The First American Financial Corporation expects to report a strong, profitable ...


The First American Financial Corporation (NASDAQ: FAMRA and FAMRB) expects to report a strong, profitable first quarter performance this year, continuing the upward trend in both revenues and earnings, President D.P. Kennedy told shareholders at the company's annual meeting today.

According to Kennedy, the principal reasons for this continuing improvement are the heavy volume of home refinancings and a general improvement in existing home resales throughout the country, including California.

January and February, respectively, had the first and second highest new order counts in the history of First American Title Insurance Company, according to Lawrence M. White, executive vice president of the subsidiary. "The extremely high new order counts of January and February are in the past for now," White said. "The good news is that the mix of orders reflects a strengthening of the resale market."

Adding significantly to the upward trend in earnings are the non-title subsidiaries. "We expect our tax service, home warranty, trust and thrift subsidiaries to perform very well in 1992," said Parker S. Kennedy, president of First American Title.

At the annual meeting, shareholders re-elected the following incumbent 14 directors. They are George L. Argyros, chairman and chief executive officer, Arnel Development Company and Affiliates, Costa Mesa, California; J. David Chatham, president and chief executive officer, Chatford Properties, Inc., Atlanta, Georgia; William G. Davis, Counsel, Tory Tory DesLauriers & Binnington and chairman of the board, Bramalea Limited, Toronto, Ontario, Canada; Lewis W. Douglas, Jr., real estate development and oil exploration, Santa Monica, California; Paul B. Fay, Jr., president, The Fay Improvement Company, San Francisco; Frank C. Harrington, president, Harrington Development, Newport Beach, California; Harold C. Kean, director, Washington Federal Savings & Loan Association, Seattle; D.P. Kennedy, president, The First American Financial Corporation and chairman of the board, First American Title Insurance Company, Santa Ana, California; Parker S. Kennedy, executive vice president, The First American Financial Corporation and president, First American Title Insurance Company; Robert B. McLain, president, McLain Development Co., Newport Beach, California; Anthony R. Moiso, president and chief executive officer, Santa Margarita Company, San Juan Capistrano, California; R.J. Munzer, retired chairman of the board, Petrolane Incorporated, Long Beach, California; Roslyn B. Payne, president, Jackson Street Partners, Ltd., San Francisco; and Virginia M. Ueberroth, financial advisor, Laguna Beach, California.

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 7,000 offices of agents in all 50 states. It also provides title services abroad in the Bahamas, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom.


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