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|
- Revenue for the third quarter of 2002 was $107.6 million, compared with $77.3 million for the third quarter of 2001; revenue for the nine months ended September 30, 2002 was $294.5 million compared with $199.7 million in the prior year period
- In the third quarter of 2002, the Data segment provided $40 million or 38 percent of revenue, Solutions contributed $46 million or 42 percent of revenue and Services provided $22 million or 20 percent of revenue
- Pre-tax margin, before merger related expenses, was 16.3 percent for the third quarter of 2002
- Cash flow from operations was $17.8 million for the third quarter and $34.4 million for the nine months ended September 30, 2002
- Annualized return on average equity, before merger related expenses, was 15.0% percent for the third quarter
- No amounts were outstanding under the secured revolving credit facility with parent company Fidelity National Financial (NYSE: FNF) at September 30, 2002
"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.