First American to Figure in Charge

First American Financial Corp., which operates the nation’s largest title insurance company, said Tuesday that it will restate its previously reported 1999 quarterly results to reflect a first-quarter accounting charge of $55.6 million.

As a result, the Santa Ana company said in a press release Tuesday, the accounting change will increase nine-month operating earnings--before the one-time charge--by 25 cents a share for the first nine months.

Effective Jan. 1, the Securities and Exchange Commission mandated a change in the way deferred revenue is accounted for in the tax service industry, one of the company’s lines of business. The new accounting treatment is applied to all contracts, including those issued before the accounting change.

The company originally reported earnings of $75.1 million, or $1.13 a share, for the nine months ended Sept. 30.