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): April 29, 2004

FIDELITY NATIONAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-9396	86-0498599
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		Identification No.)
601 Riverside Avenue, Jacksonville, Florida		32204
(Address of Principal Executive Offices)		(Zip Code)

(904) 854-8100
(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 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1

Item 7.          Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 — Press Release of Fidelity National Financial, Inc., dated April 29, 2004.

Item 12.       Results of Operations and Financial Condition

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, 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 29, 2004, Fidelity National Financial, Inc. issued an earnings release announcing its financial results for the three months ended March 31, 2004. A copy of the earnings release is attached as Exhibit 99.1.

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 hereunto duly authorized.

	FIDELITY NATIONAL FINANCIAL, INC.
Dated: April 29, 2004	By:	/s/ Alan L. Stinson
		Alan L. Stinson
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release of Fidelity National Financial, Inc., dated April 29, 2004

EX-99.1

EXHIBIT 99.1

PRESS RELEASE

Fidelity National Financial, Inc. Reports First Quarter 2004 EPS of $0.88

Jacksonville, Fla. — (April 29, 2004) — Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, today reported operating results for the three-month period ended March 31, 2004.

1st Quarter 2004	1st Quarter 2003
Net Earnings	Net Earnings
$150.2 million	$143.6 million
$0.88 per diluted share	$1.05 per diluted share

• Revenue for the first quarter of 2004 was $1.8 billion, compared with $1.4 billion for the first quarter of 2003

• Revenue from Financial institution processing and outsourcing was $288 million for the first quarter of 2004 versus $41 million for the first quarter of 2003, largely due to the acquisition of Fidelity Information Services on April 1, 2003

• Fidelity Information Services generated $237 million in revenue for the first quarter of 2004, a 12 percent increase over the first quarter 2003 FIS revenue of $211 million; FNF did not own FIS in the first quarter of 2003

• Fidelity Information Services organic revenue growth was 3.7 percent for the first quarter of 2004 over the first quarter of 2003

• Real estate information services revenue was $143 million for the first quarter of 2004 compared with $114 million for the first quarter of 2003

• Specialty insurance contributed $49 million for the first quarter of 2004 versus $28 million in the first quarter of 2003

     The following table provides segment financial information for the three months ended March 31, 2004:

	Title and									Specialty			Corporate
$ amounts in thousands	Escrow			FIPO			REIS			Insurance			and Other			Total
Operating Revenue	$	1,327,180		$	288,384		$	143,042		$	48,670		$	2,542		$	1,809,818
Interest and Investment Income and Realized Gains/(Losses)	$	24,568			($215	)	$	346		$	719		$	1,582		$	27,000
Pre-Tax Income (Loss)	$	175,395		$	44,647		$	28,479		$	6,718			($12,384	)	$	242,855
Pre-Tax Margin		13.2	%		15.5	%		19.9	%		13.8	%		—			13.4	%

     “The first quarter was a great start to a very important year for our company,” said Chairman and Chief Executive Officer William P. Foley, II. “With the widespread expectation of a slowdown in the mortgage market in 2004, we see this as an opportunity to highlight the impact that our diversification efforts can have on revenue and earnings. Our non-title insurance operations generated 26 percent of total revenue in the first quarter of 2004 after accounting for just 13 percent in the first quarter of 2003. With the acquisitions of Aurum Technologies, Sanchez Computer Associates and Bankware added to Fidelity Information Services, we have built that business into a $1.3 billion run-rate revenue base in just twelve months. We are confident that we will continue to make meaningful progress on our goal of a more balanced financial profile for the company.”

     The following table depicts monthly direct orders opened and closed for the first quarter of both 2004 and 2003:

Month	Direct Orders Opened		Direct Orders Closed		Closing %
January 2004		295,300		196,300		66	%
February 2004		310,600		191,100		62	%
March 2004		449,700		255,700		57	%

Month	Direct Orders Opened		Direct Orders Closed		Closing %
First Quarter 2004		1,055,600		643,100		61	%

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	%

     “The first quarter was a somewhat unusual start to the year,” said President Randy Quirk. “We entered the year with order counts and staffing down significantly from their peak levels of 2003. However, as the quarter progressed, mortgage rates fell and order counts increased significantly as we entered March. Those open orders provide momentum as we enter the second quarter.”

     Fidelity National Financial, Inc., number 262 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. The Company had total revenue of more than $7.7 billion and earned more than $860 million in 2003, with cash flow from operations of nearly $1.3 billion for that same period. FNF is one of the world’s largest providers of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries through its subsidiary Fidelity Information Services, Inc. Fidelity Information Services processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $3 trillion, has processing and technology relationships with 46 of the top 50 U. S. banks and has clients in more than 50 countries who rely on its processing and outsourcing products and services. Additionally, FNF is the nation’s largest title insurance company and also provides other real estate-related services such as escrow, flood and tax certifications with life of loan monitoring, merged credit reporting, property valuations and appraisals, default management, relocation services, flood, homeowners

and home warranty insurance, exchange intermediary services, mortgage loan aggregation and fulfillment, multiple listing services software, mortgage loan origination software, collateral scoring analytics and real property data. More information about the FNF family of companies can be found at www.fnf.com and www.fidelityinfoservices.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,
904-854-8120, dkmurphy@fnf.com

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY OF EARNINGS
(In thousands, except per share amounts and order information)

	Three months ended
	March 31,
	2004		2003
	(Unaudited)		(Unaudited)
Direct title premiums	$	464,948	$	473,230
Agency title premiums		606,333		494,431
Total title premiums		1,071,281		967,661
Escrow and other title-related fees		255,899		258,235
Total title and escrow		1,327,180		1,225,896
Financial institution processing and outsourcing		288,384		41,086
Real estate information services		143,042		114,078
Specialty insurance		48,670		27,733
Interest and investment income		14,527		17,057
Realized gains, net		12,473		6,633
Other income		2,542		4,393
Total revenue		1,836,818		1,436,876
Personnel costs		636,596		441,339
Other operating expenses		416,151		315,609
Agent commissions		474,364		387,213
Claim loss expense		58,920		48,384
Interest expense		7,932		8,060
Total expenses		1,593,963		1,200,605
Earnings before income taxes		242,855		236,271
Income tax expense		92,285		87,420
Minority interest		329		5,272
Net earnings	$	150,241	$	143,579
Net earnings per share — basic	$	0.91	$	1.08
Net earnings per share — diluted	$	0.88	$	1.05
Weighted average shares — basic		165,605		132,432
Weighted average shares — diluted		171,103		136,628
Direct orders opened		1,055,600		1,256,300
Direct orders closed		643,100		746,900
Fee Per File	$	1,101	$	963

SUMMARY BALANCE SHEET INFORMATION
(In thousands, except per share amounts)

	March 31,		December 31,
	2004		2003
	(Unaudited)
Cash and investment portfolio	$	3,341,856	$	3,181,636
Goodwill		2,214,749		1,926,478
Capitalized software		343,004		290,108
Other intangible assets		581,073		529,940
Total assets		7,955,052		7,295,339
Notes payable		910,258		659,186
Reserve for claim losses		977,859		940,217
Secured trust deposits		801,016		671,882
Total equity		4,143,191		3,873,359
Book value per share		24.49		23.50

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