American National Financial, Inc. Reports Earnings and Revenues For the Fourth Quarter and Year Ended December 31, 2001
|February 21, 2002|
ORANGE, Calif., /PRNewswire-FirstCall/ -- American National Financial, Inc. (Nasdaq: ANFI ), a diversified real estate services company, announced net earnings and revenues for the fourth quarter and year ended December 31, 2001.
-- For the fourth quarter ended December 31, 2001, earnings were $2.8 million or $.35 per diluted share, compared with earnings of $887,000, or $.11 per diluted share for the quarter ended December 31, 2000. -- Revenues for the quarter ended December 31, 2001, were $38.9 million as compared with $22.5 million for the comparable 2000 period. -- Earnings for the year ended December 31, 2001 were $11.3 million or $1.37 per diluted share, compared with earnings of $2.0 million, or $.25 per diluted share for the year ended December 31, 2000. -- Revenues for the twelve-month period ended December 31, 2001 were $136.0 million, compared with revenues of $82.7 million for the comparable 2000 period.
Michael C. Lowther, Chairman of the Board and Chief Executive Officer of American National Financial, Inc. said, "Our outstanding fourth quarter results completed the most profitable year in the Company's history with net income exceeding $11 million. Record fourth quarter open orders coupled with strong January order volume positions us for continued growth, both in our core title business and in our ancillary service businesses. We also look forward to the growth of our underwriter, National Title Insurance of New York, Inc., as a result of our new Las Vegas operation and our joint venture activities."
Carl A. Strunk, Executive Vice President and Chief Financial Officer of American National Financial, Inc. added, "Our success is in large part due to our ability to maintain our operational efficiencies. Our profit retention (pretax earnings as a percentage of total gross revenues) for the fourth quarter was 12.4% compared to 6.0% in the fourth quarter of 2000. For the year 2001, profit retention was 13.3% compared to 3.8% in 2000. As a result of these efficiencies, we have been able to continue to return value to our shareholders through our quarterly dividends and strengthen our balance sheet as well."
Source: American National Financial, Inc.