The First American Financial Corporation announces increased net income for 1989
March 12, 1990, SANTA ANA, CALIFORNIA
Revenues for the year ended December 31, 1989, increased to $699,405,000, a 9% gain compared to 1988, and a new record level for the seventh consecutive year.
Fourth quarter earnings increased to $7,446,000, or 74 cents per common share, on revenues of $186,908,000, which compares with net income of $3,442,000, or 35 cents per common share, for the same quarter in 1988. Revenues for the fourth quarter 1989 were at a record level for any single quarter in the 100-year history of the company.
First American Title Insurance Company operates through a network of more than 4,500 branches, subsidiaries, affiliates or agents throughout the United States. The company also provides title services in Guam, Mexico, Puerto Rico, the Virgin Islands and the United Kingdom.
Year ended December 31: 1989 1988 Revenue $699,405,000 $643,902,000 Net income $ 13,462,000 $ 12,256,000 Net income per share $ 1.35 $ 1.25(1) Average shares outstanding 9,966,000 9,804,000
Quarter ended December 31: Revenue $186,908,000 $184,937,000 Net income $ 7,446,000 $ 3,442,000 Net income per share $ .74 $ .35(1)
(1) Restated to give effect to a 100% stock dividend of Class B Common shares
on November 20, 1989.