Fidelity National Information Solutions Reports Second Quarter 2002 EPS of $0.21

July 24, 2002

SANTA BARBARA, Calif., /PRNewswire-FirstCall/ -- Fidelity National Information Solutions, Inc. (Nasdaq: FNIS - News), a national source for real estate-related data, solutions and services, today reported operating results for the three-month period ended June 30, 2002.

     

Net Earnings 2nd Quarter 2002

Net Cash Earnings

Net Earnings 2nd Quarter 2001

$5.5 million

$1.8 million

$0.9 million

$0.21 per diluted share $0.10 per diluted share $0.05 per diluted share

Net Earnings June 30, 2002

Net Cash Earnings

Net Earnings June 30, 20012

$10.2 million

$4.2 million

$2.7 million

$0.39 per diluted share $0.24 per diluted share $0.15 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"

  • Revenue for the second quarter of 2002 was $62.6 million, compared with $36.3 million for the second quarter of 2001; revenue for the six months ended June 30, 2002 was $125.8 million compared with $69.1 million in the prior year period
  • In the second quarter of 2002, the Data segment provided $36 million or 58 percent of revenue, Solutions contributed $11 million or 18 percent of revenue and Services provided $15 million or 24 percent of revenue
  • Pre-tax operating margin was 15.2 percent for the second quarter of 2002
  • Cash flow from operations was approximately $9.0 million for the second quarter and $15.5 million for the six months ended June 30, 2002
  • Annualized return on average equity was 16.2 percent for the second quarter
  • No amounts were outstanding under the secured revolving credit facility with parent company Fidelity National Financial (NYSE: FNF - News) at June 30, 2002

"We continue to make significant progress on our goals of margin improvement and earnings growth," said Chairman of the Board William P. Foley, II. "Our pre-tax operating margin of 15.2% in the second quarter was a 24% sequential improvement over the first quarter performance and earnings per share of $0.21 grew 17% over the first quarter of 2002."

"Our focus is on the integration of the FNIS organization," said Chief Executive Officer Patrick F. Stone. We have recognized $24 million in run rate synergies since formation last August. We also completed the merger with Micro General on July 9 and are confident that the transaction will result in a minimum of another $10 million in synergies. The integration efforts and resulting foundation are crucial for the support of our aggressive growth plans in late 2002 and into 2003."

"The Factual Data Definitive Agreement was signed on July 23 and we are excited about its potential contributions to both our credit reporting business and improved delivery platforms. We also acquired a 55 percent interest in Hansen Quality Loan Services in May. Hansen is focused on collateral score products and their analytic capabilities will accelerate our efforts in developing collateral score products as a next generation extension of our suite of automated valuation products."

FNIS was formed on August 1, 2001. Fidelity National Financial, Inc. (NYSE: FNF - News) acquired majority ownership of the former VISTAInfo in a business combination that included five of FNF's real estate related services companies. The prior year period reflects the historic results of the five FNF real estate related services companies.

Source: Fidelity National Information Solutions, Inc.


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