FNIS Reports Record Fourth Quarter 2002 EPS of $0.29; Revenue of $118 Million, and 25 Percent Increase In Quarterly Cash Dividend to $0.15
January 29, 2003
SANTA BARBARA, Calif., /PRNewswire-FirstCall/ -- Fidelity National Information Solutions, Inc. (Nasdaq: FNIS), a comprehensive source for real estate-related data, solutions and services, today reported operating results for the three and twelve-month periods ended December 31, 2002.
- Revenue for the fourth quarter of 2002 was $117.7 million, compared with $94.9 million for the fourth quarter of 2001; revenue for the /0129/0129 twelve months ended December 31, 2002 was $412.2 million compared with $294.6 million in the prior year
- In the fourth quarter of 2002, the Data segment provided $44 million or 37 percent of revenue, Solutions contributed $51 million or /0129/0129 44 percent of revenue and Services provided $22 million or 19 percent /0129/0129 of revenue
- Pre-tax margin was 16.8 percent for the fourth quarter of 2002
- Cash flow from operations was $25.4 million for the fourth quarter and $60.8 million for the twelve months ended December 31, 2002
- Annualized return on average equity was 12.3% percent for the fourth /0129/0129 quarter of 2002
"This was a record quarter for FNIS, as we continue to execute on our goal of taking time and cost out of the real estate transaction process," said Chairman of the Board William P. Foley, II. "Our financial performance, including revenue of $118 million, pre-tax margin of almost 17% and net earnings of $11.7 million, was the strongest in the history of the company."
"We made some important steps forward in the continued evolution of FNIS during the fourth quarter," said Patrick F. Stone, Chief Executive Officer. "We signed a strategic, multi-year Outsourcing and Software Application Services Agreement with HomeServices of America, the nation's second largest residential real estate company and a Berkshire Hathaway affiliate. FNIS acquired the TRIO® software and we will enhance it with features and functionality from FNIS' broker and agent software and services suite for the HomeServices companies. We also closed the Eastern Financial Systems acquisition. Eastern's loan origination system, Empower!, will allow us to integrate the loan origination platform with our mortgage data products, providing single point access and consistent routing of data. In December, we closed on a new $75 million revolving credit agreement with Wachovia Bank, US Bank and Comerica Bank, providing additional capital for growth. We continue to make significant progress on both our strategic and financial goals and are excited about our momentum as we head into 2003."
Source: Fidelity National Financial, Inc.