FIRST AMERICAN FINANCIAL COMMENTS ON HIGH TRADING VOLUME


September 3, 1999, SANTA ANA, Calif.

The First American Financial Corporation (NYSE: FAF), the leading provider of business information and related products and services, announced today that, while First American Financial does not typically comment on analysts' reports, the company attributed the high trading volume in the company's stock on Sept. 2, 1999, to the release of reports by U.S. Bancorp Piper Jaffray and Salomon Smith Barney. These reports adjusted earnings downward for the third and fourth quarters of 1999 to a range of 30 to 35 cents for each of those quarters, based on factors such as: the current choppy interest rate environment, which has caused a slowdown in refinancing activity; the impact of the current interest rate environment on the real estate market; seasonal factors; and costs associated with adjusting to declining new order counts. While the company concurs with these estimates and the factors leading to the estimate adjustments, it does not undertake to comment further on these or future estimates or analysts' reports.

The First American Financial Corporation, based in Santa Ana, Calif., is the nation's leading provider of business information and related products and services. The corporation's three primary business segments include: title insurance; real estate information and services, which includes mortgage origination, mortgage servicing and database products and services; and consumer information and services, which provides home warranties; automotive, subprime and direct-to-consumer credit reporting; insurance and automotive tracking services; resident screening; pre-employment screening; lender-placed flood and hazard insurance; investment advisory; and trust and banking services. Through its family of companies, First American Financial has nearly 20,000 employees in more than 600 branch offices in the United States and abroad. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com.

Any statements in this document that look forward in time involve risks and uncertainties, including but not limited to the following: the effect of interest rate fluctuations; changes in the performance of the real estate markets; the effect of changing economic conditions; general volatility in the capital markets; the demand for and the acceptance of the company's products; changes in applicable government regulations; consolidation among the company's customers; and contingencies associated with the Year 2000 issue. The company's actual results, performance or achievement could differ materially from those expressed in, or implied by, any forward-looking statements, and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what impact they will have on the results of operations or financial condition of the company.
# # #

myFirstAm®

Access the powerful online services available only at First American.

Sign In
Forgot Username or Password?

Sign Up

Sign up for a myFirstAm® account.

Other Platforms

  • FASTWeb

    Title ordering, routing and tracking.

  • AgentNet®

    eJackets, closing protection letters, back title, bulletins and more.

  • DataTree.com

    Access the nation's largest land record database.

  • Home Warranty

    Coverage for a home's major systems and appliances.