Fidelity National Information Solutions Reports Fourth Quarter Cash EPS of $0.14
March 8, 2002
SANTA BARBARA, Calif. /PRNewswire-FirstCall/ -- Fidelity National Information Solutions, Inc. (Nasdaq: FNIS reported operating results for the three and twelve-month periods ended December 31, 2001.
Net cash earnings, which exclude goodwill amortization, were $3.5 million for the fourth quarter of 2001, compared with $1.2 million for the fourth quarter of 2000. Net cash earnings per diluted share were $0.14 versus $0.08 in the prior year period.
Net earnings were $2.5 million for the fourth quarter of 2001, compared with $0.4 million for the fourth quarter of 2000. Net earnings per diluted share were $0.10 versus $0.03 in the prior year period.
For the twelve-month period ended December 31, 2001, net cash earnings were $10.0 million, compared with $3.1 million for the prior year period. Net cash earnings per diluted share were $0.50 versus $0.27 in the prior year period.
For the twelve-month period ended December 31, 2001, net earnings were $6.6 million, compared with $0.6 million for the prior year period. Net earnings per diluted share were $0.33 versus $0.06 in the prior year period.
Revenues for the fourth quarter of 2001 were $63.4 million, compared with $26.1 million for the fourth quarter of 2000. For the twelve-month period ended December 31, 2001, revenues were $182.4 million versus $88.6 million in the prior year period.
"The fourth quarter, our first full quarter reporting FNIS results, was a very successful quarter for the Company, and the operating momentum continues to build in early 2002," said Chairman of the Board William P. Foley, II. "Revenue growth was strong and our focus on improved operating margins showed significant progress in the fourth quarter."
"The integration of the new FNIS organization has been running ahead of schedule," said Chief Executive Officer Patrick F. Stone. "We have achieved more than $19 million in run-rate operating synergies since the formation of FNIS, exceeding our initial commitment of $10 million. While we will remain focused on expense savings, our main focus in 2002 will be on revenue growth, productivity metrics and improved operating margins."
We are continuing to solidify our position as the leader in providing data, technology solutions and services to lenders, real estate agents and other participants in the real estate process," said President and Chief Operating Officer Eric D. Swenson. "We recently announced the release of On-Line Agent 4.5, AgentOffice(TM) and TransactionPoint(TM), three technology products that allow agents and brokers to operate more productively across the real estate transaction. We also announced an outsourcing agreement with Prudential California Realty where FNIS will provide Prudential California Realty and its more than 3,000 sales associates in seventy-two offices with a complete line of technology and business solutions. We signed an agreement with RE/MAX International, renewing FNIS' status as a RE/MAX Approved Supplier and technology partner for the development of operating software for members of the RE/MAX network."
Source: Fidelity National Information Solutions, Inc.
Contact ALTA at 202-296-3671 or [email protected].