter ended December 31, 2002, earnings were $4.9 million or $.45 per diluted share, compared with earnings of $2.8 million, or $.28 per diluted share for the comparable 2001 quarter. Revenues increased $23.7 million to $62.8 million, as compared with revenues of $39.1 million for the comparable 2001 period.

• Earnings for the year ended December 31, 2002 were $20.8 million or $1.94 per diluted share, compared with earnings of $11.3 million, or $1.09 per diluted share for the comparable 2001 year end period. Revenues increased $64.9 million to $201.7 million, compared with revenues of $136.8 million for the comparable 2001 period.

Michael C. Lowther, Chairman of the Board and Chief Executive Officer of ANFI, Inc. said, “2002 was a great year for our company thanks to the dedication of our employees and the loyalty of our customers. We are looking forward to completing our merger with Fidelity National Financial, Inc. and joining with Ticor Title to become an even more dynamic force in the real estate service industry.”

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Headquartered in Orange, California, ANFI, Inc. through its principal subsidiaries, provides title insurance services and other real estate-related informational services through its subsidiaries in California, Arizona, Colorado, Nevada and New York through 105 branch offices. The Company also operates on a national level through its National Title Insurance of New York Inc. (“National”) subsidiary, which is licensed to issue and underwrite title insurance policies in 35 states, the District of Columbia and the U.S. Virgin Islands. National has offices in New York, Tennessee, Ohio, Pennsylvania and Florida. ANFI, Inc. as part of its overall services, provides ancillary services such as real estate information, trustee sales guarantees, exchange intermediary services, document research services, notary signing services, property management and appraisals. A complete description of the subsidiaries is available at the Company’s web site (www.anfinc.com).

This press release contains forward-looking statements. The words “believe,” “expects,” “intend,” “anticipate,” “will,” and “project,” and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the 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, competition and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission.

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ANFI, INC.
SUMMARY OF EARNINGS


		Three months ended					Year ended
		December 31,					December 31,

(in thousands, except per share data)		2002			2001		2002		2001

		(Unaudited)
Gross title premiums		$	48,025		$	28,060	$	146,369	$	94,490

Net title service revenue – related party		$	35,804		$	22,374	$	111,126	$	76,435
Escrow fees			14,899			8,841		45,590		32,176
Underwriting premiums			7,771			3,192		21,531		8,890
Ancillary service fees			5,835			4,363		21,382		17,080
Gain (loss) on sale/exchange of equity security			(1,918	)		—		544		1,001
Investment revenue			365			355		1,502		1,267

	Total revenues		62,756			39,125		201,675		136,849
Personnel costs			36,428			20,671		106,765		73,909
Other operating expenses			15,432			10,986		50,692		35,233
Title plant rent and maintenance			2,538			2,198		8,995		7,946

	Total expenses		54,398			33,855		166,452		117,088
Earnings before income taxes			8,358			5,270		35,223		19,761
Income taxes			3,442			2,507		14,457		8,497

	Net earnings	$	4,916		$	2,763	$	20,766	$	11,264

Weighted average shares outstanding during the period, basic basis			9,537			8,852		9,245		9,386
Incremental shares from assumed option exercise			1,434			1,152		1,436		909

Weighted average shares outstanding during the period, diluted basis			10,971			10,004		10,681		10,295

Basic earnings per share		$	0.52		$	0.31	$	2.25	$	1.20

Diluted earnings per share		$	0.45		$	0.28	$	1.94	$	1.09

SELECTED BALANCE SHEET DATA


	December 31,

(in thousands, except per share data)	2002		2001

Cash and investment securities available for sale	$	54,903	$	34,739
Total assets		94,973		66,653
Shareholders’ equity		54,499		35,913
Book value per share	$	5.71	$	4.05

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Table of Contents

Table of Contents

Table of Contents

Table of Contents

•		For the fourth quarter ended December 31, 2002, earnings were $4.9 million or $.45 per diluted share, compared with earnings of $2.8 million, or $.28 per diluted share for the comparable 2001 quarter. Revenues increased $23.7 million to $62.8 million, as compared with revenues of $39.1 million for the comparable 2001 period.

•		Earnings for the year ended December 31, 2002 were $20.8 million or $1.94 per diluted share, compared with earnings of $11.3 million, or $1.09 per diluted share for the comparable 2001 year end period. Revenues increased $64.9 million to $201.7 million, compared with revenues of $136.8 million for the comparable 2001 period.