Fidelity National Financial Net Earnings Up Sharply
Title insurance underwriter Fidelity National Financial Inc. reported that net earnings more than doubled in the third quarter to $5.9 million, or 51 cents a share, from $2.3 million, or 16 cents a share, for the same period in 1994. Revenue rose slightly to $113.5 million from $113.3 million.
The company reported declines in profit and revenue in the nine months. Profit totaled $3.6 million, or 31 cents a share, which included an extraordinary loss of $813,000 due to the early retirement of senior debt. For the corresponding period last year, the company reported net earnings of $13.3 million, or 86 cents a share, which included an extraordinary gain of $579,000. Revenue declined 24% to $292 million from $386.4 million.