-----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, Dlq0G7Gx/Jc45JooHUf+CmCHl2HNLe9lH6cQkoNxX+GvBm58Pj1By5TzKqGhssEy oW8ox10ZP/o1fZ9+DKQxcA== 0000892569-03-001042.txt : 20030423 0000892569-03-001042.hdr.sgml : 20030423 20030423171213 ACCESSION NUMBER: 0000892569-03-001042 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030423 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY NATIONAL FINANCIAL INC /DE/ CENTRAL INDEX KEY: 0000809398 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 860498599 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09396 FILM NUMBER: 03660615 BUSINESS ADDRESS: STREET 1: 17911 VON KARMAN AVE STREET 2: STE 300 CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 9496225000 MAIL ADDRESS: STREET 1: MLISS JONES KANE STREET 2: 17911 VON KARMAN AVE STE 300 CITY: IRVINE STATE: CA ZIP: 92614 8-K 1 a89485e8vk.txt FORM 8-K DATED APRIL 23, 2003 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): April 23, 2003 -------------- FIDELITY NATIONAL FINANCIAL, INC. --------------------------------- (Exact name of registrant as specified in charter)
Delaware 333-57904 86-0498599 - ------------------------------------ ------------------------------------ -------------- (State or other jurisdiction (Commission file number) (IRS employer of incorporation) identification no.)
17911 Von Karman Avenue, Suite 300, Irvine, CA (Address of principal executive offices) (Zip code) (949) 622-4333 -------------- (Registrant's telephone number, including area code) Item 7 - Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits Exhibit 99-1 -- Press Release of Fidelity National Financial, Inc., dated April 23, 2003. Item 9 - Regulation FD Disclosure (Information is being provided under Item 12) The information contained in this Item 9 of this Current Report is being furnished pursuant to "Item 12. Results of Operations and Financial Condition" of Form 8-K in accordance with SEC Release Nos. 33-8216; 34-47583. The information in this Current Report is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1394, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. On April 23, 2003, Fidelity National Financial, Inc. issued an earnings release announcing its financial results for the first quarter ended March 31, 2003. A copy of the earnings release is attached as Exhibit 99.1 and is incorporated by reference herein. 2 SIGNATURES 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 thereunto duly authorized. FIDELITY NATIONAL FINANCIAL, INC. Dated: April 23, 2003 By: /s/ Alan L. Stinson ---------------------------------- Alan L. Stinson Chief Financial Officer and Executive Vice President 3 EXHIBIT INDEX
Exhibits Description - -------- ----------- 99-1 Press Release of Fidelity National Financial, Inc., dated April 23, 2003.
4 EX-99.1 3 a89485exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 [FIEDLITY LOGO] PRESS RELEASE FIDELITY NATIONAL FINANCIAL, INC. REPORTS FIRST QUARTER 2003 EPS OF $1.44 Irvine, Calif. -- (April 23, 2003) -- Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products, services and solutions to the real estate and financial services industries, today reported operating results for the three-month period ended March 31, 2003.
1st Quarter 2003 1st Quarter 2002 ---------------- ---------------- Net Earnings Net Earnings ------------ ------------ $144 million $101 million $1.44 per diluted share $1.03 per diluted share
- Revenue for the first quarter of 2003 was $1.4 billion, compared with $1.1 billion for the first quarter of 2002 - Total title premiums were $968 million for the first quarter of 2003 versus $729 million for the prior year period - Real estate related services revenue was $174 million, compared with $116 million for the first quarter of 2002 - Cash flow from operations was $189 million for the first quarter of 2003 - Annualized return on average equity was 24.0 percent for the first quarter of 2003 - The Company repurchased 598,900 shares of its common stock for $19.7 million during the first quarter and has repurchased a total of 2,634,070 shares from inception of its systematic repurchase program on May 15, 2002 through March 31, 2003 "Our momentum has continued into 2003, both financially and strategically," said Chairman and Chief Executive Officer William P. Foley, II. "Most importantly, we closed the AIS acquisition on April 1, forming Fidelity Information Services. The first quarter results do not include any impact of this new business. Fidelity Information Services accelerates our ongoing evolution into a fully diversified provider of products, services and solutions to the real estate and financial services industries and provides a significant and recurring stream of revenue and earnings that is not specifically tied to the level of mortgage originations." The following table depicts monthly direct orders opened and closed for the first quarter of both 2003 and 2002:
MONTH DIRECT ORDERS OPENED DIRECT ORDERS CLOSED CLOSING % ----- -------------------- -------------------- --------- January 2003 369,000 232,700 63% February 2003 380,300 235,500 62% March 2003 507,000 278,700 55% ------- ------- First Quarter 2003 1,256,300 746,900 60% ========= ======= === January 2002 204,800 167,600 82% February 2002 193,400 155,200 80% March 2002 205,500 170,000 83% ------- ------- First Quarter 2002 603,700 492,800 82% ======= ======= ===
"Order volumes were tremendous in the first quarter as we opened 1.25 million orders, or more than 20,000 per business day," said President R. Randy Quirk. "We built significant inventory during the quarter as the closing percentage fell to 60%, indicative of the dramatic increase in open order volumes. The second and third quarter financial results will be positively impacted by this trend in open order momentum." Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products, services and solutions to the real estate and financial services industries. The Company had total revenue of $5.1 billion and earned more than $530 million in 2002, with cash flow from operations of nearly $815 million. FNF is the nation's largest title insurance company and also performs other real estate-related services such as escrow, default management, mortgage loan fulfillment, exchange intermediary services and homeowners, flood and home warranty insurance. FNF is also one of the world's largest providers of information-based technology solutions and processing services to the mortgage and financial services industries through its subsidiary Fidelity Information Services, which has clients in more than 50 countries. It processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2 trillion and has processing and technology relationships with 48 of the top 50 U. S. banks who rely on Fidelity Information Services' processing and outsourcing products and services. More than 34 percent of the total dollar volume of all outstanding consumer loans in the country, including mortgages, is processed on Fidelity Information Services software applications. Fidelity National Information Solutions (NASDAQ: FNIS), a majority-owned, publicly traded subsidiary of FNF, provides data and valuations, technology solutions and services for the real estate and mortgage industries. More information about the FNF family of companies can be found at www.fnf.com, www.fidelityinfoservices.com and www.fnis.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 Financial, Inc. CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, 805-696-7218, dkmurphy@fnf.com FIDELITY NATIONAL FINANCIAL, INC. SUMMARY OF EARNINGS (In thousands, except per share amounts and order information) (Unaudited)
Three months ended March 31, ---------------------------- 2003 2002 ---------- ---------- Direct title premiums $ 473,230 $ 337,176 Agency title premiums 494,431 392,186 ---------- ---------- Total title premiums 967,661 729,362 Escrow and other title-related fees 266,927 189,295 Real estate related services 174,205 115,909 Interest and investment income 17,057 18,281 Realized investment gains (losses) 6,633 7,058 Other income 4,393 6,955 ---------- ---------- Total revenue 1,436,876 1,066,860 Personnel costs 441,339 330,138 Other operating expenses 315,609 221,123 Agent commissions 387,213 308,971 Claim loss expense 48,384 36,468 Interest expense 8,060 8,617 ---------- ---------- Total expenses 1,200,605 905,317 Earnings before income taxes 236,271 161,543 Income tax expense 87,420 58,154 Minority interest 5,272 2,404 ---------- ---------- Net earnings $ 143,579 $ 100,985 ========== ========== Net earnings per share - basic $ 1.49 $ 1.07 ========== ========== Net earnings per share - diluted $ 1.44 $ 1.03 ========== ========== Weighted average shares - basic 96,314 94,577 ========== ========== Weighted average shares - diluted 99,366 97,749 ========== ========== Direct orders opened 1,256,300 603,700 Direct orders closed 746,900 492,800
SUMMARY BALANCE SHEET INFORMATION (In thousands, except per share amounts)
March 31, December 31, 2003 2002 --------- ------------ (Unaudited) Cash and investment portfolio $3,348,047 $3,048,208 Goodwill 1,216,374 996,613 Total assets 5,864,546 5,245,744 Notes payable 717,228 493,458 Reserve for claim losses 902,753 887,973 Total equity 2,518,212 2,253,936 Book value per share 25.24 23.55
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