Fidelity National Information Solutions Reports First Quarter EPS of $0.18
April 25, 2002
SANTA BARBARA, Calif., /PRNewswire-FirstCall/ -- Fidelity National Information Solutions, Inc. (Nasdaq: FNIS), reported operating results for the three-month period ended March 31, 2002.
|
1st Quarter 2002 |
1st Quarter 2001 |
|
|
Net Earnings |
Net Cash Earnings* |
Net Earnings |
|
$4.7 million |
$2.4 million |
$1.7 million |
|
$0.18 per diluted share |
$0.14 per diluted share |
$0.10 per diluted share |
| • | * Excludes amortization of cost in excess of net assets acquired, consistent with Statement of Financial Accounting Standard No. 142, "Goodwill and other Intangible Assets" |
| • | First quarter 2002 results include a net, after-tax gain of $266,000, or $0.01 per diluted share, related to the sale of the environmental business |
| • | Revenue for the first quarter of 2002 was $63.2 million, compared with $32.8 million for the first quarter of 2001 |
| • | In first quarter 2002, the data segment provided $37 million or 58 percent of revenue, solutions $12 million or 20 percent of revenue and services $14 million or 22 percent of revenue |
| • | Pre-tax operating margin was 12.3 percent |
| • | Cash flow from operations was $6.3 million |
| • | Return on average equity was 14.1 percent |
"The momentum we built in 2001 has continued into 2002," said Chairman of the Board William P. Foley, II. "Our intense focus on improving operating margins and earnings growth is showing meaningful results. Pre-tax operating margin of 12.3 percent was a 22 percent sequential improvement over the comparable fourth quarter performance of 10.1 percent. Cash flow from operations was strong at $6 million and return on equity continues to improve. We also were excited about our initial sell-side equity coverage during the quarter. Our operating success should result in additional exposure for the Company in the near future."
"The integration of the FNIS organization continues ahead of schedule," said Chief Executive Officer Patrick F. Stone. "We sold our environmental information business that was narrowly focused on providing information on commercial properties. The proceeds of $15.5 million were used to completely pay off all outstanding amounts under our existing credit facility and we now have complete availability under that $25 million facility. We have recognized $19 million in cumulative run-rate cost synergies since formation. The culmination of our initial integration efforts was a January reorganization of the Company into the three business segments of data, solutions and services. We think this operating structure provides the foundation for executing our aggressive strategy."
"We had several major accomplishments in the market during the quarter," said President and Chief Operating Officer Eric D. Swenson. "Both Agent Office and Transaction Point were released in conjunction with an agreement to provide Prudential California Realty and its more than 3,000 agents with a complete line of technology and business solutions. The release of the newest version of On-Line Agent coincided with an Approved Supplier and technology partner agreement with RE/MAX. We also introduced the ValueSure Plus suite of products, which includes FNIS's proprietary automated valuation model. We will continue to introduce innovative data, solutions and services to the market in order to meet the needs of our customers."
Source: Fidelity National Information Solutions, Inc.
Contact ALTA at 202-296-3671 or [email protected].