Exhibit 99.1
FIDELITY NATIONAL FINANCIAL, INC.
Unaudited Summary of Earnings, Segment Information and Summary Balance
Sheet Information for the Three-Month and Twelve-Month Periods Ended
December 31, 2008 and 2007
Unaudited Summary of Earnings, Segment Information and Summary Balance
Sheet Information for the Three-Month and Twelve-Month Periods Ended
December 31, 2008 and 2007
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY OF EARNINGS
(In thousands, except per share amounts and order information)
SUMMARY OF EARNINGS
(In thousands, except per share amounts and order information)
Three months ended | Twelve months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Direct title premiums | $ | 227,896 | $ | 343,602 | $ | 1,140,266 | $ | 1,601,768 | ||||||||
Agency title premiums | 383,623 | 521,084 | 1,554,743 | 2,198,690 | ||||||||||||
Total title premiums | 611,519 | 864,686 | 2,695,009 | 3,800,458 | ||||||||||||
Escrow, title-related and other fees | 291,467 | 295,935 | 1,148,539 | 1,132,415 | ||||||||||||
Total title and escrow | 902,986 | 1,160,621 | 3,843,548 | 4,932,873 | ||||||||||||
Specialty insurance | 94,502 | 88,854 | 373,392 | 386,427 | ||||||||||||
Interest and investment income | 31,419 | 44,403 | 134,370 | 185,417 | ||||||||||||
Realized gains and losses | (4,062 | ) | 6,009 | (19,824 | ) | 18,458 | ||||||||||
Total revenue | 1,024,845 | 1,299,887 | 4,331,486 | 5,523,175 | ||||||||||||
Personnel costs | 289,904 | 385,240 | 1,355,845 | 1,700,935 | ||||||||||||
Other operating expenses | 297,599 | 294,848 | 1,194,377 | 1,109,438 | ||||||||||||
Agent commissions | 306,352 | 399,875 | 1,218,044 | 1,698,215 | ||||||||||||
Depreciation and amortization | 34,449 | 37,198 | 141,128 | 130,092 | ||||||||||||
Claim loss expense | 82,808 | 240,381 | 630,404 | 653,876 | ||||||||||||
Interest expense | 14,416 | 17,747 | 65,351 | 54,941 | ||||||||||||
Total expenses | 1,025,528 | 1,375,289 | 4,605,149 | 5,347,497 | ||||||||||||
Earnings (loss) before income taxes | (683 | ) | (75,402 | ) | (273,663 | ) | 175,678 | |||||||||
Income tax expense | (5,529 | ) | (34,665 | ) | (117,675 | ) | 46,776 | |||||||||
Earnings (loss) before equity investments and minority interest | 4,846 | (40,737 | ) | (155,988 | ) | 128,902 | ||||||||||
Earnings (loss) from equity investments | (5,990 | ) | (3,785 | ) | (13,375 | ) | 835 | |||||||||
Minority interest | 513 | 415 | (3,574 | ) | (32 | ) | ||||||||||
Net earnings (loss) | $ | (1,657 | ) | $ | (44,937 | ) | $ | (165,789 | ) | $ | 129,769 | |||||
Net earnings (loss) per share — basic | $ | (0.01 | ) | $ | (0.21 | ) | $ | (0.79 | ) | $ | 0.60 | |||||
Net (loss) earnings per share — diluted | $ | (0.01 | ) | $ | (0.21 | ) | $ | (0.79 | ) | $ | 0.59 | |||||
Weighted average shares — basic | 209,283 | 212,363 | 209,974 | 216,583 | ||||||||||||
Weighted average shares — diluted | 209,283 | 212,363 | 209,974 | 219,989 | ||||||||||||
Direct operations orders opened | 428,200 | 462,000 | 1,860,400 | 2,259,800 | ||||||||||||
Direct operations orders closed | 245,200 | 296,600 | 1,121,200 | 1,434,800 | ||||||||||||
Fee per file | $ | 1,455 | $ | 1,693 | $ | 1,503 | $ | 1,635 | ||||||||
Actual title claims paid | $ | 50,331 | $ | 95,450 | $ | 278,162 | $ | 303,061 |
FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Three Months Ended | Specialty | Corporate | |||||||||||||||
December 31, 2008 | Consolidated | FNT | Insurance | and Other | |||||||||||||
Gross operating revenue | $ | 997,488 | $ | 872,614 | $ | 94,502 | $ | 30,372 | |||||||||
Interest and investment income | 31,419 | 28,978 | 2,662 | (221 | ) | ||||||||||||
Realized gains and losses | (4,062 | ) | (2,975 | ) | 102 | (1,189 | ) | ||||||||||
Total revenue | 1,024,845 | 898,617 | 97,266 | 28,962 | |||||||||||||
Personnel costs | 289,904 | 266,865 | 10,775 | 12,264 | |||||||||||||
Other operating expenses | 297,599 | 238,279 | 37,088 | 22,232 | |||||||||||||
Agent commissions | 306,352 | 306,352 | — | — | |||||||||||||
Depreciation and amortization | 34,449 | 27,319 | 671 | 6,459 | |||||||||||||
Claim loss expense | 82,808 | 52,251 | 30,557 | — | |||||||||||||
Interest expense | 14,416 | 581 | 24 | 13,811 | |||||||||||||
Total expenses | 1,025,528 | 891,647 | 79,115 | 54,766 | |||||||||||||
Earnings (loss) before income taxes | (683 | ) | 6,970 | 18,151 | (25,804 | ) | |||||||||||
Income tax expense | (5,529 | ) | (97 | ) | 3,915 | (9,347 | ) | ||||||||||
Earnings (loss) before equity investments and minority interest | 4,846 | 7,067 | 14,236 | (16,457 | ) | ||||||||||||
Earnings (loss) from equity investments | (5,990 | ) | (1,910 | ) | — | (4,080 | ) | ||||||||||
Minority interest | 513 | 959 | — | (446 | ) | ||||||||||||
Net earnings (loss) | $ | (1,657 | ) | $ | 4,198 | $ | 14,236 | $ | (20,091 | ) | |||||||
Open orders | 428,200 | 428,200 | — | — | |||||||||||||
Closed orders | 245,200 | 245,200 | — | — |
Three Months Ended | Specialty | Corporate | |||||||||||||||
December 31, 2007 | Consolidated | FNT | Insurance | and Other | |||||||||||||
Gross operating revenue | $ | 1,249,475 | $ | 1,129,064 | $ | 88,854 | $ | 31,557 | |||||||||
Interest and investment income | 44,403 | 39,691 | 3,979 | 733 | |||||||||||||
Realized gains and losses | 6,009 | 2,934 | 26 | 3,049 | |||||||||||||
Total revenue | 1,299,887 | 1,171,689 | 92,859 | 35,339 | |||||||||||||
Personnel costs | 385,240 | 358,216 | 11,252 | 15,772 | |||||||||||||
Other operating expenses | 294,848 | 242,466 | 36,484 | 15,898 | |||||||||||||
Agent commissions | 399,875 | 399,875 | — | — | |||||||||||||
Depreciation and amortization | 37,198 | 33,545 | 1,623 | 2,030 | |||||||||||||
Claim loss expense | 240,381 | 200,588 | 39,793 | — | |||||||||||||
Interest expense | 17,747 | 3,382 | 281 | 14,084 | |||||||||||||
Total expenses | 1,375,289 | 1,238,072 | 89,433 | 47,784 | |||||||||||||
Earnings (loss) before income taxes | (75,402 | ) | (66,383 | ) | 3,426 | (12,445 | ) | ||||||||||
Income tax expense | (34,665 | ) | (30,925 | ) | 1,165 | (4,905 | ) | ||||||||||
Earnings (loss) before equity investments and minority interest | (40,737 | ) | (35,458 | ) | 2,261 | (7,540 | ) | ||||||||||
Earnings from equity investments | (3,785 | ) | 520 | — | (4,305 | ) | |||||||||||
Minority interest | 415 | 1,534 | — | (1,119 | ) | ||||||||||||
Net earnings (loss) | $ | (44,937 | ) | $ | (36,472 | ) | $ | 2,261 | $ | (10,726 | ) | ||||||
Open orders | 462,000 | 462,000 | — | — | |||||||||||||
Closed orders | 296,600 | 296,600 | — | — |
FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Twelve Months Ended | Specialty | Corporate | |||||||||||||||
December 31, 2008 | Consolidated | FNT | Insurance | and Other | |||||||||||||
Gross operating revenue | $ | 4,216,940 | $ | 3,729,259 | $ | 373,392 | $ | 114,289 | |||||||||
Interest and investment income | 134,370 | 120,157 | 12,929 | 1,284 | |||||||||||||
Realized gains and losses | (19,824 | ) | (30,498 | ) | (3,007 | ) | 13,681 | ||||||||||
Total revenue | 4,331,486 | 3,818,918 | 383,314 | 129,254 | |||||||||||||
Personnel costs | 1,355,845 | 1,253,563 | 45,228 | 57,054 | |||||||||||||
Other operating expenses | 1,194,377 | 950,006 | 158,269 | 86,102 | |||||||||||||
Agent commissions | 1,218,044 | 1,218,044 | — | — | |||||||||||||
Depreciation and amortization | 141,128 | 114,989 | 4,896 | 21,243 | |||||||||||||
Claim loss expense | 630,404 | 490,952 | 139,452 | — | |||||||||||||
Interest expense | 65,351 | 5,657 | 487 | 59,207 | |||||||||||||
Total expenses | 4,605,149 | 4,033,211 | 348,332 | 223,606 | |||||||||||||
Earnings (loss) before income taxes | (273,663 | ) | (214,293 | ) | 34,982 | (94,352 | ) | ||||||||||
Income tax expense | (117,675 | ) | (87,408 | ) | 11,658 | (41,925 | ) | ||||||||||
Earnings (loss) before equity investments and minority interest | (155,988 | ) | (126,885 | ) | 23,324 | (52,427 | ) | ||||||||||
Earnings (loss) from equity investments | (13,375 | ) | 1,073 | — | (14,448 | ) | |||||||||||
Minority interest | (3,574 | ) | 1,518 | — | (5,092 | ) | |||||||||||
Net earnings (loss) | $ | (165,789 | ) | $ | (127,330 | ) | $ | 23,324 | $ | (61,783 | ) | ||||||
Open orders | 1,860,400 | 1,860,400 | — | — | |||||||||||||
Closed orders | 1,121,200 | 1,121,200 | — | — |
Twelve Months Ended | Specialty | Corporate | |||||||||||||||
December 31, 2007 | Consolidated | FNT | Insurance | and Other | |||||||||||||
Gross operating revenue | $ | 5,319,300 | $ | 4,835,032 | $ | 386,427 | $ | 97,841 | |||||||||
Interest and investment income | 185,417 | 164,874 | 16,231 | 4,312 | |||||||||||||
Realized gains and losses | 18,458 | 5,080 | 23 | 13,355 | |||||||||||||
Total revenue | 5,523,175 | 5,004,986 | 402,681 | 115,508 | |||||||||||||
Personnel costs | 1,700,935 | 1,594,516 | 45,499 | 60,920 | |||||||||||||
Other operating expenses | 1,109,438 | 891,838 | 144,992 | 72,608 | |||||||||||||
Agent commissions | 1,698,215 | 1,698,085 | — | 130 | |||||||||||||
Depreciation and amortization | 130,092 | 120,223 | 6,046 | 3,823 | |||||||||||||
Claim loss expense | 653,876 | 502,250 | 151,626 | — | |||||||||||||
Interest expense | 54,941 | 14,597 | 1,478 | 38,866 | |||||||||||||
Total expenses | 5,347,497 | 4,821,509 | 349,641 | 176,347 | |||||||||||||
Earnings (loss) before income taxes | 175,678 | 183,477 | 53,040 | (60,839 | ) | ||||||||||||
Income tax expense | 46,776 | 49,275 | 19,271 | (21,770 | ) | ||||||||||||
Earnings (loss) before equity investments and minority interest | 128,902 | 134,202 | 33,769 | (39,069 | ) | ||||||||||||
Earnings from equity investments | 835 | 2,467 | — | (1,632 | ) | ||||||||||||
Minority interest | (32 | ) | 2,889 | — | (2,921 | ) | |||||||||||
Net earnings (loss) | $ | 129,769 | $ | 133,780 | $ | 33,769 | $ | (37,780 | ) | ||||||||
Open orders | 2,259,800 | 2,259,800 | — | — | |||||||||||||
Closed orders | 1,434,800 | 1,434,800 | — | — |
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In thousands, except per share amounts)
SUMMARY BALANCE SHEET INFORMATION
(In thousands, except per share amounts)
December 31, | December 31, | |||||||
2008* | 2007 | |||||||
(unaudited) | ||||||||
Cash and investment portfolio | $ | 4,705,227 | $ | 4,671,383 | ||||
Goodwill | 1,355,250 | 1,339,705 | ||||||
Title Plant | 427,971 | 331,888 | ||||||
Total assets | 8,257,116 | 7,587,853 | ||||||
Notes payable | 1,350,849 | 1,167,739 | ||||||
Reserve for claim losses | 2,607,180 | 1,419,910 | ||||||
Secured trust deposits | 474,073 | 689,935 | ||||||
Total stockholders’ equity | 2,816,842 | 3,244,088 | ||||||
Book value per share | 13.11 | 15.23 |
* | Balance sheet amounts are preliminary and may change subject to the completion of the purchase accounting analysis for the acquisition of Commonwealth Land Title, Lawyers Title and United Capital Title |
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