The First American Financial Corporation reports second quarter profit for 1991
August 13, 1991, SANTA ANA, CALIFORNIA
For the three months ended June 30, 1991, First American's revenues increased 34 percent over the previous quarter, and 7 percent over the second quarter 1990.
Kennedy noted that new orders are up from the first half of 1990 which signals a relatively strong third quarter. Kennedy stated that the company was heartened by the successful efforts to control expenses in the second quarter, when revenues increased 34 percent while the average operating cost per order opened declined 4 percent.
The outlook for the balance of the year appears favorable, according to Kennedy, conditioned as always by the actions of the Federal Reserve Board and the efforts of Congress to restructure the financial institutions.
The First American Financial Corporation, based in Santa Ana, Calif., operates its title insurance business through its principal subsidiary, First American Title Insurance Company, one of the largest title insurers in the nation. The company offers title services through a network of more than 5,500 offices or agents in all 50 states. It also provides title services abroad in the Bahamas, Bermuda, Canada, Guam, Mexico, Puerto Rico, the Virgin Islands and the United Kingdom.
Quarter ended June 30: 1991 1990 Revenues $197,389,000 $185,312,000 Net income $ 5,910,000 $ 558,000 Net income per share $ .60 $ .05
Six months ended June 30: Revenues $345,048,000 $348,945,000 Net income (loss) $ (3,630,000) $ 1,410,000 Net income (loss) per share $ (.37) $ .14 Average shares outstanding 9,879,000 9,997,000