United States
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
April 26, 2006
Fidelity National Title Group, Inc.
001-32630
(Commission File Number)
Delaware | 16-1725106 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) |
601 Riverside Avenue
Jacksonville, Florida 32204
(904) 854-8100
(Registrants Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURE | ||||||||
EXHIBIT INDEX | ||||||||
EXHIBIT 99.1 |
Item 2.02. Results of Operations and Financial Condition
On April 26, 2006, Fidelity National Title Group, Inc. issued an earnings release announcing its financial results for the three months ended March 31, 2006. The information in this Current Report is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
A copy of the earnings release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Title Group, Inc. Reports First Quarter 2006 EPS of $0.46. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Fidelity National Financial, Inc. |
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Date: May 2, 2006 | By: | /s/ Anthony J. Park | ||
Name: Anthony J. Park Title: Chief Financial Officer |
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EXHIBIT INDEX
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Title Group, Inc. Reports First Quarter 2006 EPS of $0.46. |
1st Quarter 2006 | 1st Quarter 2005 | |||
Total revenue |
$1.393 billion | $1.265 billion | ||
Pre-tax margin |
8.8% | 10.4% | ||
Net earnings |
$79.1 million | $82.3 million | ||
Net earnings per share diluted |
$0.46 per diluted share | $0.47 per diluted share | ||
Cash flow from operations |
$80.2 million | $62.1 million | ||
Return on average equity |
12.7% | 12.2% |
Month | Direct Orders Opened | Direct Orders Closed | Closing % | |||||||||
January 2006 |
215,000 | 134,200 | 62 | % | ||||||||
February 2006 |
213,200 | 133,500 | 63 | % | ||||||||
March 2006 |
255,600 | 168,600 | 66 | % | ||||||||
First Quarter 2006 |
683,800 | 436,300 | 64 | % | ||||||||
Month | Direct Orders Opened | Direct Orders Closed | Closing % | |||||||||
January 2005 |
226,000 | 148,400 | 66 | % | ||||||||
February 2005 |
241,600 | 145,500 | 60 | % | ||||||||
March 2005 |
280,100 | 194,600 | 69 | % | ||||||||
First Quarter 2005 |
747,700 | 488,500 | 65 | % | ||||||||
Open Commercial | Closed Commercial | Commercial Revenue | Commercial Fee Per | |||||||||||||
Orders | Orders | (In thousands) | File | |||||||||||||
1st Quarter 2006 |
14,345 | 8,147 | $ | 65,263 | $ | 8,011 | ||||||||||
1st Quarter 2005 |
14,459 | 8,669 | $ | 51,472 | $ | 5,937 |
Three months ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
(Unaudited) | ||||||||
Direct title premiums |
$ | 447,769 | $ | 456,205 | ||||
Agency title premiums |
628,420 | 532,513 | ||||||
Total title premiums |
1,076,189 | 988,718 | ||||||
Escrow and other title-related fees |
254,059 | 243,137 | ||||||
Total title and escrow |
1,330,248 | 1,231,855 | ||||||
Interest and investment income |
38,012 | 20,854 | ||||||
Realized gains and losses |
14,506 | 3,436 | ||||||
Other |
10,498 | 9,075 | ||||||
Total revenue |
1,393,264 | 1,265,220 | ||||||
Personnel costs |
452,435 | 424,660 | ||||||
Other operating expenses |
210,893 | 209,735 | ||||||
Agent commissions |
488,368 | 409,901 | ||||||
Depreciation and amortization |
26,237 | 24,866 | ||||||
Claim loss expense |
80,721 | 64,226 | ||||||
Interest expense |
11,326 | 303 | ||||||
Total expenses |
1,269,980 | 1,133,691 | ||||||
Earnings before income taxes |
123,284 | 131,529 | ||||||
Income tax expense |
43,766 | 48,863 | ||||||
Minority interest |
416 | 347 | ||||||
Net earnings |
$ | 79,102 | $ | 82,319 | ||||
Net earnings per share basic |
$ | 0.46 | $ | 0.47 | ||||
Net earnings per share diluted |
$ | 0.46 | $ | 0.47 | ||||
Weighted average shares basic (1) |
173,473 | 173,520 | ||||||
Weighted average shares diluted (1) |
173,654 | 173,520 | ||||||
Direct operations orders opened |
683,800 | 747,700 | ||||||
Direct operations orders closed |
436,300 | 488,500 | ||||||
Fee Per File |
$ | 1,532 | $ | 1,387 |
March 31, | December 31, | |||||||
2006 | 2005 | |||||||
Unaudited | ||||||||
Cash and investment portfolio |
$ | 3,785,375 | $ | 3,762,895 | ||||
Goodwill |
1,051,514 | 1,051,526 | ||||||
Title plants |
312,491 | 308,675 | ||||||
Total assets |
5,897,476 | 5,900,533 | ||||||
Notes payable |
599,094 | 603,262 | ||||||
Reserve for claim losses |
1,090,095 | 1,063,857 | ||||||
Secured trust deposits |
839,117 | 882,602 | ||||||
Total stockholders equity |
2,505,728 | 2,480,037 | ||||||
Book value per share |
14.38 | 14.23 |