FNIS Reports Record Third Quarter 2002 Revenue and EPS of $0.26 Before Merger Costs
|October 23, 2002|
SANTA BARBARA, Calif., /PRNewswire-FirstCall/ -- Fidelity National Information Solutions, Inc. (Nasdaq: FNIS),a comprehensive national source for real estate-related data, solutions and services, today reported operating results for the three and nine-month periods ended September 30, 2002.
|3rd Quarter 2002 Earnings before merger related costs||3rd Quarter 2002 Net Earnings||3rd Quarter 2001 Net Earnings|
|$10.4 million $0.26 per diluted share||$5.9 million $0.15 per diluted share||$3.1 million $0.11 per diluted share|
|Nine Months Ended September 30, 2002||Nine Months Ended September 30, 2001|
|Earnings before merger related costs||Earnings before merger related costs|
|$23.5 million $0.67 per diluted share||$9.6 million $0.38 per diluted share|
|Nine Months Ended September 30, 2002 Net Earnings||Nine Months Ended September 30, 2001 Net Earnings|
|$19.0 million $0.54 per diluted share||$9.6 million $0.38 per diluted share|
"We continue to make significant progress on our financial goals, particularly revenue, pre-tax margin and earnings growth," said Chairman of the Board William P. Foley, II. "Our pre-tax margin before merger related expenses improved to 16.3% and earnings per share before merger related costs of $0.26 grew 24% over the second quarter of 2002."
"We have had several important strategic accomplishments in the last few months," said Patrick F. Stone, Chief Executive Officer. "The mortgage loan origination system of Eastern Financial Systems, an acquisition announced on October 21, 2002, brings us another step closer to offering more complete data exchange and technical integration between the sales, mortgage lending and settlement service processes of a real estate transaction. "
"ABN Amro Mortgage signed a contract to use FNIS' Collateral Value Insurance (CVI) as a replacement for traditional full appraisals for many of the company's first mortgage loan originations. We are confident that CVI will revolutionize the appraisal process for mortgage loans in this country. The introduction of two new, innovative products, Lead Locator™ and QuadMerge™, capitalize on our proprietary national real property database. We also made significant progress in our goal of migrating MLS customers to the Paragon™ MLS platform, with two out of every three FNIS MLS systems now running on Paragon™. We continue to focus on the integration of the FNIS organization, the introduction of innovative products and growth in revenue, margins and earnings."
Fidelity National Information Solutions, Inc.