The First American Financial Corporation reports record revenues and the highest ...


April 30, 1992, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NASDAQ--FAMRA and FAMRB) today reported record revenues and the highest first quarter profits from operations, continuing the upward trend experienced in the past three quarters, according to President D.P. Kennedy.

For the three months ended March 31, 1992, First American Financial had net income of $6,254,000, or 70 cents per share. This compares with a 1991 first quarter loss of $9,540,000, or 97 cents per share. Revenues for the quarter were $228,371,000, compared with 1991 first quarter revenues of $147,659,000, a 54.7 percent increase, and fourth quarter 1991 revenues of $220,249,000, an increase of 3.7 percent.

"Continuation of low interest rates led to a record volume of new orders in the first part of the year, the majority of which were for refinancing existing loans," Kennedy said. "The transactions began to close in late February and March, resulting in the record level of revenues. Strong closing activity has continued through April and although new orders are not being received at record levels as refinancing activity slows, it is particularly encouraging to note that present new orders are at a high level and represent a healthy mix of resales and new home sales as well as refinancings."

"We are particularly pleased to note not only that the claims level over the past 12 months has shown substantial improvement," Kennedy added, "but that personnel efficiency has been maintained in spite of the high level of new orders as evidenced by an excellent order per employee ratio."

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 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.

Synopsis:

Quarter ended March 31:				1992		1991
Revenues				    $228,371,000    $147,659,000
Net income (loss)			    $  6,254,000    $ (9,540,000)
Net income (loss) per share		    $        .70    $       (.97)
Average shares outstanding		       8,875,000       9,843,000

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