The First American Corporation Reports Operating Results For The Second Quarter 2002
|July 26, 2002|
Results Exceed Consensus Estimates
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF), reported net income for the second quarter of 2002 was $40.1 million, or 51 cents per diluted share, which includes a previously announced $13.6 million pretax investment loss relating to the write down of WorldCom bonds. This item totaled $8.1 million on an after-tax basis, or 10 cents per diluted share. Excluding this investment loss, net income for the second quarter was $48.1 million, or 61 cents per diluted share, which compares with net income of $54.5 million, or 75 cents per diluted share, for the second quarter of 2001. Revenues for the second quarter of 2002 were $1.09 billion, representing an increase of 18 percent when compared with revenues of $928.0 million for the same period last year.
Net income for the first six months of 2002, excluding the investment losses noted above, was $92.3 million, or $1.17 per diluted share. This compares with net income of $75.4 million, or $1.03 per diluted share, for the first six months of 2001, which excludes a previously announced $3.6 million, or 3 cents per diluted share, pretax charge relating to the company's exit of the lender-placed homeowner's insurance business. Revenues for the first half of 2002 totaled $2.14 billion, an increase of 26 percent when compared with revenues of $1.69 billion for the first half of 2001.
Source: The First American Corporation