Fidelity National Title Group, Inc. Reports Second Quarter 2006 EPS of $0.67
July 25, 2006
JACKSONVILLE, Fla., -- Fidelity National Title Group, Inc. (NYSE: FNT ) a majority-owned, publicly traded subsidiary of Fidelity National Financial, Inc. (NYSE: FNF), today reported operating results for the three-month and six-month periods ended June 30, 2006.
| 2nd Quarter 2006 | 2nd Quarter 2005 | |
| Total revenue | $1.566 billion | $1.687 billion |
| Pre-tax margin | 11.6% | 15.4% |
| Net earnings | $116.5 million | $160.6 million |
| Net earnings per share diluted | $0.67 | $0.93 |
| Cash flow from operations | $221.7 million | $332.0 million |
| Return on average equity | 18.4% | 22.3% |
| Six Months Ended June 30, 2006 | Six Months Ended June 30, 2005 | |
| Total revenue | $2.959 billion | $2.952 billion |
| Pre-tax margin | 10.3% | 13.2% |
| Net earnings | $195.6 million | $242.9 million |
| Net earnings per share - diluted | $1.13 | $1.40 |
| Cash flow from operations | $301.9 million | $391.2 million |
| Return on average equity | 15.6% | 17.0% |
"The second quarter results were a significant improvement from the seasonally challenging first quarter," said Chief Executive Officer Raymond R. Quirk. "Open order volumes have remained consistent since February, staffing levels are stable, cash flow generation remains strong and our monthly financial results improved each month during the quarter. We expect third quarter pre-tax margins and overall financial results to exceed those of the second quarter."
The following table depicts monthly direct orders opened and closed in the title and escrow business for the second quarter of both 2006 and 2005:
| Month | Direct Orders Opened | Direct Orders Closing | % Closed | |
| April 2006 | 217,700 | 146,400 | 67% | |
| May 2006 | 243,000 | 161,800 | 67% | |
| June 2006 | 236,500 | 165,600 | 70% | |
| Second Quarter 2006 | 697,200 | 473,800 | 68% |
Month Direct Orders Direct Orders Closing % Opened Closed
| April 2005 | 259,600 | 177,100 | 68% | |
| May 2005 | 268,700 | 180,200 | 67% | |
| June 2005 | 301,200 | 203,100 | 67% | |
| Second Quarter 2005 | 829,500 | 560,400 | 68% |
The following table depicts monthly commercial direct orders opened and closed in the national commercial divisions for the second quarter of both 2006 and 2005:
| Open Commercial Orders |
Closed Commercial Orders |
Commercial Revenue (In thousands) |
Commercial Fee Per Files |
|
| 2nd Quarter 2006 | 14,240 | 9,064 | 68,936 | $7,605 |
| 2nd Quarter 2005 | 14,644 | 8,761 | $66,821 | $7,627 |
Source: Fidelity National Title Group, Inc.
Contact ALTA at 202-296-3671 or [email protected].