The year 1986 was another record setting year for The First American Financial Corporation
March 10, 1987, SANTA ANA, CALIFORNIA
This was the fourth consecutive year in which the company enjoyed record revenue and third consecutive year it achieved record net income and net income per share. Kennedy attributed these results to an abundant supply of money, low interest rates and the effect of certain provisions of the new tax law.
The company reported 1986 revenue of $377,533,000, up 41 percent from $268,346,000 in 1985. Net income for 1986 (after an extraordinary item of $2,295,000) was $27,328,000 or $10.12 per share, nearly double net income of $14,035,000, or $5.54 per share, in 1985.
At its February meeting, the board of directors declared a regular quarterly dividend of 25 cents per share payable April 15, continuing its policy of cash dividends in every year since 1909.
First American Title Insurance Company operates through a network of more than 2,500 branches, subsidiaries, affiliates and agents throughout the United States and in Guam, Mexico, Puerto Rico, the Virgin Islands and England.
Year ended December 31: 1986 1985 Revenue $377,533,000 $268,346,000 Income before extraordinary item $ 29,623,000 $ 14,035,000 Extraordinary item $ (2,295,000) Net income $ 27,328,000 $ 14,035,000
Per share-- Income before extraordinary item $ 10.97 $ 5.54 Extraordinary item $ (.85) Net income $ 10.12 $ 5.54 Average shares outstanding 2,700,000 2,534,000