The First American Financial Corporation reports the best third quarter results ...
October 26, 1992, SANTA ANA, CALIFORNIA
Revenues for the third quarter 1992 were $279,761,000, an increase of 46 percent over $191,524,000 for the same period 1991. For the nine-month period ended September 30, 1992, revenues increased to $789,018,000, an increase of 47 percent compared with the first nine months of 1991.
"A continuation of a strong refinance market, coupled with an improving resale market in certain parts of the United States, led to strong performances by all of our primary businesses, particularly title insurance and tax monitoring," President D.P. Kennedy said.
"We are pleased to note that our direct title insurance operations opened more title orders during the third quarter 1992 than during any other quarter in the company's history," Kennedy continued, "indicating a strong inventory of open title orders going into the final quarter of 1992."
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 title services through a network of more than 300 offices and 4,000 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 September 30: 1992 1991 Revenues $279,761,000 $191,524,000 Net income $ 11,297,000 $ 4,284,000 Net income per share $ 1.25 $ .44
Nine months ended September 30: Revenues $789,018,000 $536,572,000 Net income $ 30,972,000 $ 654,000 Net income per share $ 3.45 $ .07 Average shares outstanding 8,971,000 9,696,000