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):
October 25, 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 October 25, 2006, Fidelity National Title Group, Inc. issued an earnings release announcing its financial results for the Third Quarter of 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 Third Quarter 2006 EPS of $0.60. |
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. |
||||
Date: October 30, 2006 | By: | /s/ Anthony J. Park | ||
Name: Anthony J. Park Title: Chief Financial Officer |
||||
EXHIBIT INDEX
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Title Group, Inc. Reports Third Quarter 2006 EPS of $0.60. |
PRESS RELEASE |
3rd Quarter 2006 | 3rd Quarter 2005 | |||
Total revenue
|
$1.507 billion | $1.774 billion | ||
Pre-tax margin | 10.7%* | 15.4% | ||
Net earnings | $103.4 million | $169.7 million | ||
Net earnings per share diluted | $0.60 | $0.98 | ||
Cash flow from operations | $112.9 million | $206.9 million | ||
Return on average equity | 15.9% | 25.0% |
* | Includes an $8.4 million pre-tax impairment charge taken on an individual equity position in the investment portfolio. Excluding that impairment charge, the pre-tax margin was 11.1%. |
Nine Months Ended September 30, 2006 | Nine Months Ended September 30, 2005 | |||
Total revenue | $4.456 billion | $4.723 billion | ||
Pre-tax margin | 10.5% | 14.0% | ||
Net earnings | $299.0 million | $412.6 million | ||
Net earnings per share diluted | $1.72 | $2.38 | ||
Cash flow from operations | $414.8 million | $603.8 million | ||
Return on average equity | 15.6% | 21.7% |
Month | Direct Orders Opened | Direct Orders Closed | Closing % | |||
July 2006 | 208,000 | 142,400 | 69% | |||
August 2006 | 242,800 | 158,700 | 65% | |||
September 2006 | 212,700 | 139,100 | 65% | |||
Third Quarter 2006 | 663,500 | 440,200 | 66% | |||
Month | Direct Orders Opened | Direct Orders Closed | Closing % | |||
July 2005 | 261,200 | 192,000 | 74% | |||
August 2005 | 295,800 | 218,900 | 74% | |||
September 2005 | 264,700 | 192,000 | 73% | |||
Third Quarter 2005 | 821,700 | 602,900 | 73% | |||
Open | Closed | Commercial | ||||||||||||||
Commercial | Commercial | Revenue | Commercial | |||||||||||||
Orders | Orders | (In thousands) | Fee Per File | |||||||||||||
3rd Quarter 2006 |
11,938 | 7,686 | $ | 66,316 | $ | 8,628 | ||||||||||
3rd Quarter 2005 |
15,054 | 9,016 | $ | 73,201 | $ | 8,119 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Direct title premiums |
$ | 461,340 | $ | 626,178 | $ | 1,413,641 | $ | 1,643,574 | ||||||||
Agency title premiums |
721,801 | 779,117 | 2,058,935 | 2,083,317 | ||||||||||||
Total title premiums |
1,183,141 | 1,405,295 | 3,472,576 | 3,726,891 | ||||||||||||
Escrow and other title-related fees |
269,188 | 324,910 | 810,845 | 868,375 | ||||||||||||
Total title and escrow |
1,452,329 | 1,730,205 | 4,283,421 | 4,595,266 | ||||||||||||
Interest and investment income |
41,261 | 28,994 | 115,680 | 71,149 | ||||||||||||
Realized gains and losses |
1,478 | 3,583 | 22,091 | 25,505 | ||||||||||||
Other |
11,964 | 11,461 | 34,393 | 31,481 | ||||||||||||
Total revenue |
1,507,032 | 1,774,243 | 4,455,585 | 4,723,401 | ||||||||||||
Personnel costs |
436,064 | 511,325 | 1,354,720 | 1,415,928 | ||||||||||||
Other operating expenses |
223,359 | 246,109 | 666,587 | 693,927 | ||||||||||||
Agent commissions |
555,010 | 612,139 | 1,587,547 | 1,617,260 | ||||||||||||
Depreciation and amortization |
29,881 | 23,818 | 83,312 | 73,207 | ||||||||||||
Claim loss expense |
88,706 | 103,612 | 260,444 | 254,289 | ||||||||||||
Interest expense |
12,762 | 4,669 | 36,462 | 5,393 | ||||||||||||
Total expenses |
1,345,782 | 1,501,672 | 3,989,072 | 4,060,004 | ||||||||||||
Earnings before income taxes |
161,250 | 272,571 | 466,513 | 663,397 | ||||||||||||
Income tax expense |
57,241 | 102,137 | 165,610 | 248,774 | ||||||||||||
Minority interest |
610 | 700 | 1,889 | 1,992 | ||||||||||||
Net earnings |
$ | 103,399 | $ | 169,734 | $ | 299,014 | $ | 412,631 | ||||||||
Net earnings per share basic |
$ | 0.60 | $ | 0.98 | $ | 1.72 | $ | 2.38 | ||||||||
Net earnings per share diluted |
$ | 0.60 | $ | 0.98 | $ | 1.72 | $ | 2.38 | ||||||||
Weighted average shares basic |
173,475 | 173,520 | 173,475 | 173,520 | ||||||||||||
Weighted average shares diluted |
173,643 | 173,520 | 173,648 | 173,520 | ||||||||||||
Direct operations orders opened |
663,500 | 821,700 | 2,044,500 | 2,398,900 | ||||||||||||
Direct operations orders closed |
440,200 | 602,900 | 1,350,300 | 1,651,800 | ||||||||||||
Fee Per File |
$ | 1,582 | $ | 1,508 | $ | 1,571 | $ | 1,469 |
(1) | For the 2005 period, net earnings per share is a pro forma presentation based on the distribution of 173,520 shares on October 17, 2005 |
September 30, | December 31, | |||||||
2006 | 2005 | |||||||
(Unaudited) | ||||||||
Cash and investment portfolio |
$ | 4,022,946 | $ | 3,762,895 | ||||
Goodwill |
1,101,760 | 1,051,526 | ||||||
Title plants |
320,549 | 308,675 | ||||||
Total assets |
6,173,179 | 5,900,533 | ||||||
Notes payable |
572,958 | 603,262 | ||||||
Reserve for claim losses |
1,146,669 | 1,063,857 | ||||||
Secured trust deposits |
875,317 | 882,602 | ||||||
Total stockholders equity |
2,635,969 | 2,480,037 | ||||||
Book value per share |
15.12 | 14.23 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Total title and escrow |
$ | 1,454,313 | $ | 1,727,531 | $ | 4,285,758 | $ | 4,591,057 | ||||||||
Specialty insurance |
99,619 | 95,448 | 304,070 | 248,276 | ||||||||||||
Interest and investment income |
47,768 | 34,331 | 136,383 | 85,677 | ||||||||||||
Realized gains and losses |
3,513 | 4,554 | 26,790 | 29,701 | ||||||||||||
Other income |
14,577 | 12,936 | 41,378 | 36,644 | ||||||||||||
Total revenue |
1,619,790 | 1,874,800 | 4,794,379 | 4,991,355 | ||||||||||||
Personnel costs |
452,295 | 523,230 | 1,404,785 | 1,449,801 | ||||||||||||
Other operating expenses |
272,709 | 284,480 | 788,829 | 805,727 | ||||||||||||
Agent commissions |
555,010 | 613,589 | 1,595,930 | 1,619,837 | ||||||||||||
Depreciation and amortization |
31,035 | 24,837 | 86,466 | 76,293 | ||||||||||||
Claim loss expense |
118,403 | 135,282 | 356,785 | 333,036 | ||||||||||||
Interest expense |
16,302 | 10,918 | 41,606 | 32,644 | ||||||||||||
Total expenses |
1,445,754 | 1,592,336 | 4,274,401 | 4,317,338 | ||||||||||||
Earnings before income taxes |
174,036 | 282,464 | 519,978 | 674,017 | ||||||||||||
Income tax expense |
67,018 | 111,944 | 193,960 | 261,438 | ||||||||||||
Minority interest |
(639 | ) | 713 | 2,238 | 2,364 | |||||||||||
Net earnings |
$ | 107,657 | $ | 169,807 | $ | 323,780 | $ | 410,215 | ||||||||
Net earnings per share basic |
$ | 0.49 | $ | 0.98 | $ | 1.48 | $ | 2.37 | ||||||||
Net earnings per share diluted |
$ | 0.48 | $ | 0.98 | $ | 1.46 | $ | 2.37 | ||||||||
Weighted average shares basic |
218,741 | 172,951 | 218,741 | 172,951 | ||||||||||||
Weighted average shares diluted |
222,391 | 172,951 | 222,130 | 172,951 | ||||||||||||
Book value per share |
$ | 15.43 |
** | This schedule is a pro forma summary of earnings that shows the financial results for Fidelity National Title Group, Inc. as if the transfer of certain assets from FNF, related issuance of FNT common stock to FNF and subsequent distribution of FNT stock to FNF shareholders had occurred on January 1, 2005. The following four schedules provide the pro forma detail for each period included in this pro forma summary of earnings. |
FIS pro forma | Other Pro Forma | FNT | ||||||||||||||||
Historical FNF | adjustments(1) | Adjustments | Notes | Pro Forma | ||||||||||||||
Total title and escrow |
$ | 1,454,320 | ($21,580 | ) | $ | 21,573 | (2) | $ | 1,454,313 | |||||||||
Transaction processing |
1,013,372 | (1,059,071 | ) | 45,699 | (2) | | ||||||||||||
Specialty insurance |
99,619 | | | 99,619 | ||||||||||||||
Interest and investments income |
48,129 | (361 | ) | | 47,768 | |||||||||||||
Realized gains and losses |
4,805 | (1,292 | ) | | 3,513 | |||||||||||||
Other income |
14,577 | | | 14,577 | ||||||||||||||
Total revenue |
$ | 2,634,822 | ($1,082,304 | ) | $ | 67,272 | $ | 1,619,790 | ||||||||||
Personnel costs |
863,163 | (416,733 | ) | 5,865 | (4) | 452,295 | ||||||||||||
Other operating expenses |
610,732 | (383,120 | ) | 45,097 | (4) | 272,709 | ||||||||||||
Agent commissions |
538,700 | | 16,310 | (5) | 555,010 | |||||||||||||
Depreciation and amortization |
142,170 | (111,135 | ) | | 31,035 | |||||||||||||
Provision for claim losses |
118,643 | (240 | ) | | 118,403 | |||||||||||||
Interest expense |
65,931 | (49,629 | ) | | 16,302 | |||||||||||||
Total expenses |
2,339,339 | (960,857 | ) | 67,272 | 1,445,754 | |||||||||||||
Earnings before income taxes and
minority interests |
295,483 | (121,447 | ) | | 174,036 | |||||||||||||
Income tax expense |
109,920 | (42,902 | ) | | 67,018 | |||||||||||||
Earnings before minority interests |
185,563 | (78,545 | ) | | 107,018 | |||||||||||||
Minority interest expense |
57,992 | 35 | (58,666 | ) | (6) | (639 | ) | |||||||||||
Net income |
$ | 127,571 | ($78,580 | ) | $ | 58,666 | $ | 107,657 | ||||||||||
Net income per share-basic |
$ | 0.72 | $ | 0.49 | ||||||||||||||
Pro forma Weighted average shares-basic |
176,048 | (7) | 218,741 | (8) | ||||||||||||||
Net income per share-diluted |
$ | 0.71 | $ | 0.48 | ||||||||||||||
Pro forma Weighted average shares-diluted |
180,784 | (7) | 222,391 | (8) | ||||||||||||||
FIS pro forma | Other Pro Forma | FNT | ||||||||||||||||
Historical FNF | adjustments(1) | Adjustments | Notes | Pro Forma | ||||||||||||||
Total title and escrow |
$ | 4,286,000 | ($58,683 | ) | $ | 58,441 | (2) | $ | 4,285,758 | |||||||||
Transaction processing |
2,832,638 | (2,944,850 | ) | 112,212 | (2) | | ||||||||||||
Specialty insurance |
304,070 | | | 304,070 | ||||||||||||||
Interest and investments income |
139,883 | (3,500 | ) | | 136,383 | |||||||||||||
Realized gains and losses |
30,121 | (3,331 | ) | | 26,790 | |||||||||||||
Other income |
41,378 | | | 41,378 | ||||||||||||||
Total revenue |
$ | 7,634,090 | ($3,010,364 | ) | $ | 170,653 | $ | 4,794,379 | ||||||||||
Personnel costs |
2,632,935 | (1,245,945 | ) | 17,795 | (4) | 1,404,785 | ||||||||||||
Other operating expenses |
1,706,137 | (1,011,725 | ) | 94,417 | (4) | 788,829 | ||||||||||||
Agent commissions |
1,537,489 | | 58,441 | (5) | 1,595,930 | |||||||||||||
Depreciation and amortization |
404,770 | (318,304 | ) | | 86,466 | |||||||||||||
Provision for claim losses |
357,210 | (425 | ) | | 356,785 | |||||||||||||
Interest expense |
183,536 | (141,930 | ) | | 41,606 | |||||||||||||
Total expenses |
6,822,077 | (2,718,329 | ) | 170,653 | 4,274,401 | |||||||||||||
Earnings before income taxes and
minority interests |
812,013 | (292,035 | ) | | 519,978 | |||||||||||||
Income tax expense |
302,069 | (108,109 | ) | | 193,960 | |||||||||||||
Earnings before minority interests |
509,944 | (183,926 | ) | 326,018 | ||||||||||||||
Minority interest expense |
143,381 | 41 | (141,184 | ) | (6) | 2,238 | ||||||||||||
Net income |
$ | 366,563 | ($183,967 | ) | $ | 141,184 | $ | 323,780 | ||||||||||
Net income per share-basic |
$ | 2.09 | $ | 1.48 | ||||||||||||||
Pro forma Weighted average shares-basic |
175,119 | (7) | 218,741 | (8) | ||||||||||||||
Net income per share-diluted |
$ | 2.04 | $ | 1.46 | ||||||||||||||
Pro forma Weighted average shares-diluted |
180,124 | (7) | 222,130 | (8) | ||||||||||||||
Other Pro | ||||||||||||||||||
Historical | FIS pro forma | Forma | FNT | |||||||||||||||
FNF | adjustments(1) | Adjustments | Notes | Pro Forma | ||||||||||||||
Total title and escrow |
$ | 1,728,290 | ($23,998 | ) | $ | 23,239 | (2) | $ | 1,727,531 | |||||||||
Transaction processing |
646,447 | (674,111 | ) | 27,664 | (2) | | ||||||||||||
Specialty insurance |
95,448 | | | 95,448 | ||||||||||||||
Interest and investments income |
36,064 | (1,733 | ) | | 34,331 | |||||||||||||
Realized gains and losses |
8,699 | (4,145 | ) | | 4,554 | |||||||||||||
Other income |
12,937 | (1 | ) | | 12,936 | |||||||||||||
Total revenue |
$ | 2,527,885 | ($703,988 | ) | $ | 50,903 | $ | 1,874,800 | ||||||||||
Personnel costs |
841,051 | (317,821 | ) | | 523,230 | |||||||||||||
Other operating expenses |
442,001 | (185,185 | ) | 27,664 | (4) | 284,480 | ||||||||||||
Agent commissions |
590,876 | (526 | ) | 23,239 | (5) | 613,589 | ||||||||||||
Depreciation and amortization |
95,619 | (70,782 | ) | | 24,837 | |||||||||||||
Provision for claim losses |
135,354 | (72 | ) | | 135,282 | |||||||||||||
Interest expense |
48,466 | (37,548 | ) | | 10,918 | |||||||||||||
Total expenses |
2,153,367 | (611,934 | ) | 50,903 | 1,592,336 | |||||||||||||
Earnings before income taxes and
minority interests |
374,518 | (92,054 | ) | | 282,464 | |||||||||||||
Income tax expense |
144,189 | (32,245 | ) | | 111,944 | |||||||||||||
Earnings before minority interests |
230,329 | (59,809 | ) | 170,520 | ||||||||||||||
Minority interest expense |
15,926 | (1,917 | ) | (13,296 | ) | (6) | 713 | |||||||||||
Net income |
$ | 214,403 | ($57,892 | ) | $ | 13,296 | $ | 169,807 | ||||||||||
Net income per share-basic |
$ | 1.24 | $ | 0.98 | ||||||||||||||
Pro forma Weighted average shares-basic |
172,515 | (7) | 172,951 | (8) | ||||||||||||||
Net income per share-diluted |
$ | 1.21 | $ | 0.98 | ||||||||||||||
Pro forma Weighted average shares-diluted |
177,540 | (7) | 172,951 | (8) | ||||||||||||||
FIS pro forma | Other Pro Forma | FNT | ||||||||||||||||
Historical FNF | adjustments(1) | Adjustments | Notes | Pro Forma | ||||||||||||||
Total title and escrow |
$ | 4,591,057 | ($61,290 | ) | $ | 61,290 | (2) | $ | 4,591,057 | |||||||||
Transaction processing |
1,912,168 | (1,997,112 | ) | 84,944 | (2) | | ||||||||||||
Specialty insurance |
248,276 | | | 248,276 | ||||||||||||||
Interest and investments income |
90,503 | (4,826 | ) | | 85,677 | |||||||||||||
Realized gains and losses |
352,490 | (4,580 | ) | (318,209 | ) | (3) | 29,701 | |||||||||||
Other income |
36,645 | (1 | ) | | 36,644 | |||||||||||||
Total revenue |
$ | 7,231,139 | ($2,067,809 | ) | ($171,975 | ) | $ | 4,991,355 | ||||||||||
Personnel costs |
2,396,243 | (946,442 | ) | | 1,449,801 | |||||||||||||
Other operating expenses |
1,282,250 | (561,467 | ) | 84,944 | (4) | 805,727 | ||||||||||||
Agent commissions |
1,558,547 | | 61,290 | (5) | 1,619,837 | |||||||||||||
Depreciation and amortization |
298,178 | (221,885 | ) | | 76,293 | |||||||||||||
Provision for claim losses |
333,320 | (284 | ) | | 333,036 | |||||||||||||
Interest expense |
120,001 | (87,357 | ) | | 32,644 | |||||||||||||
Total expenses |
5,988,539 | (1,817,435 | ) | 146,234 | 4,317,338 | |||||||||||||
Earnings before income taxes and
minority interests |
1,242,600 | (250,374 | ) | (318,209 | ) | 674,017 | ||||||||||||
Income tax expense |
354,577 | (93,139 | ) | | 261,438 | |||||||||||||
Earnings before minority interests |
888,023 | (157,235 | ) | (318,209 | ) | 412,579 | ||||||||||||
Minority interest expense |
39,081 | (6,171 | ) | (30,546 | ) | (6) | 2,364 | |||||||||||
Net income |
$ | 848,942 | ($151,064 | ) | ($287,663 | ) | $ | 410,215 | ||||||||||
Net income per share-basic |
$ | 4.92 | $ | 2.37 | ||||||||||||||
Pro forma Weighted average shares-basic |
172,686 | (7) | 172,951 | (8) | ||||||||||||||
Net income per share-diluted |
$ | 4.79 | $ | 2.37 | ||||||||||||||
Pro forma Weighted average shares-diluted |
177,254 | (7) | 172,951 | (8) | ||||||||||||||
Notes to Unaudited Pro Forma Combined Statements of Continuing Operations for the Three Month and Nine Month Periods Ended September 30, 2006 and 2005 |
(1) | This column represents the historical results of operations of FIS as included in FNFs consolidated results of operations for the periods presented. |
(2) | This represents the intercompany revenues relating to various agreements recorded on FIS income statement that had already been eliminated from the consolidated results of operations of FNF. These revenues amounted to $67.3 million and $50.9 million for the three months ended September 30, 2006 and 2005, respectively, and $170.7 million and $146.2 million for the nine months ended September 30, 2006 and 2005, respectively. |
(3) | This represents a $318.2 million gain on sale relating to the sale of a minority equity interest in FIS. |
(4) | This represents the intercompany expenses related to various agreements that were eliminated in the consolidated results of operations of FNF, but will be third-party expenses subsequent to the transaction. These expenses amounted to $51.0 million and $27.7 million for the three months ended September 30, 2006 and 2005, respectively, and $112.2 million and $84.9 million for the nine months ended September 30, 2006 and 2005, respectively. |
(5) | This represents the additional agent commissions paid by FNF to FIS that were previously eliminated in the consolidated results of FNF, but will be a third-party expense subsequent to the transaction. These commissions amounted to $16.3 million and $23.2 million for the three months ended September 30, 2006 and 2005, respectively, and $58.4 million and $61.3 million for the nine months ended September 30, 2006 and 2005, respectively. |
(6) | This represents the elimination of the minority interest expense recorded by FNF relating to its earnings in FIS and FNT. In the 2006 periods, minority interest expenses relating to FIS and FNT amounted to $39.7 million and $19.0 million, respectively, in the three months ended September 30, 2006 and $88.0 million and $53.2 million, respectively, in the nine months ended September 30, 2006. In the 2005 periods, minority interest expenses relating to earnings in FIS were $13.3 million and $30.5 million in the three and nine month periods ended September 30, 2005, respectively, and there were no minority interest expenses relating to earnings in FNT because FNT was a wholly-owned subsidiary of FNF during those periods. |
(7) | Amounts in the Historical FNF column represent FNT historical weighted average shares for the three month and nine month periods ended September 30, 2006 and 2005. Amounts in the FNT Pro Forma column have been calculated as follows: |
Three months ended | Nine Months ended | |||||||
September 30, 2006 | September 30, 2006 | |||||||
Historical weighted average shares basic |
173,475 | 173,475 | ||||||
Additional shares issued |
45,266 | 45,266 | ||||||
Pro forma weighted average shares basic |
218,741 | 218,741 | ||||||
Historical weighted average shares diluted |
173,643 | 173,648 | ||||||
Additional shares issued |
45,266 | 45,266 | ||||||
Additional dilution from options assumed |
2,792 | 2,591 | ||||||
Additional dilution from restricted stock |
690 | 625 | ||||||
222,391 | 222,130 | |||||||
(8) | Pro forma weighted average shares for the three month and nine month periods ended September 30, 2005 have been calculated using the number of outstanding shares of FNF common stock as of a date prior to FNFs distribution of FNT stock on October 18, 2005. |