Fidelity National Financial, Inc. Reports Second Quarter 2004 EPS of $1.26

July 22, 2004

Announces Quarterly Cash Dividend of $0.18

JACKSONVILLE, Fla., /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF), today reported operating results for the three-month period ended June 30, 2004.

2nd Quarter 2004
Net Earnings
$222.1 million
$1.26 per diluted share
2nd Quarter 2003
Net Earnings
$248.3 million
$1.62 per diluted share
  • The segment reporting of the company has been changed to be consistent
    with the operating structure of the company
  • Fidelity National Information Services (FIS), a wholly-owned subsidiary
    of FNF, has filed a registration statement to offer shares in an
    initial public offering
  • After the completion of the initial public offering, FIS will consist
    of Financial Institution Software and Services (FISS), Lender
    Outsourcing Solutions (LOS) and Information Services (IS); it will
    also have a Corporate and Other segment
  • After the completion of the FIS IPO and the spin-off of FNF's remaining
    ownership in FIS, FNF will consist of the Title and Escrow and
    Specialty Insurance segments; it will also have a Corporate and Other
    segment
  • Operating revenue for the second quarter of 2004 was $2.2 billion,
    compared with $2.0 billion for the second quarter of 2003
  • Title and escrow revenue was $1.5 billion for the second quarter of
    2004 versus $1.4 billion in the second quarter of 2003
  • Revenue from FISS, which includes the financial institution and
    mortgage processing businesses, was $300 million for the second
    quarter of 2004 versus $220 million for the second quarter of 2003
  • FISS gross organic revenue growth, including inter segment revenue, was
    10.9 percent for the second quarter of 2004 over the second quarter of
    2003
  • LOS revenue, which includes the loan facilitation services of LSI,
    outsourced default management services and the loan fulfillment and
    processing services for U.S. homebuilders, was $129 million for the
    second quarter of 2004 versus $155 million for the second quarter of
    2003; LSI contributed $59 million and Default Management $58 million
    in revenue for the second quarter of 2004 versus $98 million for LSI
    and $46 million for Default Management in the second quarter of 2003
  • IS revenue, which includes property data such as real estate tax
    services, flood certifications and credit reporting and real
    estate-related services, such as valuation and appraisal services,
    1031 exchange intermediary services and multiple listing services, was
    $145 million for the second quarter of 2004 compared with $147 million
    for the second quarter of 2003
  • Specialty Insurance contributed $58 million for the second quarter of
    2004 versus $30 million in the second quarter of 2003

The Board of Directors has declared a quarterly cash dividend in the amount of $0.18 per share. The dividend will be payable September 1, 2004 to stockholders of record as of August 18, 2004.

Source: Fidelity National Financial, Inc.


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