The First American Financial Corporation reports preliminary results for fiscal year 1992
February 2, 1993, SANTA ANA, CALIFORNIA
For the year ended December 31, 1992, the company earned $43.3 million, or $4.55 per share, compared with $3.0 million, or $0.31 per share, for the same period 1991. Revenues were $1.1 billion during the year compared with $756.8 million for 1991. For the fourth quarter, net income totaled $12.3 million, or $1.10 per share, compared with $2.4 million, or $0.24 per share, for the fourth quarter 1991, while revenues increased from $220.2 milliion in 1991 to $326.4 million in 1992.
"By any measure, 1992 was the most rewarding and profitable year in the company's history," President D.P. Kennedy said. "It is especially significant that the company became a truly diversified real estate services company, and all of its components achieved solid profits during the year."
"Our financial position was improved materially during 1992 not only by these record earnings, but also by a restructuring of our bank debt and the sale of over two million new shares of stock through a public offering," Kennedy said. "This was also the year in which we combined our A and B Common stocks into a single class of shares."
The First American Financial Corporation is a leading provider of real estate-related financial services, including title insurance, tax monitoring and home warranty services, to real property buyers and mortgage lenders. The company also operates a trust and banking business in Southern California. 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.
(in 000's except for per share amounts)
Quarter ended December 31: 1992 1991 Revenues $ 326,449 $ 220,249 Net income $ 12,286 $ 2,351 Net income per share $ 1.10 $ 0.24*
Year ended December 31:
Revenues $1,115,467 $ 756,821 Net income $ 43,258 $ 3,005 Net income per share $ 4.55 $ 0.31*
Average shares outstanding 9,502 9,646*
* adjusted to give effect to the issuance of 168,000 shares in connection with the combination plan effective September 24, 1992.