Fidelity National Financial Inc., an Irvine title...

Fidelity National Financial Inc., an Irvine title insurance underwriter, reported net income of $2.5 million for its fiscal year ended Oct. 31, a 48% drop from $4.8 million earned in its previous fiscal year. Revenue for the year rose 40% to $134.5 million last year from $96 million the previous year. For the fourth quarter, the company posted net income of $1.9 million, a giant leap from $129,000 earned in the fourth quarter of 1987 when the company moved its headquarters to Irvine from Scottsdale, Ariz., and also purchased the former Western Title Insurance Co. in San Francisco. Quarterly revenue grew 62% to $40.9 million from $25.3 million in 1987’s last quarter. Costs associated with the move and the assimilation of Western Title were blamed for depressed earnings in the first half of the 1988 fiscal year.