The First American Financial Corporation announces record revenues for the ...


November 14, 1985, SANTA ANA, CALIFORNIA

The First American Financial Corporation reported record revenues for the second consecutive quarter and the highest net income for any third quarter for the three months ended September 30, 1985.

D.P. Kennedy, president, stated that the continuation of relatively low interest rates has resulted in a stable real estate market which is expected to continue through 1985 and into early 1986. New orders are being received at a high level, and closings are continuing at a pace well ahead of last year.

The company, parent of First American Title Insurance Company, reported that revenue for the third quarter 1985 total $71.3 million, up from $60.2 million reported for the same period last year. Net income for the current quarter was $5.4 million, or $2.13 per share, compared with $3.1 million, or $1.22 per share for the same quarter last year.

Revenue for the first three quarters of 1985 totaled $190.8 million as compared with $176.6 million in the same nine-month period 1984. Net income for the first nine months of 1985 was $10.1 million, or $4.00 per share, down slightly from the $11.8 million, or $4.72 per share, earned during the same period last year.

At its September meeting, the Board of Directors declared an increase in the quarterly dividend from 18 cents to 20 cents per share. The company has paid a cash dividend every year since 1909.

First American Title Insurance Company operates through a network of more than 1900 branches, subsidiaries, affiliates and agents throughout the United States and in Guam, Mexico, Puerto Rico and the United Kingdom.

Synopsis:


Three months ended September 30:		1985		    1984
Revenue					    $ 71,339,000	$ 60,239,000
Net income				    $  5,395,000	$  3,077,000
Net income per share			    $       2.13	$       1.22
Average number of shares outstanding	       2,542,000	   2,507,000

Nine months ended September 30:
Revenue					    $190,850,000	$176,646,000
Net income			  	    $ 10,126,000	$ 11,758,000
Net income per share			    $       4.00	$       4.72
Average number of shares outstanding	       2,532,000	   2,492,000

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