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Fidelity National Title Group, Inc. Reports Second Quarter 2006 EPS of $0.67

July 25, 2006

JACKSONVILLE, Fla., -- Fidelity National Title Group, Inc. (NYSE: FNT ) a majority-owned, publicly traded subsidiary of Fidelity National Financial, Inc. (NYSE: FNF), today reported operating results for the three-month and six-month periods ended June 30, 2006.



2nd Quarter 2006 2nd Quarter 2005
Total revenue $1.566 billion $1.687 billion
Pre-tax margin 11.6% 15.4%
Net earnings $116.5 million $160.6 million
Net earnings per share diluted $0.67 $0.93
Cash flow from operations $221.7 million $332.0 million
Return on average equity 18.4% 22.3%
Six Months Ended June 30, 2006 Six Months Ended June 30, 2005
Total revenue $2.959 billion $2.952 billion
Pre-tax margin 10.3% 13.2%
Net earnings $195.6 million $242.9 million
Net earnings per share - diluted $1.13 $1.40
Cash flow from operations $301.9 million $391.2 million
Return on average equity 15.6% 17.0%

"The second quarter results were a significant improvement from the seasonally challenging first quarter," said Chief Executive Officer Raymond R. Quirk. "Open order volumes have remained consistent since February, staffing levels are stable, cash flow generation remains strong and our monthly financial results improved each month during the quarter. We expect third quarter pre-tax margins and overall financial results to exceed those of the second quarter."

The following table depicts monthly direct orders opened and closed in the title and escrow business for the second quarter of both 2006 and 2005:



Month Direct Orders Opened Direct Orders Closing % Closed
April 2006 217,700 146,400 67%
May 2006 243,000 161,800 67%
June 2006 236,500 165,600 70%
Second Quarter 2006 697,200 473,800 68%


 

Month Direct Orders Direct Orders Closing % Opened Closed

April 2005 259,600 177,100 68%
May 2005 268,700 180,200 67%
June 2005 301,200 203,100 67%
Second Quarter 2005 829,500 560,400 68%


 

The following table depicts monthly commercial direct orders opened and closed in the national commercial divisions for the second quarter of both 2006 and 2005:



Open Commercial
Orders
Closed Commercial
Orders
Commercial Revenue
(In thousands)
Commercial Fee
Per Files
2nd Quarter 2006 14,240 9,064 68,936 $7,605
2nd Quarter 2005 14,644 8,761 $66,821 $7,627

Source: Fidelity National Title Group, Inc.



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