The First American Financial Corporation reports increased revenue for second quarter
May 15, 1985, SANTA ANA, CALIFORNIA
D.P. Kennedy, president, stated that the lower net income in the first quarter 1985 resulted from increased personnel costs and rising loss provisions. Kennedy further noted that the increased personnel costs were related to a surge in new orders commencing in mid-January. It is anticipated that this backlog of orders will produce a higher revenue level as these orders are closed.
First American Financial's principal subsidiary, First American Title Insurance Company, has a network of some 1,900 branches, subsidiaries, affiliates or agents throughout the United States and in Guam, Puerto Rico and the United Kingdom. The Company is the third largest title insurer in the nation.
Three months ended March 31: 1985 1984 Revenue $53,498,000 $52,080,000 Net income $ 1,174,000 $ 2,731,000 Net income per share $ .47 $ 1.11