The First American Financial Corporation reports a high level of real estate ...


August 12, 1986, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NASDAQ:FAMR) reported that in spite of a slight rise in long-term interest rates, real estate activity continued at a very high level during the second quarter 1986 enabling the Company to again report record highs in revenue, net income, orders opened and orders closed for the three and six month periods ended June 30.

Revenue for the three month and six month periods ended June 30, 1986 totaled $85,513,000 and $150,948,000, respectively, increases of 30 percent and 26 percent as compared with the same periods of the prior year.

Net income for the second quarter 1986 was $6,026,000, or $2.29 per share, as compared with $3,557,000, or $1.40 per share, for the second quarter 1985, a per share gain of 64%. For the first half 1986, net income amounted to $7,339,000, or $2.81 per share, as compared with $4,731,000, or $1.87 per share, for the first half 1985, a per share gain of 50%.

The number of new orders opened with the Company slowed somewhat during the later part of the quarter from the peak reached in April, but remain substantially ahead of the prior year periods. Orders closed continued to increase throughout the quarter due to inventory accumulated earlier in the year.

First American Financial's principal subsidiary, First American Title Insurance Company, is the second largest title insurer in the nation with approximately 2,200 branches, subsidiaries, affiliates or agents throughout the United States and in Guam, Puerto Rico and England.

Synopsis:


Three months ended June 30:		1986		1985
Revenue				    $ 85,513,000    $ 66,013,000
Net income			    $  6,026,000    $  3,557,000
Net income per share		    $       2.29    $       1.40

Six months ended June 30:
Revenue				    $150,948,000    $119,511,000
Net income			    $  7,339,000    $  4,731,000
Net income per share		    $       2.81    $       1.87
Average shares outstanding	       2,613,000       2,526,000

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