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.
"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.