The First American Financial Corporation reports net income and record revenues ...
July 29, 1992, SANTA ANA, CALIFORNIA
For the six-month period ended June 30, 1992, revenues increased to $509,257,000, an increase of $164,209,000 compared to the first six months of 1991, while net income totaled $19,675,000, or $2.20 per share, compared with a loss of $3,630,000, or 37 cents per share, in the first half 1991.
The company's principal subsidiary, First American Title Insurance Company, experienced the highest volume of title orders in its history, primarily due to continuing refinancing activity. The mix of new orders during the latter part of the second quarter included a larger percentage of resales and commercial transactions than the first quarter.
"The company's other real estate-related financial service subsidiaries have performed extremely well during the first half and have contributed materially to the company's earnings," President D.P. Kennedy said. "We believe they will continue to do so.
"The recent action of the Federal Reserve Board, which has led to a further reduction in interest rates, has again stimulated the refinance activity and it appears that it will continue well into the fourth quarter. We are also encouraged by the improving mix of title orders, which is important both because our profit margin is greater and because it's a sign that the economy is improving."
The First American Financial Corporation, based in Santa Ana, Calif., is a leading provider of real estate financial services, including title insurance, tax monitoring and home warranty services. The company offers its services through a network of more than 7,000 offices or 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.
Quarter ended June 30: 1992 1991 Revenues $280,886,000 $197,389,000 Net incomes $ 13,421,000 $ 5,910,000 Net income per share $ 1.50 $ .60
Six months ended June 30: Revenues $509,257,000 $345,048,000 Net income (loss) $ 19,675,000 $ (3,630,000) Net income (loss) per share $ 2.20 $ (.37) Average shares outstanding 8,943,000 9,879,000